Inside Track pulls property investment seminars

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by Gill Montia

Inside Track, the property investment consultancy, has withdrawn its buy-to-let property seminars.

The company has been offering courses costing around £2,500 to prospective buy-to-let entrepreneurs.

Its business model is based on encouraging investment in new-build city centre flats but there is currently an oversupply, and many such properties have lost value.

In addition, tenants for city centre flats are in short supply and banks and building societies are reluctant to lend on such developments.

The seminars will cease at the end of March, when 40 staff will be made redundant.

Tony McKay, managing director, of Inside Track said: “Our seminar company has seen a fall in the number of people who want to invest in the property market for the first time and that is understandable in the current climate.”

Meanwhile, Alliance & Leicester has launched two buy-to-let two-year fixed-rate mortgages, charging 5.34% and 6.29% respectively.

Maximum loan-to-value ratio is 85% and after two years, interest reverts to base rate + 2.19%.