Rent back deals 'need firm rules'

GDB2222

http://uk.youtube.com/watch?v=gdavdTKfCo4

northeast1976

GDB2222 wrote: »

Surely, if the figures are as you put them, there is a reasonable chance it will sell for say £70k after repossession, so this lady would get the best part of £30k after paying off the mortgage? Instead, she will get £2k from you and a lease for a year at a reduced rent.

You're not just helping this lady. You're a saint!

correct i am a saint i dont see you helping her!! nor any one else ie CA etc etc etc if you want to buy it for 70k send me your details and i will pass them on to her

i am sure you must have an issue with reading!! so i will help you....... sell for 70k not a chance as stated it needs 20k spending on it to make it habitable so even if she was very very lucky and sold it for 60k take way 5k for EA fees removel vans etc etc she is out of her house which is NOT what she wants she wants to remain in her home

did you miss the auction property i just posted that had a guide price of 75-95k and didnt sell , which is in immaculate condition compared to her dwelling also that property has been massively discounted as its rics valuation came in at 110,000

ok shall i go back and give her your advice? and when she is homless with nothing near 30k in her hand she has her heart broken & her world turned upside down taken away from her family finding somwhere to rent that she wont get cause she has bad references(ie non payer) ends up in a hostel her belongings destroyed as the council wont pay for storage also there worth nothing but means the world to her you would be ok with that??

would you really take that chance? i guess your reply would be if it fell through oh well its better than you selling to those sarb people

or shall i buy her property put a new boiler in new carpets new kitchen new bathroom give her 2k halve her monthly out goings and let her stay in her own property for as long as its possible which is close to her family

so whats it to be shall i give her your advice then?????

northeast1976

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When fixed rate mortgage deal ends?
If a BTL investor takes out a fixed rate deal, are the lenders bound to move him onto a SVR when the fixed rate deal ends? Is that part of the mortgage offer in the first place, or can they call the loan in? If they call the loan in, that may crystallise a loss, but it may be a smaller loss than if they leave matters, so they may wish to do this if they can.



did you really post this or was it a joke?? as you cant be telling me whats right and wrong after you posted this

oh and i too can post utube links http://uk.youtube.com/watch?v=NgfpJWUYgbg

GDB2222

northeast1976 wrote: »

correct i am a saint i dont see you helping her!! nor any one else ie CA etc etc etc if you want to buy it for 70k send me your details and i will pass them on to her

i am sure you must have an issue with reading!! so i will help you....... sell for 70k not a chance as stated it needs 20k spending on it to make it habitable so even if she was very very lucky and sold it for 60k take way 5k for EA fees removel vans etc etc she is out of her house which is NOT what she wants she wants to remain in her home

did you miss the auction property i just posted that had a guide price of 75-95k and didnt sell , which is in immaculate condition compared to her dwelling also that property has been massively discounted as its rics valuation came in at 110,000

ok shall i go back and give her your advice? and when she is homless with nothing near 30k in her hand she has her heart broken & her world turned upside down taken away from her family finding somwhere to rent that she wont get cause she has bad references(ie non payer) ends up in a hostel her belongings destroyed as the council wont pay for storage also there worth nothing but means the world to her you would be ok with that??

would you really take that chance? i guess your reply would be if it fell through oh well its better than you selling to those sarb people

or shall i buy her property put a new boiler in new carpets new kitchen new bathroom give her 2k halve her monthly out goings and let her stay in her own property for as long as its possible which is close to her family

so whats it to be shall i give her your advice then?????

I am sure the RICS valuation takes into account the present condition, and if you spend money on the property once you own it it will be to enhance the value of your property. You are the one who said the RICS bvalue is £80k. Now, you are saying it's £60k. Seems to vary a lot.

Is there anything to stop you putting the rent up to the full amount after the initial 12 months? Will she be able to afford that?

No, I did not see the auction link. Where did you post it?

GDB2222

northeast1976 wrote: »

GDB2222 vbmenu_register("postmenu_15114799", true);
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Join Date: Oct 2004
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When fixed rate mortgage deal ends?
If a BTL investor takes out a fixed rate deal, are the lenders bound to move him onto a SVR when the fixed rate deal ends? Is that part of the mortgage offer in the first place, or can they call the loan in? If they call the loan in, that may crystallise a loss, but it may be a smaller loss than if they leave matters, so they may wish to do this if they can.



did you really post this or was it a joke?? as you cant be telling me whats right and wrong after you posted this

oh and i too can post utube links http://uk.youtube.com/watch?v=NgfpJWUYgbg

That second youtube link you posted about yourself is just too cruel. I would never have done that, but I can see that it does fit you.

As to my query about fixed rate mortgages, I know what people generally expect to happen, but I do not know for certain whether all mortgages do offer the SVR option at the end of the fixed term. Do you? 100%?

northeast1976

GDB2222 wrote: »

That second youtube link you posted about yourself is just too cruel. I would never have done that, but I can see that it does fit you.

As to my query about fixed rate mortgages, I know what people generally expect to happen, but I do not know for certain whether all mortgages do offer the SVR option at the end of the fixed term. Do you? 100%?

I think "No reliance should be placed on the above! Absolutely none," is quite apt

eeeerrrrr let me think ........................... yes , but that might have somthing to do with me being CeMap qualified are you? 100%?

you never answered my question , should i give her your advice over mine?

as for the rent increase why would i as long as my costs are covered will it ever go up yes when? when its not meeting or covering my costs no different to a normal remortgage

GDB2222

northeast1976 wrote: »

I think "No reliance should be placed on the above! Absolutely none," is quite apt

eeeerrrrr let me think ........................... yes , but that might have somthing to do with me being CeMap qualified are you? 100%?

you never answered my question , should i give her your advice over mine?

as for the rent increase why would i as long as my costs are covered will it ever go up yes when? when its not meeting or covering my costs no different to a normal remortgage

No, I'm not CeMap qualified. I've never advised anyone on mortgages. I did complete CFP1, CFP2, and CFP3 at one time, but I gave all that up quite a while ago. I also have other financial qualifications that took me rather longer to obtain.

I certainly would be interested in discussing this lady's position with her. I would need to ascertain the facts before advising her what to do. However, on the basis of an RICS of £80k, which was your original figure, I don't think it is likely that I would advise her to take your offer of £42k. If the RICS came in at £60k, I'm not so sure.

as for the rent increase why would i as long as my costs are covered will it ever go up yes when? when its not meeting or covering my costs no different to a normal remortgage

Sorry, I simply can't see anything credible about this claim.

northeast1976

GDB2222 wrote: »

No, I'm not CeMap qualified. I've never advised anyone on mortgages. I did complete CFP1, CFP2, and CFP3 at one time, but I gave all that up quite a while ago. I also have other financial qualifications that took me rather longer to obtain.

I certainly would be interested in discussing this lady's position with her. I would need to ascertain the facts before advising her what to do. However, on the basis of an RICS of £80k, which was your original figure, I don't think it is likely that I would advise her to take your offer of £42k. If the RICS came in at £60k, I'm not so sure.



Sorry, I simply can't see anything credible about this claim.

CFP1 2 & 3 MMMMMMMMMMMMM what qualifications
that? .... dont you mean FPC1 2 &3!!!!!!!!!!!!!!!!! what have you got now abc1?


OK heres the facts Mr CFP 80k rics bad condition , client owes 40k and doesnt want to move away from her family, wants to reduce out goings, weeks to repo , 4 months missed mortgage 4 months secured loan missed credit card phone etc etc cut off, cab doing nothing , thats all the info you need

give it your best shot cfp , auction eeeeerrrrrr NO! sell via EA eeeerrrrr NO! iva eeeeeeerrrrrrr NO! bankruptcy eeeeeeeerrrrrrrrr NO! get evicted ,and put in a hostle eeeeeeeeerrrrrrrrrrr NO! sell to a family member eeeeeeeerrrrrrrr NO!

GDB2222

Yes, of course you are right, FPC1, 2 and 3.

Go to court, put the figures before the judge and ask for a suspended order with enough time to sell the property at auction. Err, yes!

Go to SHIP and get a quote for a home reversion. Result is enough to pay off the mortgage completely and client can live rent-free in the property for life, with complete security of tenure. Errr, yes! That may give enough money over to do some refurbishment, but in any case the client can pay for that out of the rent she's not paying.

Those are the obvious options that spring to mind, just based on the very simple facts you have insisted I work on.

northeast1976

GDB2222 wrote: »

Yes, of course you are right, FPC1, 2 and 3.

Go to court, put the figures before the judge and ask for a suspended order with enough time to sell the property at auction. Err, yes!

Go to SHIP and get a quote for a home reversion. Result is enough to pay off the mortgage completely and client can live rent-free in the property for life, with complete security of tenure. Errr, yes! That may give enough money over to do some refurbishment, but in any case the client can pay for that out of the rent she's not paying.

Those are the obvious options that spring to mind, just based on the very simple facts you have insisted I work on.

mmmm ok i will let you have that one as i didnt give you her D.O.B but you have to be 65 for S.H.I.P shes not

suspended sentence eeeeeeeeeeerrrrrrr no have you been to court recently a high percentage are repo judge hears same old story they are not daft either they know if they give them 4 weeks it wont sell at auction and even if it does yeah great she gets a little extra money but fails the criteria she doesnt want to move out she wants to stay near her family

other facts max a lender will lend on BTL is 75% ltv so RICS 80k , max borrowing @ 75% is 60 k , offer 42k after fees and costs would be left with 15k , agree?

im doing 20k of refurb to her property , i halved her out goings so she can live again, im keeping her near her family , we offer her the right to buy the property back at any time unlike SHIP, i stop the worry which is a big thing, i take away the slightest possibility she will get repoed and loose her house and forced in to a hostle, stop the shame and embarrassment in front of her friends and family the list goes on basicaly i tick all the boxes for her