Landlords sell up before perfect storm

[Dave Bloke]

https://www.ft.com/content/ec6008d4-45da-4c5f-a738-3e74c6d6a262

[nirvana]

9 minutes ago, Dave Bloke said:

https://www.ft.com/content/ec6008d4-45da-4c5f-a738-3e74c6d6a262

christ you're posh having an FT sub....for the plebs https://github.com/iamadamdev/bypass-paywalls-chrome

[Dave Bloke]

First hit is for free with the FT

[Axeman123]

https://archive.ph/l9rM1

Actual link

[Phil]

58 minutes ago, Axeman123 said:

https://archive.ph/l9rM1

Actual link

Wonder which HMO Chris will be visiting when it does go Pete. Academic. Public sector? 

[spygirl]

Who could have seen  that coming?

https://www.housepricecrash.co.uk/forum/index.php?/topic/205887-a-goodbye-to-all-that-buy-to-let/

https://www.housepricecrash.co.uk/forum/index.php?/topic/229792-countdown-to-leveraged-btl-going-bust-thread/#comments

If youd sat down with a caclulaor in 2025 and did your sums youd have started selling then.

The only change is 2 year covid delay and rapidly rising IRs.

The teaser BTL mortgages are shooting rapidly to 5 %.

The SVR are 6%.

And these require low LTV- 60% ltv which most of the portfolio leveraged loans dont have.

Noticdnle as dll the fucktards piled in in sub 4% yields.

12 months time and io btl mortgages will be 8%-10%, assuming any banks willing to lend.

 

 

 

[leonardratso]

anytime someone posts an FT article and i cant remember the 12ft or archive urls to parse them through i usually just stick the headline in google, 9 times out of 10 another website comes up with the article for free;

https://www.newsncr.com/business/landlords-face-fresh-dilemmas-amid-the-economic-storm/

[Bus Stop Boxer]

She looks like Fergus' wife.

[HousePriceMania]

Sell, to whom ?

[spunko]

I hate to agree with a BTL-er but I think she's right. The government are going to repeat their rather ridiculous COVID-19 offer of subsidising people living in BTLs by making "rent holidays" a permanent thing for the hard up. It'll be difficult to evict them, and will take months and cost the landlord thousands of pounds.

I won't be shedding a tear for the BTL brigade, mind. Just so glad I never dabbled in it.

Quote

Half (49 per cent) of professional landlords (those with four or more rental properties) intend to buy more homes over the next 12 months, according to a survey published this week by Handelsbanken.

Haha, they're going to get raped.

[spunko]

Quote

“For me, this is a long-term thing, something I’m going to keep hopefully for maybe a few decades. I don’t really want cash at the moment with inflation being so high. Like most people I like the security of having it in bricks and mortar. Where else are you going to put your money?”

Translation, I'd rather keep my money in an illiquid asset that cannot be realised easily, rather than in cash which can be withdrawn instantly, because I'm MENTAL.

[Bus Stop Boxer]

Todays bent over landlord is the following weeks bent over small business.

A sea of moral hazard.

Free Falafels for Freddy.

 

 

[Wight Flight]

1 hour ago, spunko said:

Translation, I'd rather keep my money in an illiquid asset that cannot be realised easily, rather than in cash which can be withdrawn instantly, because I'm MENTAL.

Don't look at Poverty 118.

Their answer is to bang the rents up because they shouldn't have to suffer a drop in lifestyle.

Good luck to them.

[Spiney Norman]

2 hours ago, spunko said:

Translation, I'd rather keep my money in an illiquid asset that cannot be realised easily, rather than in cash which can be withdrawn instantly, because I'm MENTAL.

Or gold?

[spygirl]

12 hours ago, Bus Stop Boxer said:

Todays bent over landlord is the following weeks bent over small business.

A sea of moral hazard.

Free Falafels for Freddy.

 

 

No.

This is the long overdue clear out of the overleveraged lunacy of IO BTL.

 

[spygirl]

13 hours ago, spunko said:

Translation, I'd rather keep my money in an illiquid asset that cannot be realised easily, rather than in cash which can be withdrawn instantly, because I'm MENTAL.

What money?

Seriously, all the IO BTL I know didnt have a pot to piss in.

They just leveraged up, taking on ~95% LTV, then buying another etc.

From ~2015ish you had the late comers who wanted to get in on 'properdee' but by then the leverage had gone.

 

 

[haroldshand]

21 hours ago, Wight Flight said:

Don't look at Poverty 118.

Their answer is to bang the rents up because they shouldn't have to suffer a drop in lifestyle.

Good luck to them.

Is the one that looks like a hooker still there, the MTV one?

[haroldshand]

9 hours ago, spygirl said:

What money?

Seriously, all the IO BTL I know didnt have a pot to piss in.

They just leveraged up, taking on ~95% LTV, then buying another etc.

From ~2015ish you had the late comers who wanted to get in on 'properdee' but by then the leverage had gone.

 

 

I have lost count now of the BTL landlords I know who have made it clear that if it all goes wrong the lenders can go whistle for their money, cannot help but think we could be reading about this in a few years time when £Billions cannot be collected.

These people really are the scum of the earth, only time in my business life that I dropped the ones I had  as customers and refused to do anymore work for them, hated the way they treated their tenants and it was affecting me watching it.

[spygirl]

4 minutes ago, haroldshand said:

I have lost count now of the BTL landlords I know who have made it clear that if it all goes wrong the lenders can go whistle for their money, cannot help but think we could be reading about this in a few years time when £Billions cannot be collected.

These people really are the scum of the earth, only time in my business life that I dropped the ones I had  as customers and refused to do anymore work for them, hated the way they treated their tenants and it was affecting me watching it.

I've mentioned this anecdote before.

A mate runs a reasonably succesful business in Scarbs. He also does the local bizzyness socialising, so knows everyone.

On beers out, we bump into people and snd goes hes a Painter n Dec, taxi driver, BnBer whatever ... theyve got 2m+ of IO btl mortgages.

Up til it went bust, Scarb BS was out of control with BTL, lending local halfwits literally millions.

A stupid BS combined with a large number of social renters - HMO flophouses n single mums lent to a v turbo charged fuckwittery.

Up til s24, money came in, money out. Post s24 they are struggling as tax bill rolls in.

Now theyve got rapidly rising IR too.

Io btl is being slaughtered, and the banks that lent to them.

 

[spygirl]

18 minutes ago, haroldshand said:

Is the one that looks like a hooker still there, the MTV one?

That's ungentlemanly.

Shes obviously a crack whore.

[Wight Flight]

14 minutes ago, haroldshand said:

I have lost count now of the BTL landlords I know who have made it clear that if it all goes wrong the lenders can go whistle for their money, cannot help but think we could be reading about this in a few years time when £Billions cannot be collected.

These people really are the scum of the earth, only time in my business life that I dropped the ones I had  as customers and refused to do anymore work for them, hated the way they treated their tenants and it was affecting me watching it.

Reading between the lines, the reason I got another 12 month lease is that the landlord can't afford to live here yet.

Same was true of my last place. Landlord moved out as he couldn't afford it.

It's a messed up world when I can easily afford the rent, but can't buy, yet he could buy but couldn't afford the rent.

[spygirl]

17 minutes ago, haroldshand said:

I have lost count now of the BTL landlords I know who have made it clear that if it all goes wrong the lenders can go whistle for their money, cannot help but think we could be reading about this in a few years time when £Billions cannot be collected.

These people really are the scum of the earth, only time in my business life that I dropped the ones I had  as customers and refused to do anymore work for them, hated the way they treated their tenants and it was affecting me watching it.

Theyve not read the Ts n Cs then.

Btl is commercial lending.

Banks can take everything, then put a charge on a pension.

 

[haroldshand]

4 minutes ago, spygirl said:

I've mentioned this anecdote before.

A mate runs a reasonably succesful business in Scarbs. He also does the local bizzyness socialising, so knows everyone.

On beers out, we bump into people and snd goes hes a Painter n Dec, taxi driver, BnBer whatever ... theyve got 2m+ of IO btl mortgages.

Up til it went bust, Scarb BS was out of control with BTL, lending local halfwits literally millions.

A stupid BS combined with a large number of social renters - HMO flophouses n single mums lent to a v turbo charged fuckwittery.

Up til s24, money came in, money out. Post s24 they are struggling as tax bill rolls in.

Now theyve got rapidly rising IR too.

Io btl is being slaughtered, and the banks that lent to them.

 

Also cannot believe how thick some of them were, the fact that they kept leveraging tons of dosh so easily and as prices went up in value they were walking on clouds and believing they were Captains of industry/Gods.

Always remember this really grubby tacky slapper who dressed like Bet Lynch, everything with her was superficial, seen her do many mental things but once was at hers and she had opened wine months old sat with her spirits, she thought she could treat it like Rum or whiskey, thick as fuck

[Axeman123]

16 minutes ago, spygirl said:

That's ungentlemanly.

Shes obviously a crack whore.

Looks like a meth-head tranny IMO.

[No One]

Quote

Sarah Quinlan is calling time on her role as a buy-to-let landlord. After building a portfolio of 16 homes across London and Suffolk from the 1990s, the former City professional has sold half and intends to sell down the rest.

Good. No one should be extracting 16 rents from the working population. Parasitic.