Landlords can profit from xmas lull
He reckons his firm’s business has been as strong as ever during December due to a lack of competition in the residential market.
Tan said: “Don’t talk yourself into having a slow Christmas as there’s plenty of business out there.
“If you want to be busy go and hunt for that business.
“That’s what we tell our sales guys and we’ve been as busy this month as throughout the year.”
He added: “If you’re an investor you go against the grain.
“You say others will be Christmas shopping so you take advantage of the lack of competition.
“If there’s less people looking at property then there’s going to be less competition in asking prices.
“As an investor I knew I preferred to buy during this period.”
Tan also discussed the decision by The Mortgage Works’ to change its stress rates on buy-to-let applications between 65% and 75% LTV to 5.49%.
He said: “Some lenders will follow TMW as they are a key player, but perhaps lenders will loosen criteria elsewhere.”