Mitul Patel, a 25-year veteran of the mortgage industry in London, was the featured guest on Influencers Radio with Jack Mize. He discussed how he is helping property investors meet the growing need for rental units through buy-to-let property investing.
For generations, there has been a British love affair with property. A growing influx of people coming into the UK from the European community is increasing the demand for rental properties. Patel has seen this demand for rental properties met by property investors eager to capitalise.
According to Patel, “Buy-to-let has been around for about eighteen years. But over the last four to five years, as the savings rates have been low, more people want to see a better return on their money. So they’ve started to invest in properties as the rental market has boomed with returns ranging from 4% to 10% in some scenarios. People are looking at their retirement as well, so they’re looking for income, whereas a few years back they were relying on their pensions more.”
He finds that in addition to long term capital growth and retirement goals, many clients are currently seeking to replace their day-to-day income needs, as more people become unhappy with their work situations.
Patel is well placed to help, being both a property investor for over twenty years and a mortgage adviser for 25 years. When he first started, there was no one he could go to for advice or connections to make his journey easier. He now focuses on helping both new and veteran property investors as they start out and grow their buy to let portfolios.
He has learned property investing the hard way and helps others avoid costly mistakes. In addition, his network of connections with lenders and his vast knowledge in the industry allow him to arrange buy to let mortgages and specialist property finance for clients, when normally they might struggle to do this.
Patel shares, “The DIY approach actually doesn’t work, in my opinion. There are too many pitfalls and too many criteria that people have to pass before they will get a mortgage. And that’s where I come in and advise them accordingly and use my contacts.” Buy to let can be a risky investment, as property can’t be sold in a hurry in the event of a downturn in the market and therefore professional advice should always be sought.
Even though his own income depends on arranging mortgages for others, Patel’s personal ethical standards require him to vet clients to ensure they have the right disposition and risk tolerance for being landlords.
Patel’s goal is to provide investors with the knowledge and the confidence to build their property portfolios, providing them with a return on investment to meet their current income requirements or future retirement needs.
He helps others become confident enough to look at different strategies. Some are even buying properties to fix them up and then sell them at a profit.
Mortgage advisor and property investor Mitul Patel helps clients across the UK meet their financial goals, moving beyond traditional investment strategies.
Listen to the full interview at: http://influencersradio.com/mitul-patel-buy-to-let-investing-in-the-uk/
For more information, please visit: http://lemontreefinancial.com or contact 0208 7237517.
Lemon Tree Financial is authorised and regulated by the Financial Conduct Authority. Homes may be repossessed if repayments on a mortgage are not made. The Financial Conduct Authority does not regulate some aspects of buy to let mortgages.
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