How does Buy to Let END!

[sancho panza]

18 minutes ago, No One said:

Whilst many celebrate the demise of the OI BTL Slumlord and we wont miss them, let's not delude ourselves that the transition will be painless because it wont be.

I think you're absolutely right Noone.

We rent,we've a two year deal matturing Jan 23 and I've been sat here watching prices go up rapidly for a few motnhs.

But I msut stress,ehre in Leicestershire things have calmed down again.Invetroy is back upo to normal.Yes asking prices on average are higher but I think transaction prices have reverted.Marekts are local.Also,I'm not in the bit of the marekt where I'm jsut above the LHA .

The one below typifies the jounrey in rents.Lastw went throuhg in 2021 at £1000pcm,so we are up 10% but we've come down from teh asking price highs of a few months back.Was asking £1500 now back at £1150pcm where it got a bid.

Have you looked at moving futher out ?Realsie that may be impractical.

edit to add an example of how crazxy cuity retns have got in Leicester.This loks ex council....

 

 

Property image 1 of 8 showing Photo 8

1/8

£1,000 pcm

£231 pw

Price Change History

17/06/2023

Initial entry found: £1,000 pcm

Blundell Road, Leicester, LE5 6AA

Semi-Detached31

Smartmove is pleased to present this Three Bedroom Family Home to Rent in North Evington LE5. The Property is close to Evington Village and local amenities. The Property is available in July 2023 and viewing is highly recommended. The Property comprises,  - Entrance Hallw

https://www.rightmove.co.uk/properties/133011533#/?channel=RES_LET

 

 

Property image 1 of 23

1/23

£1,150 pcm

£265 pw

Price Change Histor

14/07/2023	Price changed from £1,280 pcm to £1,150 pcm
21/04/2023	Price changed from £1,500 pcm to £1,280 pcm
05/04/2023	Initial entry found: £1,500 pcm

Edited July 21, 2023 by sancho panza

[Wight Flight]

16 minutes ago, No One said:

My personal situation has become dire, currently I'm ok. As in I live with LL lodging pay a very small rent all in which is great. But as of next month I need to get my own house for family reasons which I wont go into. 

Same as here. Agents are getting 100+ applications in the first hour. One told me they turn their phone off after 30 minutes as it is pointless answering it.

Are there any local property letting facebook groups? People do seem to have some success on these, and it gives you a chance to explain a bit about yourself to a private landlord rather than just being a number to an estate agent.

 

[Wight Flight]

4 minutes ago, sancho panza said:

.Also,I'm not in the bit of the marekt where I'm jsut above the LHA .

That is the key. 2 bedders under £1,000 are now impossible. If you can go to £1,400 you stand a chance, but might still be competing against the moving downers with a cash pile here.

It's a bugger, but that is where we are at.

[sancho panza]

22 minutes ago, Wight Flight said:

That is the key. 2 bedders under £1,000 are now impossible. If you can go to £1,400 you stand a chance, but might still be competing against the moving downers with a cash pile here.

It's a bugger, but that is where we are at.

Thing is if you can move reltaively rural then there are better value for moeny but then you have to move schools etc.

where about are you?

 

Edited July 21, 2023 by sancho panza

[spygirl]

‘I passed the lender’s huge 10.3pc stress test, but still they won’t lend to me’

Dogmatic banking regulations mean even cautious borrowers are being turned away

THE SECRET LANDLORD21 July 2023 • 12:00pm

Iam a prudent borrower. 

For the past decade – while the rest of the country embarked on a cut-price borrowing frenzy – I have focussed on paying down debt. Reducing my mortgage debt, paying off properties and owning outright is my ultimate aim.

Many of my landlord friends thought I was crazy; “Why pay back debt? It’s so cheap!”, “You should borrow more while it’s so cheap!”. 

I won’t deny I haven’t been tempted, and I have availed myself of some cheap credit, but at the back of my mind I’ve always had this nagging thought: whatever you borrow needs to be paid back. 

Of course, that line of thinking runs contrarian if you want to be mega, mega rich, but having built my portfolio, I became protectionist. I didn’t want to lose it. I knew cheap credit had got me started – but at some point, that debt would hurt. 

Hence the reason I wanted to port a five-year fixed-rate mortgage at 1.99pc on a property I’m selling to a different property I’m keeping. 

The low-rate mortgage deal almost kept me locked in, but as it is, I need the proceeds of the sale to pay down the debt on a less lucrative deal: a tracker standard variable rate (SVR) of the Bank Rate plus 1.75pc.

 

For the last few years that deal has been a blinder, but not now. I would’ve remortgaged previously but it’s a short-lease flat, so new lending is a non-starter. More fool me for thinking there may be any veracity in the Leasehold Reform bill. 

Throughout my property journey – even at the very start when mortgage rates were nudging 6pc, I’ve opted for five-year fixes. 

I like to be able to plan ahead, which is why I even partook of a 10-year fix last year. I always check the products are portable so that if plans change, the product could be moved to a different property. For the last two decades I’ve not had to use this porting feature, until now.

, I call the lender to discuss how mortgage porting works, only to discover: Porting is not as easy as you would think.

Firstly, despite being with the lender for over 17 years, having a few mortgages with them and making regular overpayments, if I wanted to port the existing mortgage to a currently owned property, but with a different lender, I would have to complete an entirely new application. 

This would take eight to 10 weeks.

Secondly, despite the fact I was trying to avail myself of the remaining years of the fixed-rate deal at 1.99pc, I was informed I would also have to pass their stress test for borrowing. 

This equated to a whopping 10.3pc Interest Cover Ratio (gross rental income to mortgage payments). 

Read more about mortgages

Thirdly, when I informed the lender that to meet such a stress test would mean a hefty hike in rent to the existing tenant, I was informed that unless I provided proof of that rent via a signed Assured Shorthold Tenancy, they would not give me the loan. That loan, by the way, was with a 50pc deposit.

Fourthly, not wishing to hike the rent by 22pc on an existing and good tenant, I suggested to the lender they reversed the calculation and tell me what I could borrow against the current rent. They promptly did the calculations and informed me I would have to find another £11,000 to reduce the mortgage balance. I agreed to this.

Fifthly, after all of the above stress testing, lowering my already-low borrowing, telling the bank intimate details of my income and blood group, they said they’d look into my case and call me back.

The call came within a couple of hours to tell me: no. No, they would not port my mortgage. 

The reason was nothing to do with the stress test, or income, or borrowing, but because I owned more than 10 properties. Loaning money to me would apparently be a “breach of mortgage conditions”. 

I was stunned, so I asked why they had such a policy, and what research had been conducted to prove people who owned more than 10 properties (even without mortgages) were such a risk? I didn’t get an answer.

What I did get an answer to is this: porting is in no way, shape or form as easy as I had thought. Rules and regulations can change at the drop of a hat and they get applied regardless. The other thing I’ve learned, but pretty much knew all along: the bank always wins. 

I can’t port my mortgage, so now I have to pay their hefty fee for redeeming early.

[spygirl]

They don't want to lend to LLs.

At the moment they are just refusing new loans.

Shortly they'll be calling loans.

There's nothing prudent about having 10 mortgages ffs, even at 50% LTV.

Yes, The Bank always wins.

But it hinges on if they decide the borrowers loses.

 

[sancho panza]

1 hour ago, spygirl said:

They don't want to lend to LLs.

At the moment they are just refusing new loans.

Shortly they'll be calling loans.

There's nothing prudent about having 10 mortgages ffs, even at 50% LTV.

Yes, The Bank always wins.

But it hinges on if they decide the borrowers loses.

 

A few things here spy.

1) he's been with them 17 years and still elvered,even by his own measuerment by 50%.

2) that 50% is his guesstimate.market in some areas is llliquid.Bank takinga view a year out on a shot lease flat......meh!,they're gonna cut some fat.If he's 10% out -likely- and the bank give themselves 15 % downside protection, he's looking at 75% LTV

3) why the f*ck would they lend to him at 1.99% when they can lend to him at 7%!!! What planet are these poeple on.

4) I lvoe the way he presents the pontetila 22% rise to the tenant as non negotiable if he decides to implement it.He obviosuly msised quite a few sections of the landlord and tenant act when he read it.

No wonder our banks are up poop creek with loons like these hanging on for dear life.

4)

[sancho panza]

9 hours ago, No One said:

 

 

 

My personal situation has become dire, currently I'm ok. As in I live with LL lodging pay a very small rent all in which is great. But as of next month I need to get my own house for family reasons which I wont go into. 

The local market for rentals is crazy, prices are up, demand is up and supply is down. Houses listed on one day get enough viewing requests that by the next the EA do not want to get more people for viewings. One girl I know told me one EA told her they got 40 people to view one house on the same day as advertised.

Another house rental, the girl doing the viewing advise me to contact the agency with my best offer. I was surprised because I have never seen bidding wards on rentals ever before,

I always knew something like this would happen, so I was prepared, which is fine, but the ferocity and rapidity of the change has took me off guard. 

Our plan, my wife and I, is to save this year in accounts paying 6% fix and maybe but in one or one and a half years time, because nothing is saving the market this time.

For now I will have to fork out to get the house.


Whilst many celebrate the demise of the OI BTL Slumlord and we wont miss them, let's not delude ourselves that the transition will be painless because it wont be.

Some data for you.

https://propertyindustryeye.com/btl-landlords-forced-to-navigate-a-multitude-of-challenges-as-rents-rise-again/

Average asking rents for new tenants outside of London reach another new record this quarter of £1,231 per calendar month (pcm), fresh figures show.

The average asking rent for a typical home outside of London is now a third – 33%- higher than at this time in pre-pandemic 2019, increasing by more than £300 from £923pcm.

By contrast, average asking rents for new tenants outside of London rose by just £71 – 8% – in the four years previous between 2015 & 2019, highlighting the rapid increase in new asking rents as tenant demand has increased and the number of properties available to rent has been steadily squeezed since the pandemic.

Although the yearly pace of rent increases for new tenants continues to slow marginally, it remains near double-digit levels.

It’s a similar story in the capital, with average asking rents in London reaching a new record of £2,567, and while the pace of rent growth has slowed slightly, it remains in double-digits for the seventh consecutive quarter. London rents are now 28% higher (+ £559 pcm) than at this time in 2019.

Despite quickly rising prices, rental homes are continuing to let at speed and many landlords are still being met with long queues of prospective tenants wanting to view and rent their property.

The current average time to find a tenant for a home to rent is 17 days, its quickest since November 2022.

Tenant demand continues to exceed even last year’s frenetic levels and is currently 3% higher than at this time in 2022 and 42% higher than June 2019.

The gap between supply and demand has slightly narrowed compared to last year, with available properties to rent up by 7% compared with June 2022, though this figure remains 42% below 2019.

Meanwhile, landlords are currently facing challenges from multiple directions. Government sentiment towards the industry (47%), rising taxation (41%) and increasing compliance requirements (33%) topped the list of landlords’ concerns in a recent study by Rightmove.

A quarter (25%) are also concerned about the rising cost of buy-to-let mortgages.

This is leading some landlords to sell up. 16% of properties currently for sale were previously available on the rental market, a figure which is up from 13% in January 2019.

The data suggests landlords are particularly concerned about their properties with a lower EPC rating, ahead of proposed changes to EPC requirements from the government.

A third (33%) of landlords who own lower EPC rated properties plan to sell them rather than make improvements to their EPC rating, compared with 20% who planned to sell last year.

However, despite these challenges, landlords value having a good tenant in their home and are determined to keep good tenants for longer.

The majority (57%) of landlords said that on average, tenants choose to stay in their properties for longer than 24 months, with only 8% saying they stay for a year or less.

[spygirl]

12 hours ago, sancho panza said:

A few things here spy.

1) he's been with them 17 years and still elvered,even by his own measuerment by 50%.

2) that 50% is his guesstimate.market in some areas is llliquid.Bank takinga view a year out on a shot lease flat......meh!,they're gonna cut some fat.If he's 10% out -likely- and the bank give themselves 15 % downside protection, he's looking at 75% LTV

3) why the f*ck would they lend to him at 1.99% when they can lend to him at 7%!!! What planet are these poeple on.

4) I lvoe the way he presents the pontetila 22% rise to the tenant as non negotiable if he decides to implement it.He obviosuly msised quite a few sections of the landlord and tenant act when he read it.

No wonder our banks are up poop creek with loons like these hanging on for dear life.

4)

LL for 17years ...

, started down the IO BTL route in 2006 - 1 year before it all went to shit and IR were slashed to bail him out.

For all his talk of 6% ... hed have only paid that for a handful of years .... til 2022.

All hes known is ZIRP n HPI.

IO BTL is at the point at where the banks will not lend any more.

They are just not interested.

Big banks have been withdrawing for ~5y, leting LL leave.

Smaller banks have dived in, just for the extra 1% spread.

Fucktards.

Now the smaller banks are having doubts and wondering if they are fucked.

They are.

We are teetering at the point where banks will actively start calling in loans.

Miss a payment Bank will call all loans in.

LL next door fails to pay his mortgage. Bank will call in your loans.

Fail to pay bak a loan when its called in? Black mark and all the other banks will call their loans in.

 

 

 

 

 

 

 

 

 

[No One]

On 21/07/2023 at 10:20, sancho panza said:

I think you're absolutely right Noone.

We rent, we've a two year deal maturing Jan 23 and I've been sat here watching prices go up rapidly for a few months.

But I must stress , here in Leicestershire things have calmed down again. Inventory is back up to normal. Yes asking prices on average are higher but I think transaction prices have reverted. Markets are local.Also,I'm not in the bit of the market where I'm just above the LHA .

The one below typifies the journey in rents. Last went through in 2021 at £1000pcm,so we are up 10% but we've come down from the asking price highs of a few months back. Was asking £1500 now back at £1150pcm where it got a bid.

Have you looked at moving father out ?Realise that may be impractical.

edit to add an example of how crazy city rents have got in Leicester. This looks ex council...

 

Thank you for the reply SP, ok so my local market is hot. I live in a posh town in the midlands, and housing is competitive. Sadly I cannot move due to schools, my one due to start this Sept. We did consider a move to a village but that would be a massive pain for schools.

Rents have gone from sub 1k to 1.1k (gone very quickly) for two beds, Three and four beds are 1.4-2k and move very slowly because they are unaffordable. Missus doesn't work for minor health issues but I earn ok money.

 

However the idea is not to piss away most of my income on rent and save some so we can buy the HPC, so I am trying to explain to the wife why as soon as she's ok she needs a job ASAP because as it stands we are going to be tight.

On 21/07/2023 at 10:23, Wight Flight said:

Same as here. Agents are getting 100+ applications in the first hour. One told me they turn their phone off after 30 minutes as it is pointless answering it.

Are there any local property letting facebook groups? People do seem to have some success on these, and it gives you a chance to explain a bit about yourself to a private landlord rather than just being a number to an estate agent.

Yeah, I'm having to refresh RM on the hour to grab a viewing. 

On 21/07/2023 at 10:26, Wight Flight said:

That is the key. 2 bedders under £1,000 are now impossible. If you can go to £1,400 you stand a chance, but might still be competing against the moving downers with a cash pile here.

It's a bugger, but that is where we are at.

This is what I'm seeing too. Nasty market, with LLs holding all the cards. [Those LL not gone bankrupt]

On 21/07/2023 at 10:40, sancho panza said:

Thing is if you can move reltaively rural then there are better value for moeny but then you have to move schools etc.

where about are you?

Middle earth

19 hours ago, spygirl said:

They don't want to lend to LLs.

At the moment they are just refusing new loans.

Shortly they'll be calling loans.

There's nothing prudent about having 10 mortgages ffs, even at 50% LTV.

Yes, The Bank always wins.

But it hinges on if they decide the borrowers loses.

Banks must be looking at their balance sheet and thinking this is the big kuhuna, no way they want exposure to BTL.

17 hours ago, sancho panza said:

A few things here spy.

1) he's been with them 17 years and still elvered,even by his own measuerment by 50%.

2) that 50% is his guesstimate.market in some areas is llliquid.Bank takinga view a year out on a shot lease flat......meh!,they're gonna cut some fat.If he's 10% out -likely- and the bank give themselves 15 % downside protection, he's looking at 75% LTV

3) why the f*ck would they lend to him at 1.99% when they can lend to him at 7%!!! What planet are these poeple on.

4) I lvoe the way he presents the pontetila 22% rise to the tenant as non negotiable if he decides to implement it.He obviosuly msised quite a few sections of the landlord and tenant act when he read it.

No wonder our banks are up poop creek with loons like these hanging on for dear life.

He must have been doing buy->Equity release -> buy -> equity release etc

Listings for sales are still flat, my thesis is not quite right. Not sure what I did wrong but I was expecting a linear rush for the exits last year and instead we have a tug-o-war between buyers and sellers where one is waiting for a massive discount and the other cant afford to give a massive discount because of negative equity. This is translating into a massive impact on the rental market.

 

[With a crooked smile]

Lloyd's are the first to announce they won't even begin the repossession of BTL until 12 months after the 1st missed payment (and that's if they ever do)..

Expect to see more of this going forward. 

Edited July 22, 2023 by With a crooked smile

[Wight Flight]

4 hours ago, With a crooked smile said:

Lloyd's are the first to announce they won't even begin the repossession of BTL until 12 months after the 1st missed payment (and that's if they ever do)..

Expect to see more of this going forward. 

That makes no sense at all.

[With a crooked smile]

6 minutes ago, Wight Flight said:

That makes no sense at all.

I think it makes prefect sense. You hear loads of doom and gloom about banks calling in mortgages etc on here. That's the last thing they want. 

If they are getting paid and but someones missed a few payments they would rather add some costs to the mortgage than call in a load of loans have a fire sale and devalue the assets on their loan books.

The last thing the banks will look to do is call in loans.

[Wight Flight]

12 minutes ago, With a crooked smile said:

I think it makes prefect sense. You hear loads of doom and gloom about banks calling in mortgages etc on here. That's the last thing they want. 

If they are getting paid and but someones missed a few payments they would rather add some costs to the mortgage than call in a load of loans have a fire sale and devalue the assets on their loan books.

The last thing the banks will look to do is call in loans.

That may make sense to the bank.

Announcing that is what they will do is foolish. About as daft as the announcement that nothing happens to shoplifters under £200.

[With a crooked smile]

1 minute ago, Wight Flight said:

That may make sense to the bank.

Announcing that is what they will do is foolish. About as daft as the announcement that nothing happens to shoplifters under £200.

I do agree with you here 

[Wight Flight]

2 minutes ago, With a crooked smile said:

I do agree with you here 

What they should do is exactly what a landlord does. Two months in arrears and the rent is paid directly to the bank.

This is just lobbing cash at sinking landlords otherwise.

[With a crooked smile]

19 minutes ago, Wight Flight said:

What they should do is exactly what a landlord does. Two months in arrears and the rent is paid directly to the bank.

This is just lobbing cash at sinking landlords otherwise.

Yeah I agree, I imagine it throws up all sorts of legal and HMRC issues of the bank take the money and pay the LL what's left.

Basically Lloyd's have confirmed that they will apply the new government  guidelines for mortgage support to BTL. Obviously extending the term does nothing for IO but pushing off when repossession can start is a new one.

I've read Natwest may follow. I'm sure someone is already frantically searching for tales of woe where a bank has called in a loan but there will always be fringe cases.

Edited July 22, 2023 by With a crooked smile
Ready to read

[Wight Flight]

2 minutes ago, With a crooked smile said:

and pay the LL what's left.

[spygirl]

I await the link.

This would only make sense if recessions/slow downs are less than 12 months. They are not.

If they delay repoing by 12 months theyll fuck up thier NPL and need to start holding a lot more capital against the loan book.

Does not really matter what Lloyd's do - they arnt a big btl lender.

It's what NW do.

 

[Rare Bear]

17 hours ago, Wight Flight said:

That may make sense to the bank.

Announcing that is what they will do is foolish. About as daft as the announcement that nothing happens to shoplifters under £200.

Unlike announcing that you're going to sell your gold off.

[sancho panza]

On 22/07/2023 at 21:54, With a crooked smile said:

I think it makes prefect sense. You hear loads of doom and gloom about banks calling in mortgages etc on here. That's the last thing they want. 

If they are getting paid and but someones missed a few payments they would rather add some costs to the mortgage than call in a load of loans have a fire sale and devalue the assets on their loan books.

The last thing the banks will look to do is call in loans.

I hear what you're saying but I think in the real world there will be some differences in the way different BTLers are treated.Having studied some bank balance sheets in the last few months,I wouldn't expect all banks to behave the same.

In terms of BTL cohorts...

1 There's a huge chunk who won't be affteced at all due to low LTV/paid cash/hight rent to Interest cover.

2 There's anotehr chunk who are that deep in the hole that the bank won't want to repo as they'll likely be becoming landlords at the end of that process(our family friend with 25 100% LTV BTLs will be a decent guide as they're about to start missing circa £5k pcm on their payments.I will update as they progress.

3 There's another cohort with one or two BTL's and significant equity in their main home.I expect the more marginal of these to be the first repoes as the bank will get 100% of their moeny back.These would be the ones who don't qualify for the first group.

 

In terms of firesales,I think that will be interesting to see how they handle our family friend if they can't remo(I see no reason why a bank would remo 25 BTLs that can't make payments at 3% to loans running off 6%.).Administration looks likely,which would mean any sale would test the market first for a few months then auction.Bank could obviously take the houses before the firesale.

On 22/07/2023 at 16:50, With a crooked smile said:

Lloyd's are the first to announce they won't even begin the repossession of BTL until 12 months after the 1st missed payment (and that's if they ever do)..

Expect to see more of this going forward. 

 

Edited July 24, 2023 by sancho panza

[spygirl]

On 01/06/2019 at 06:58, spygirl said:

Oh I agree that the IO BTL were one of the main beneficiaries s ofthe ZIRP - Labour BoE need to be hung in the street,

You need to look where most of the BTL properties were bought - thats mainly the North.

The prime South was too expensive to make thebtl work, with the tiny deposits etc etc.

Its hard to get get a feel forthe propety market in a lot of plaes, mainly down to BTL having distorted the markets so much.

A quick look at the stats show a lot of places have been static for 15 years.

You mate is about to lose 30-50% of that rent with S24.

The mortgage rate for 175k - ~sub 3% looks very very low. The SVR on IO BTL is around 5%+ and rising. And remortgages typically want 50% equity put in.

 

 

 

 

On 13/07/2019 at 06:31, spygirl said:

BTL has ended.

Im surprised that theres any LL still doing.

People cannot take out high LTV IO mortgages for BTL any more.

Anyone who's got an IO BTL will be finding that the S24 changes mean they are paying some or most ofth their rental income in tax.

If the BTLer only has a single BTL and average (25k) income then they'll get some breathing room ... However ...

IO BTL came about by idiot EAs lobbying the banks n BS's to lend on rentals. The contract they were waving under their nose was the AST law, created in 1988,. which allows a bank to repo a rental property relatively quickly. Of course that means Ftachers to blame for BTL .....  Shes not. The BTL sector did not exist in any form til about ~2000/2001 when the high LTV IO BTL kicked off and then went massive 2004-2008.

The main reasons BTL went massive are:

1) Banks started lending money to IO BTL.

2) Banks had run out of OO to lend to in 2002 - prices being too high, saw OO mortgages dropping off.

3) Gormless oversight, allowing LL to offset mortgage IR against rental income.

4) AST gave banks a framework of beign able to get the house back on default, like an OO mortgage.

Again, S24 has finished IO BTL.

Now, as a result of IO BTL, the rental sector is political - no one likes a LL. Absolutely noone likes a LL who gets given cheaper money.

Basel3 and its evolving ought to have killed all IO Lending dead - no regulated bank should be doing IO Lending, purely special product, domain of financial companies i.e. not banks.

There will be a point where either Cons or Lab or whoever introduces new laws, rolling back the AST change i..e a tenant cannot be evicted for a few years.

ON that change happening, the banks will have to mark down their entire BTL book as impaired i.e. theres a risk they cannot get back their money/asset.

Remember, as its IO lending, the loan is non amortising i..e nto paid padi. In 10 years time, the bank will still be on the hook all the money lent. Compare to repayment mortgage where, after 10 years and a 20% deposit, the lending is pretty low risk to the bank, having a good 50% equity to protect against falls.

On this change, IO BTL loan will have to be sold off to specialist financial companies, who will charge the loans for what they are - non amortising commercial bridging loans - 3 to % a month compounding.

You'll see this in place when the banks BTL SVR starts cranking up massively going above 8%.

Any bank with  large IO BTL book is probably bust. Thats Cov B and Nationwide.

Any IO BTL LL with 2+ property is probably bust.

 

 

 

 

 

 

 

 

 

On 01/09/2019 at 18:51, spygirl said:

Any bank not shoving its btl svr up 9%+ needs shooting in the head.

 

On 07/09/2019 at 21:48, spygirl said:

Lets say i was ceo of nationwide, or another daft building society tgat had been chzasing io btl.

Id be putting up the btl svr to 10% now. Milk some money while the LLs are still solvent.

 

My Greatest tips ....

Now Thats What I Call Fucked! 2023 ...

The great n good - and dumb as a fuck are finally grasping this, years after I posted on here, and over 10 sicne I posted basically the sae on TOS.

Generation Rent is at the sharp end of rate rises

Landlords with buy-to-rent mortgages are passing on their pain

https://www.ft.com/content/69168e93-e3e1-40d5-b5d4-bfcaaac6d88c

This is the FT's Lex editor/head/whatever.

The one that everyone whos everyone reads.

The issue here is buy-to-let mortgages. The owners of 2mn private rental properties depend on these loans. Most are interest-only. That means borrowers cannot reduce repayments to cover higher interest charges as most owner-occupiers can.

The servicing cost of a buy-to-let mortgage has doubled since the Bank of England began rate rises at the end of 2021. It now stands at 6.8 per cent for a typical five-year fix, according to Moneyfacts.

Agian. 6.8% was sooo last years rates.

Try 10%. And rising.

 

Second, in England BTL landlords are theoretically prevented from increasing rents above local market prices. These are set partly by mortgage-free landlords, who are less sensitive to interest rates.

 

Cant be arsed to cuntpaste comments.

The way to help thats is to have a supper quick LL insolvency and repo process.

Gouge the fuckers and the their banks.

 

 

 

[King Penda]

They are fleeing look at the price of the house and how much he has coming in .even I’m stunned you can get that much for a terrace with zero parking. If you can’t make this work you’re in trouble. https://www.rightmove.co.uk/properties/137809832#/media?channel=RES_BUY&id=media1 

[spygirl]

https://www.landlordzone.co.uk/news/landlord-with-obe-to-pay-300000-fine-over-appalling-conditions-at-properties/

Claw back property.

Get a criminal charge and jail him.

No more mortgages.

Ban from renting houses.

 

[leonardratso]

1 hour ago, spygirl said:

https://www.landlordzone.co.uk/news/landlord-with-obe-to-pay-300000-fine-over-appalling-conditions-at-properties/

Claw back property.

Get a criminal charge and jail him.

No more mortgages.

Ban from renting houses.

 

id give him another OBE.