[Finance] Buy to let mortgages

[Jospeh]

Housing should not be for speculation. Scum

 

[schmunk]

1.04% tracker until 31/5/22, £ 1999 fee added, £ 405 survey fee - £ 160k = £ 140.40 pm, pm for more details

This is presumably no longer the best price, given the base rate cut this afternoon.

 

[Is it PotG?]

Housing should not be for speculation. Scum

I agree, however should prices fall then those with cash will be looking to buy cheap, with long term growth all but certain.

 

[Triggaaar]

I’m with [MENTION=32905]B-right-on[/MENTION] on this. I was told not to buy my first flat in 1996, the market had peaked

Not by me you weren't. I bought my first flat in '96 and I knew prices were too low (I could rent it out for more than the mtg cost). Prices went up and I bought another in '99.

And I have been told this pretty much every few years since.

Not by me you haven't.

But on this occasion, yes, I'm confident prices are going to take a hit. Either get a discount now if the seller accepts the new reality, or wait and get it cheaper in several months time.

Happy to take a bet with anyone sure I'm wrong.

 

[Triggaaar]

Very unlikely prices will fall. Corona will massively slow down the market for the next few months , then once the worst is over, property prices will remain stable .

Maybe I'm wrong, but I anticipate businesses going bust, and most people losing some work. I find it difficult to imagine that won't affect prices.

 

[Soylent Blue]

Yawn. Heard this consustly for the last umpteen years. Yes prices go up and fall but never fall anywhere near they rise. If you are after a quick quid, no. But if you are after a long term investment, then definitely.

I bought my current house in 2008 just before the last credit crunch. It lost 20% of its value in a year. 12 years later its worth double what we paid for it.

I have seen numbers suggesting a 50% shrink of the Chinese economy and 14% of the US. Added to that a high fatality rate will put a lot of property on the market I would be looking to bail from this for at least a year.

 

[Uncle Spielberg]

This is presumably no longer the best price, given the base rate cut this afternoon.

I will check tomorrow when it is updated

 

[Weststander]

I've heard that 260 - 600 million people a year are getting BTL mortgages.

You can a nought to that, or is it three noughts?

 

[Binney on acid]

Housing should not be for speculation. Scum

I am not speculating. I have lived in 4 premises in the same road since 1983. I am stale and am ****ed off with living in Brighton. I want out !

 

[Lower West Stander]

Housing should not be for speculation. Scum

I own 4 BTLs.

The rent is on market or slightly below. 3 of the tenants have been there 10 years plus. I provide a full service and have excellent relations with the tenants and local tradesmen alike. I have given rental holidays where needed and it is very important to me that a landlord tenant relationship is mutually beneficial.

I take real exception to being called scum.


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[SK1NT]

I have seen numbers suggesting a 50% shrink of the Chinese economy and 14% of the US. Added to that a high fatality rate will put a lot of property on the market I would be looking to bail from this for at least a year.

This! Once this Corona virus has passed there could be a very real chance of a recession. I would prob wait until at least the end of this year. We are due our 10 yearly recession.

 

[Triggaaar]

This! Once this Corona virus has passed there could be a very real chance of a recession.

Is there an argument that suggests we might not have a recession? I've not heard it. And the recession won't be waiting for the virus to pass.

 

[SK1NT]

Is there an argument that suggests we might not have a recession? I've not heard it. And the recession won't be waiting for the virus to pass.

The recession isn't waiting for the virus to pass but IMO the recession will be a direct result of the impact of the virus.

 

[SK1NT]

Either way with us actually leaving the EU, with the fall out from the virus, the markets in free fall which we haven't seen in decades.... to just name a few, these are big things that aren't common occurrences that could really negatively affect house prices... my thinking is why take the risk with so many unknowns.

 

[Justice]

If you could find a way to bring a self cert style mortgages back to the market you would clean up.

 

[DumLum]

I own 4 BTLs.

The rent is on market or slightly below. 3 of the tenants have been there 10 years plus. I provide a full service and have excellent relations with the tenants and local tradesmen alike. I have given rental holidays where needed and it is very important to me that a landlord tenant relationship is mutually beneficial.

I take real exception to being called scum.


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I guess parasite would be a fairer description.

 

[The Antikythera Mechanism]

I guess parasite would be a fairer description.

What compels you to make a comment like that? Jealousy?

 

[Live by the sea]

I guess parasite would be a fairer description.

I guess you have a big chip on your shoulder that someone has worked hard to get in that position to own 4 properties and rent them out at no doubt the market rate . Once the BTL morts are paid off in 25 years or so, he will have these properties either for his retirement or to leave to his children or family . Being clever and using your brains is not something to sneer at and call names like parasite. It is called getting on in life and having a business brain. Not everyone in life wants to live from paycheck to paycheck !

 

[DumLum]

What compels you to make a comment like that? Jealousy?

Paying £100k in rent and having nothing to show for it.
Yes. I'm bitter. No, I couldn't get a mortgage.

Private renters are probably the hardest working young people in the country. They are being exploited by the older generation. That older generation doesn't understand with comments like "In my Day" & " I worked hard to get where I am". In a fair society it wouldn't happen.

 

[mikeyjh]

Paying £100k in rent and having nothing to show for it.
Yes. I'm bitter. No, I couldn't get a mortgage.

Private renters are probably the hardest working young people in the country. They are being exploited by the older generation. That older generation doesn't understand with comments like "In my Day" & " I worked hard to get where I am". In a fair society it wouldn't happen.

I do understand where you're coming from but we do have an odd view of housing in this country. "Paying £100k in rent and having nothing to show for it", you've also paid thousands in electric, gas, telephone and food bills and have 'nothing to show for it', it's part of the expense of living!

I do take exception to amateur landlords (and I know a few), those who've snapped up somewhere on an interest only mortgage and just expect it to tick over and land them with a nest egg some time in the future. It rarely works like that though, sometime one WILL lose money for a year or 2. Doesn't sound like the poster you're having a poster is this type though.

I've spent about £50k over the last 6 months on refurbs and major works on houses and god only knows what will happen next few months, one things for sure though, my tenants will have boilers that work, roofs that are sound, taps that don't drip etc etc, all while they may not be able to pay their rent, who knows. Remember, when you've bought your own house, these things need paying for. Not looking for a medal just, in a long winded manner, talking about the fact there will always be a need for a private rental market and there are good landlords out there.