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How does Buy to Let END!


macca

What happens when generation rent retire with tiny pensions and massive rent bills!  

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One percent
5 minutes ago, Wight Flight said:

Yep. A good excuse to bring in more furriners. I wonder if the same rules apply?

As long as they have a qualification from their home country, I guess it would suffice. Whether it is of an equivalent standard is another matter 

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Talking Monkey
3 hours ago, Wight Flight said:

Mid thirties - so probably bought 10-12 years ago?

Things are just that little bit different now.

I do think you need to actually open your eyes and see how arse-raped the current crop of university leavers will be compared to even 10 years back. And I am sorry to say that BTL has been a very large part of this. (the policy, not necessarily the landlords)

 

I think the ones leaving 10 years ago were arse raped, the ones leaving now are just arse raped more. Things were totally fucked for the young then as it is now due to BTL and the twattery around house prices

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22 hours ago, A_P said:

@spygirl you're all over the place

ignore the initial rate? Won't be able to go onto a new rate or switch provider?

Yes they advertise the LTV product not to sell it

Any data to back up no (or very few) IO mortgages are being written? 

It sounds like to me you're talking from anecdotal and wishful thinking. Undoubtedly the barriers of entry and some of the benefits to your everyday layman have been reduced, however to say BTL is dead is very far from a clear picture you would like to paint. Where is that Professor Werner video again....

In short, yes.

The last 5+ years have seen IO BTL conditions changing a lot.

I know of a few IO BTL who took out the initial low SVR for 2 years.

End of 2 years they have had a choice of put a significant chunk of equity to remortgage - several 10k - or fae a SVR 6%+

As it stands, anyone taking out an IO BTL loan will find the market for remortgages pretty thin.

The the daft UKGOV scheme - HTB - are finding that now.

 

 

 

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41 minutes ago, spygirl said:

In short, yes.

The last 5+ years have seen IO BTL conditions changing a lot.

I know of a few IO BTL who took out the initial low SVR for 2 years.

End of 2 years they have had a choice of put a significant chunk of equity to remortgage - several 10k - or fae a SVR 6%+

As it stands, anyone taking out an IO BTL loan will find the market for remortgages pretty thin.

The the daft UKGOV scheme - HTB - are finding that now.

 

 

 

The rules of the game like many have been tweeked, there is no doubting that. However I don't care for the few on the periphery, which you on the face of it hold so dearly. Unless middle and upper england get it right in the gonads, then on the whole not much has changed. Yes it's harder for the small timer. Does it make sense to go into or stay in BTL? That will depend on the individual, location, circumstances etc. It's not a one shoe fits all that you like to make out. Withthat said you'll see people take a hit on yield because they strongly believe over time their investment will make sense. There is a long way to go before the programming and conditioning change that.

Please put up some data (which I would love to see as I was unable to access the CML data tables) or look to adjust your spiel because your anecdotal evidence doesn't really hold too much ground.

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sleepwello'nights
4 hours ago, spygirl said:

In short, yes.

The last 5+ years have seen IO BTL conditions changing a lot.

I know of a few IO BTL who took out the initial low SVR for 2 years.

End of 2 years they have had a choice of put a significant chunk of equity to remortgage - several 10k - or fae a SVR 6%+

As it stands, anyone taking out an IO BTL loan will find the market for remortgages pretty thin.

The the daft UKGOV scheme - HTB - are finding that now.

 

 

 

I just wonder why so many go for a short fix. They must know that at the end of the teaser period they'll have to stump up more in fees to switch to another competitive product, whether with the same or a new provider or just suck up the increase to the SVR.

The fees are so eye watering that any saving is so miniscule that it is surely outweighed by the aggravation of reapplying for another mortgage. 

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Just now, sleepwello'nights said:

I just wonder why so many go for a short fix. They must know that at the end of the teaser period they'll have to stump up more in fees to switch to another competitive product, whether with the same or a new provider or just suck up the increase to the SVR.

The fees are so eye watering that any saving is so miniscule that it is surely outweighed by the aggravation of reapplying for another mortgage. 

Greedy suckers/idiots, basically.

The whole challanger bank sector seems to  be run on gouging chunky fees from idiots.

1k/2k fees for a 2 year fix. Hmm .....

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sleepwello'nights
39 minutes ago, Tdog said:

 

I dont think Boris will either, i think the Tory party will keep in inflating property prices forevermore.

Speaking as a homeowner, Yay go Boris. :P

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UnconventionalWisdom
28 minutes ago, Tdog said:

I missed out the part where they can no longer do so. As per DurhamBorns topic, that time is coming.

But Boris is a Blairite as is that useless cunt Hunt, they know nothing about running a sustainable economy hence why theyll continue handing boomers money via house price inflation, thus pissing off ever growing numbers of people. Labour won more votes from the under 50s in 2017, by 2020 that'll be another couple of million people who actually bother voting.

Whilst MPs like JRM and Steve Baker are shouty shouty about Brexit, they're spineless and will never speak out against their leader for continuing with the status quo, instead claiming its capitalism.

Thus as much as the MSM like to write Corbyn off unless there is a HPC rather soon he could quite easily become leader of a coalition of the lefty neoliberals in 2020 if thats when the next election is.

More and more people under 50 that are getting screwed would rather through the dice on Corbyn than go along with the Tories. I would be shocked at anyone under 30 with no house, shit load of student debt and high rent paying off a retired landlords mortgage who would rather continue with the status quo. 

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7 hours ago, Tdog said:

Thus as much as the MSM like to write Corbyn off unless there is a HPC rather soon he could quite easily become leader of a coalition of the lefty neoliberals in 2020 if thats when the next election is.

From what I can see the rich are spending millions slandering him.. Which strangely makes me want to vote for him just to rub their thieving nose in a big steaming turd 💩 

he has said he would go after the bankers if he gained power.. That’s got them shitting their pants..

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On 13/07/2019 at 20:07, Wight Flight said:

They can't even become a copper or a nurse without first incurring a £60k debt.

You probably think if they hadn't bought an iPhone they would have a BTL portfolio by now.

 

Not worth bothering, I think the CON’s are trying to privatise everything.. step one is to run services into the ground, then claim privatisation is the only way to fix it! 

Private protection force

agency nurses.. 

private everything to my mate Jeremy £unt head boy.. 

4FFCEFE9-0B0B-4199-B814-205E6CFA49D8.jpeg

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Wight Flight
6 minutes ago, macca said:

Not worth bothering, I think the CON’s are trying to privatise everything.. step one is to run services into the ground, then claim privatisation is the only way to fix it! 

Private protection force

agency nurses.. 

private everything to my mate Jeremy £unt head boy.. 

4FFCEFE9-0B0B-4199-B814-205E6CFA49D8.jpeg

Those figures are bad enough but I think if you did an analysis of the private sector (forklift operator, press minder etc) they would  horrify you.

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Talking Monkey
8 hours ago, macca said:

Not worth bothering, I think the CON’s are trying to privatise everything.. step one is to run services into the ground, then claim privatisation is the only way to fix it! 

Private protection force

agency nurses.. 

private everything to my mate Jeremy £unt head boy.. 

4FFCEFE9-0B0B-4199-B814-205E6CFA49D8.jpeg

That is insane the average working person is properly screwed

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One percent
11 minutes ago, Talking Monkey said:

That is insane the average working person is properly screwed

Yes and it was clear 30 yeas ago....

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9 hours ago, macca said:

Not worth bothering, I think the CON’s are trying to privatise everything.. step one is to run services into the ground, then claim privatisation is the only way to fix it! 

Private protection force

agency nurses.. 

private everything to my mate Jeremy £unt head boy.. 

4FFCEFE9-0B0B-4199-B814-205E6CFA49D8.jpeg

Be very very very at these public sector starting salaries.

They soon crank up. A lot.

8 hours ago, Wight Flight said:

Those figures are bad enough but I think if you did an analysis of the private sector (forklift operator, press minder etc) they would  horrify you.

Similar skills i nthe private sector pay less, have much worse working conditions and no pension.

The problem in the UK is that housing is massively out of kilter with wages.

 

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2 hours ago, One percent said:

Yes and it was clear 30 yeas ago....

You can go up the professional ladder here and in other western countries with the same results.

Marc Faber was just talking about it.  Even mentioned the same situation in his native Switzerland.  In part due to tectonic changes in global wealth distribution.  And then decades of inflationary monetary policy which has supported such wealth inequality. 

Monetary policy has made cash trash.  Nothing is for free, unless it's taken from elsewhere, with the exception perhaps of honest economic growth of which we've had none for a long time.  

And then you have to allow for long term exchange rate changes (particularly for us in our open economy).

TPTB have been masterful at boiling the frog.  The ignorant suffer in tacky bliss while the rest suffer in despair, as the elites look on.

@Bricks & Mortar nails it in his link....

 

Edited by Harley
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1 hour ago, Bricks & Mortar said:

I was reading this earlier.  I think I'm out of step with the prevailing view, as I think tariffs are a (correct?) response to an impending deflation crisis, rather than the cause of it.

https://www.cobdencentre.org/2019/07/for-those-who-dont-understand-inflation/

It brought to me to wondering some more on what does cause deflationary collapse, and I realised I'd diverted about 1/3 of my income to share purchases since I started reading these threads.  So maybe  its all you lots fault!

 

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11 hours ago, sleepwello'nights said:

Somewhat US centric. Wouldn't you find more to suit your bias on TOS?

You don't think the political/media climate has turned against Landlords in the last year or two?

Edited by Durabo
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UnconventionalWisdom
13 hours ago, Tdog said:

but he wants to extend Help to Buy and has shown himself to be the utter scumbag and middle class traitor people said he was. He like the rest of the LIBLABCON is unfit to run the country.

This is what I point out to mates that are strong Corbyn supporters. I'm like, housing is the most important thing to me and he wants to extend htb. McDonald has spoken about how crap it is so who knows what they would do. Corbyns only saving grace with housing us that his supporters are mainly young people so hed be an idiot and out of a job if he continued with the current fiscal policies supporting HPI.

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UnconventionalWisdom
10 hours ago, Tdog said:

Shows who the Tory party have been helping out.

They are certainly to blame too, but the initial increase has to be because of Blair and brown. Bastard Blair family has many btl properties. Only in Britain could s politician get away with such selfish behaviour 

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23 minutes ago, Durabo said:

More than 600k millennials face homelessness when they retire as pensions will not cover the cost of housing - https://www.theguardian.com/society/2019/jul/17/renting-millennials-homelessness-crisis-retire

It won't (can't) happen.

For a start, you don't just end up with a country with loads of empty houses and loads of people living on the streets -- prices normalise to match.

Secondly, when the Millennials get in charge (about 2030) they'll tax OO heavily, while redesigning pensions to suit assetless pensioners.  This is how it works -- each generation sets up the system to solve what they regard as the problem (usually driven by 'what would suit them best').

It'll be a pain for me, I'm sure -- I'll end up being stung by the drive by the BBs to inflate asset prices, and the drive by the Millenials to punish house owners.  

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