Any Buy to Let Experts? Good and Bad Experiences Sought

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Biancazzurro

Active member
Aug 9, 2011
216
Hassocks
The young will have to wait a bit until they're older before they get richer then, instead of having instant gratification.

I always thought thats how it worked, you work hard through your life , by working, investing, taking the odd gamble here and there ( some you win, some you lose).
I always thought you did this , so you could retire and have a relatively comfortable standard of living and maybe, just maybe leave something for your kids and grandkids when you leave this earth.

Apparently, this is criminal to some w@nkers on here, who either are hypocritical just to suit their own political views or just simply don't like to see other people succeed.
The only friend I have who could afford to buy on his own works in the city. Everyone else I know had to save hard for years and benefit from an inheritance / hand out from parents. It is nothing about instant gratification, it is about it being almost impossible for Sussex youngsters to get on the property ladder even when they do work hard. I would never suggest that lazy people or spendthrifts should all be able to buy cheap houses!
 




Triggaaar

Well-known member
Oct 24, 2005
52,738
Goldstone
I simply said go back to what it was like before BTLs.
I know you did, it was Ernest I was questioning. Before BTLs people used normal mortgages and still rented their property out. What do you think it was like before BTLs?
 


Herr Tubthumper

Well-known member
NSC Patron
Jul 11, 2003
62,381
The Fatherland
Remove interest as an expense on buy to let would put most out of business would make any with any borrowing less profitable so would slash the amount of tax paid on BTL profits.

Yup, this is my aim.

Removing interest as expense on business in general would cripple the economy faster than anything investment would dry up. I`m no economist but Low interest rates are here for a reason...

I'm not suggesting in general, just one specific item in one specific area.
 


Stumpy Tim

Well-known member
For what it's worth I think there should be a balance of private and non-private renting. I'd tax BTLers to make it less profitable/favourable and bring in rent controls to stop private rent spiralling out of control.

So you would make it harder for people who can just about afford one or two BTL properties, but the rich continue to get richer. I thought you were a socialist?

I have one BTL (in Oz) and am on the market for one in the UK now. Together they will eventually pay the mortgage off my residential property. I don't see the issue with using property for future financial planning.
 


Herr Tubthumper

Well-known member
NSC Patron
Jul 11, 2003
62,381
The Fatherland
I know you did, it was Ernest I was questioning. Before BTLs people used normal mortgages and still rented their property out. What do you think it was like before BTLs?

Sorry. I'm possibly getting the wrong end of the stick. I hear you.
 




LamieRobertson

Not awoke
Feb 3, 2008
48,229
SHOREHAM BY SEA
Absolutely this.

I have 4 BTLs and this is exactly what I do too. I've also done away with agents (who I think are a waste of money if you live locally) and have passed on the reduction in fees to the tenants. I know all the local tradesmen who can fix most problems arising quickly and have a good relationship with my tenants who I think are getting a good deal.


Sure the system is open to abuse, but please don't tar us all with the same brush.

...and then of course there are dodgy tenants to cope with.
 


LamieRobertson

Not awoke
Feb 3, 2008
48,229
SHOREHAM BY SEA
For what it's worth I think there should be a balance of private and non-private renting. I'd tax BTLers to make it less profitable/favourable and bring in rent controls to stop private rent spiralling out of control.

Last Saturdays Moneybox on radio 4 (on bbc player) discussed this and the possibility of us becoming a nation of renters..might be worth listening too
 


The Antikythera Mechanism

The oldest known computer
NSC Patron
Aug 7, 2003
8,045
My BTL properties are let out to an ex para, and an elderly Gurkha couple. They are very happy with the rent they pay, and are perfect tenants. It works really well for both of us. I get about 3.5% net ROI and they get a lovely flats with secure entry phones and gated secure parking.
 




Herr Tubthumper

Well-known member
NSC Patron
Jul 11, 2003
62,381
The Fatherland
So you would make it harder for people who can just about afford one or two BTL properties, but the rich continue to get richer. I thought you were a socialist?

I have one BTL (in Oz) and am on the market for one in the UK now. Together they will eventually pay the mortgage off my residential property. I don't see the issue with using property for future financial planning.

I don't understand this point. Why will the rich get richer?
 




Herr Tubthumper

Well-known member
NSC Patron
Jul 11, 2003
62,381
The Fatherland
Last Saturdays Moneybox on radio 4 (on bbc player) discussed this and the possibility of us becoming a nation of renters..might be worth listening too

Thanks. I also have a 2 hour Radio 6 Lemmy special to listen to.
 






Herr Tubthumper

Well-known member
NSC Patron
Jul 11, 2003
62,381
The Fatherland
I think you`re winding this up"you cannot be serious"

Not at all. In fact these are not my ideas, removing the advantageous tax breaks for B2Lers have been proposed by other including The Intergenerational Foundation.
 


Herr Tubthumper

Well-known member
NSC Patron
Jul 11, 2003
62,381
The Fatherland
Right, I'm off for a cup of tea and a biscuit to watch the cup draw; späters.
 




Diablo

Well-known member
NSC Patron
Sep 22, 2014
4,360
lewes
Not at all. In fact these are not my ideas, removing the advantageous tax breaks for B2Lers have been proposed by other including The Intergenerational Foundation.
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The hole you`re digging yourself gets deeper there are no "advantageous tax breaks available" anyway Happy new year to you over and out.
 




Herr Tubthumper

Well-known member
NSC Patron
Jul 11, 2003
62,381
The Fatherland
}


The hole you`re digging yourself gets deeper there are no "advantageous tax breaks available" anyway Happy new year to you over and out.

Some will argue the tax benefits are too great. I think you know what I mean, even if you don't agree.

This is from the The Daily Telegraph

"Glancing down the list, published on this website today, of the multifarious tax breaks afforded to buy-to-let landlords is rather startling. None of the information is new – it is just that reading all the concessions at once is an accosting reminder of their sheer breadth and generosity."

From Wikipedia

"Another reason for their popularity is the tax advantages that are available to UK BTL investors."
 


Triggaaar

Well-known member
Oct 24, 2005
52,738
Goldstone
This is from the The Daily Telegraph

"Glancing down the list, published on this website today, of the multifarious tax breaks afforded to buy-to-let landlords is rather startling. None of the information is new – it is just that reading all the concessions at once is an accosting reminder of their sheer breadth and generosity."

From Wikipedia

"Another reason for their popularity is the tax advantages that are available to UK BTL investors."
Interest on the loan used to buy the property is allowable, but then that's allowable for all businesses, so nothing particular advantageous. What are these tax advantages you speak of?
 




Hampster Gull

Well-known member
Dec 22, 2010
13,465
}


The hole you`re digging yourself gets deeper there are no "advantageous tax breaks available" anyway Happy new year to you over and out.

Depends how you look at it or the point being made. Compared to residential mortgage holders BTL holders get significant tax breaks, notably application fee and interest rate costs being offset against rent before tax is charged on profit. BTL are treated like a business in this sense and therefore there is no advantage compared to Another type of business. I suspect at some point BTLs that aren't held under a company structure will lose this tax break and it will remove lots of landlords from the market.
 
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beorhthelm

A. Virgo, Football Genius
Jul 21, 2003
35,940
The same way as before BTL's were opened up to the mainstream?

so you'd prefer private landlords with mortgages not called "buy to let"? because thats essentially the only thing that changed, the name, and how the lenders viewed the loan proposal as a commercial transaction. the tax efficencies that apparently cause such ire are there for normal commercial landlords, from 1 property to 100. there's no logical reason to single out buy to let, either impose some punitive tax all landlords (and subsequently tenents) or leave it be.
 


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