Rick Otton Warns of Mortgage Traps for UK Property Investors as Gross Lending Reaches 25%
(PRWEB) July 25, 2013 -- Property investment mentor, Rick Otton, has warned that the increasing availability of home mortgage deals may be locking UK property investors into long-term mortgages that they can ill afford. Mr Otton says a new Council of Mortgage Lenders report which shows gross mortgage lending escalated by 26% in the past year only reinforces his campaign to educate Britons on alternative real estate strategies to financial freedom from banking finance.
The report found that gross mortgage lending rocketed to £15 billion in June. Meanwhile, global real estate agency Savills predicts house prices are set to soar by 20% in the next five years, with the average home expecting to cost almost £200,000.
“Recent government schemes for home buyers are undoubtedly triggering the escalation in housing prices across the board in the UK,” Mr Otton said.
“But while millions of home owners and property investors are being enticed by cheaper bank loans and mortgages to plunge into the housing market, they need to exercise extreme caution.
“The biggest danger is of people unwittingly taking on the huge responsibility of a mortgage without having the capacity to make repayments over the long term. As we know, the burden of mortgage stress and rising costs of living are already taking their toll on countless Britons.”
How to invest in property with no deposit
Mr Otton said people wrongly assumed that bank financing was necessary to successfully break into real estate investing. The renowned author of ‘How to Buy a House for a Pound’ has personally made millions without needing a bank mortgage, equity from an existing property, stamp duty or even a deposit.
For the past decade, Mr Otton has shared his radical property millionaire secrets through ultimate wealth summit events, such as the sell-out Zero-Debt Property Cashflow Conference he holds in the UK each year.
“It’s my mission to mentor students around the world on my no-money-down and easy-to-copy creative real estate strategies,” Mr Otton said.
“The ultimate weapon in accumulating long term wealth through real estate is to reduce the power of banks and master techniques which work, irrespective of government policy or the erratic fluctuations of economic cycles.”
For more details about Rick Otton’s 2014 UK Zero-Debt Property Cashflow Conference or to download the free Power Property Profits Pack, visit http://www.RickOtton.co.uk or phone 0207 000 1027 (UK).
About Rick Otton
Rick Otton has spent decades making money by snapping up inexpensive real estate and putting it to work building wealth, and teaching others to do the same.
He is the founder and CEO of We Buy Houses, which operates in the US, UK, Australia and New Zealand, and through this business he puts his strategies to work every day.
Mr Otton received his start in alternative real estate investment in 1991 in the US, and within a year acquired 76 properties. In subsequent years, he made a fortune using his low-risk, high-reward strategies to inexpensively acquire real estate. He continues to do so.
As well Mr Otton travels between his home in Australia, and the UK, sharing his wisdom and teaching others how to buy and sell real estate, free from the constraints imposed by traditional lenders.
In 2013 Rick is celebrating the 10 year anniversary of introducing his property option strategies to real estate investors in the United Kingdom – the first person to reveal these ground-breaking strategies. In 2008 he created the first of his ‘Houses for a Pound’ strategies, upon which he grows as markets and laws evolve.
Mr Otton has been featured in a variety of television programs and magazines and in 2013 he published ‘How To Buy A House For A Dollar’ for the Australian market.
This book has been named in the list of the Top 10 Most Popular Finance Titles for 2013, as voted by Money Magazine and Dymocks Book stores. A UK version is on the drawing board.
For more details about Rick Otton’s 2014 UK Zero-Debt Property Cashflow Conference or to download the free Power Property Profits Pack, visit http://www.RickOtton.co.uk or phone 0207 000 1027 (UK).
Jane Otton, rickotton.com, http://www.rickotton.com, 0-207-000-1027, [email protected]
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