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Deluded old landlords on Property websites


Wight Flight

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This one is a belter ...

Quote

A few of my houses are coming to their end of term and the lenders want their money back. They knew my exit strategy was refinance or sale, but now they don’t seem to recognise any responsibility for the negative equity.

https://www.property118.com/negative-equity-banks-responsible/#comments

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They knew my exit strategy was refinance

Refinancing is to exit strategy what May's withdrawal agreement is to brexit strategy. It's like switching from whiskey to plain booze and calling it kicking the habit.

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The comments section is an absolute gem, the OP throws a tantrum over his lolly being taken away and "nobody understanding his point".

 

Mate, if you have 10 other landlords telling you that your insolvency is your own doing and your only retort is "I still don’t understand why nobody sees my point", then chances are that everybody did, in fact, understand your point and they all found it worth sweet fuck all.

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2 hours ago, Cunning Plan said:

That brought a smile to my face, hope the stupid cunt enjoys this Xmas as when his house gets repossessed nest year it could well be wither renting or in a B and B.

She almost gets it when stating "The banking crisis was caused by reckless lending" she should have finished off with ... reckless lending to thick cunts who thought property was a one way bet.

 

1 minute ago, kibuc said:

The comments section is an absolute gem, the OP throws a tantrum over his lolly being taken away and "nobody understanding his point".

 

Mate, if you have 10 other landlords telling you that your insolvency is your own doing and your only retort is "I still don’t understand why nobody sees my point", then chances are that everybody did, in fact, understand your point and they all found it worth sweet fuck all.

Its a Gwen so presumably a female ... hence the emotive nonsense in there.

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She ought to be thankful that she's been bailed out by the likes of her tenants and me for a decade.

This is what socialism achieves utterly thick cunts who've done pretty well for themselves for a decade living off other peoples income via rent payments.

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2 hours ago, Cunning Plan said:

The FCA do not regulate buy to let mortgages, however, the mortgage is a contract. 

The FSA is a consumer regulator. If shed bought an OO then theyd cover her.

As shes bought a house to rent out, shes playing by big boy rules i..e commercial. There are no regulators; its assumed that she'll pay for proper legal advice and be competent.

 

 

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My side of the contract term was to pay the interest every month. There is no contract term that says I must act with care and skill. However if my loss was caused by political upheaval or similar then I’m responsible.#

>????????????

What bit of paying back money you borrowed from a bank back does she not understand????

As I state on the ToS most IO BTL will end up with all the rentals and the LL OO being sold.

IO lending is insane. No regulated bank should be allowed to near it. Basel 3 effectively bans it.

Just wait til all the IO BTL nooks are transferred to specialist finance houses and the APR goes up to 10%+.

 

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Oh gosh Ian I do apologise I have no legal knowledge, so compared to you I am a novice. But I am nearly 70 and I am using what I assume is common sense. I

Wow. Leveraged up like a loon at 60.

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My houses are in a working class areas.
These areas were hit harder. Values dropped dramatically and the austerity measures introduced by the government hit these areas most. Wages were frozen businesses collapsed. Workers were asked to reduce their wages. We are recovering but at a much slower pace than the more affluent areas.

Nope. Idiots like you bid these places up. Theyve dropped as the banks have stopped lendign to idots.

 

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UnconventionalWisdom
3 minutes ago, spygirl said:

Oh gosh Ian I do apologise I have no legal knowledge, so compared to you I am a novice. But I am nearly 70 and I am using what I assume is common sense. I

Wow. Leveraged up like a loon at 60.

I don't understand why they do it. My last landlords were a retired couple. Just fuck-off and enjoy your retirement. People really fail to grasp how precious life is. 

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Just now, UnconventionalWisdom said:

I don't understand why they do it. My last landlords were a retired couple. Just fuck-off and enjoy your retirement. People really fail to grasp how precious life is. 

Greed.

Stupidity.

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I have ringside with a very lae entry to IO BTL.

A couple I know.

Their first property investment - some shithole in Bulgaria where they sunk 60k profit from a house - worthless.

Thats not stopped them. Theyve got to make up their losses now.

So IO BTL bought in ~2014ish IIRC. There's about ~150/m free cash from it.

They are not getting very rich on it, so have bought two more this year but they had to remortgage their OO as they could not remortgage the existing and new places on their previous 90% LTV. The APR was going to go from ~3% to 7%.

So, take out 100k of equity from their OO, to get a 'good; deal.

Of course they obvious to S24 which will see 50% of their rental income took in tax.

Assuming they make it to he end of the 2 year cheap deal - which I doubt - they'll have to chuck in even more equity.

 

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3 hours ago, Cunning Plan said:

Great reply.

"Surely lending recklessly and being unable to sustain your business, which then has the knock on effect of destroying the value of my investment, is lacking in the performance of care and skill?"

Sorry, Gwen. Reality check. No. You borrowed the money. You have to repay it. The banks are not legally responsible for your negative equity and there is no implied term that they have to keep on lending especially if you are in negative equity. You have zero chance legally of winning this point against them. Nor are the banks going to "reduce the amount owing to an amount that would enable refinancing".
Unless you think the market in your area is going to rise significantly in the short to medium term (and given the present political situation, that may be unlikely) my advice is to try to sell and make up the negative equity from other sources if you can as soon as possible.
Sorry to add to your woes but there are cases where banks put in receivers and hold on to property because the value is below the debt. The borrowers cannot refinance because of >100% LTV but the lenders then put them on to their standard rate of 6 or 7%. All the while house prices may be falling. So the borrowers get hit both ways with rising debt and falling asset values until the banks decide to cash out at the bottom of the market leaving the borrower owing tens of thousands. I am afraid this is all legal. Banks can refuse to allow borrowers to sell unless the whole debt is repaid..
If a borrower has refinanced against rising equity values (perhaps repeatedly) they may sell "at a loss" (compared to the debt) but have a capital gain compared to the original price and therefore a CGT bill as well.
Gwen if you are in serious negative equity across your portfolio you might want to see an insolvency practitioner about an IVA See also https://www.citizensadvice.org.uk/debt-and-money/debt-solutions/individual-voluntary-arrangements/

1 hour ago, kibuc said:

Refinancing is to exit strategy what May's withdrawal agreement is to brexit strategy. It's like switching from whiskey to plain booze and calling it kicking the habit.

 

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Gwen clearly doesn't realise her own home is at risk.The risk was safe for the banks,jsut maybe not her.What a muppet.

'With all their due diligence and high flying statisticians they calculated it was a safe risk.'

1 hour ago, spygirl said:

Oh gosh Ian I do apologise I have no legal knowledge, so compared to you I am a novice. But I am nearly 70 and I am using what I assume is common sense. I

Wow. Leveraged up like a loon at 60.

I ahven't got time for alll the comments spy so thanks for pulling this one out.This is the story in oz as well from whats cropped up in the Kangaroo thread re boomers levering up late in life on the sure trade.

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1 hour ago, sancho panza said:

Gwen clearly doesn't realise her own home is at risk.The risk was safe for the banks,jsut maybe not her.What a muppet.

'With all their due diligence and high flying statisticians they calculated it was a safe risk.'

I ahven't got time for alll the comments spy so thanks for pulling this one out.This is the story in oz as well from whats cropped up in the Kangaroo thread re boomers levering up late in life on the sure trade.

Maybe she can .... post the keys back.

The number of times Ive heard this.

I blame american TV.

Theres no such things as non recourse loan in the UK.

 

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2 hours ago, spygirl said:

Their first property investment - some shithole in Bulgaria where they sunk 60k profit from a house - worthless.

Had a txt from my sister last week asking me what I knew about defaulting on a mortgage... was confused at first as I know she hasn't bought (thankfully I manage to put her off every time I speak to her - she frequently brings up BTL as she's in the forces and accommodation is provided - wants something to do with her money). Anyway... new boyfriend has a Bulgarian property he owes 'a lot' on and apparently the block its in is a ghost town, unsalable, unrentable... mortgage is with a UK bank and he has other assets. Better pay up boyo...

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