Feeling Desperate re BTL mortgage - any advice?

carolt

wanna-be-mortgage-free wrote: »

Hi SuperMum2008

I am so sorry that you are having trouble with your BTL. This forum should not be about judging others and the problems they face. We are all here to get help and advice, we have all done things in the past which seemed like a good idea at the time, I won't go in to all my past decisions

Stay in there, keep chipping away, I've no doubt if you take some of the advice offered here like reducing rent drastically or trying to sell to cover your mortgage, you will see light at the end of the tunnel.

Good luck.

Sorry - it was the OP's comment that she owned several BTL's, and yet the possibility of a tenant not paying/not looking after the property had apparently never crossed her mind!

If she said she'd lost lots of money investing by gambling on the horses, would you be so sympathetic?

No-one made her buy the BTL properties - she decided, in her wisdom, it would be a nice little earner.

Just like the man down the bookies.

PasturesNew

brit1234 wrote: »

full of landlords with a wide berth of experience.

This is true.

Although you meant wide breadth. Wide berth does tend to be more likely.

mystic_trev

Do you have any equity in your Home? I wouldn't usually recommend this, but bearing in mind, Lenders are now seeking repo orders if you miss just two payments, you seriously ought to think about it.

silvercar

carolt wrote: »

Well, as long as you've done a sound business plan, and all is going smoothly, then nothing to worry about then.

Excellent.

Obviously, your business plan included nightmare tenants - as you have several BTL's, you'd know that sometimes tenants do lose their jobs/not pay the rent/trash the house.

But obviously, you'd have prepared for that, as a professional landlord with lots of experience.

That's alright then.

Unnecessary.

Do you walk along the High Street and pop in on every estate agent to tell them they chose the right career?

Do you laugh at mortgage brokers with no business at the moment?

brit1234

PasturesNew wrote: »

This is true.

Although you meant wide breadth. Wide berth does tend to be more likely.

I'm sticking on Berth.

Going to have to avoid this thread, going to get angry. All those FTB properties stolen by BTL investors. "You could become a property Millionaire, Prices only go up"


"Sorry Sir all the properties have been bought off plan by investors"


ARGH.:mad:

carolt

silvercar wrote: »

Unnecessary.

Do you walk along the High Street and pop in on every estate agent to tell them they chose the right career?

Do you laugh at mortgage brokers with no business at the moment?

No, as I've nothing against mortgage brokers and don't want my face kicked in.

Do I personally feel glad to see the number of EA's on our high streets reducing?

You bet - a waste of space - they didn't produce anything useful.

I'd rather have a greengrocer, or a butcher's, or a takeaway, or in fact any shop that sold something more than just another place to sell the same overpriced houses on sale in numerous other estate agents a few hundred yards away.

I take it you don't share my view. :rolleyes:

ad9898_3

The miracle of the BTL ponzi scheme. I bet they are all IO mortgages as well hoping for never ending HPI. :mad:

Ewarwoowar2

I noted that the OP said she had several BTL. So, you’re running a business with £100,000’s of the bank’s money. Therefore, don’t you think you should get professional advice about these issues?

mlz1413

supermum08 I'm not sure how your other BTL's work or how you can have one flat that doesn't rent (I assume they are all in the same area).

The only thing not mentioned before is to try the agents that do guarnteed rental income, it's low monthly rent but they give you the property back as they took it on and they pay you when it is empty. There are lots of conditions and you should talk all the implications through with the agents and get anything you are not sure about replied to in writing. But it may give you some breathing space.

SouthCoast

This is still my favourite BTL story:

A nightmare tenant and her eight children turned a woman's £325,000 home into a wreck - while failing to pay rent for THREE years.
Evicted Leslie Cole left an incredible mound of rubbish and destruction in her wake, complete with two abandoned cars in the front garden.
When Helen Godfrey eventually got into the property she found two cats in the kitchen drawers, both ALIVE.
Despairing neighbours on one side of the property upped sticks while those on the other side tried and failed to sell their house.
Mrs Godfrey has now been left to foot the £10,000 clean-up bill and has already removed three skip loads of junk.
She has also forked out £1,700 in legal fees and will have to replace most of her furniture.
Miss Godfrey believes that Miss Cole and her family have knocked £20,000 off the value of her home.
She said: "The worst thing was when I opened two drawers in the kitchen and found they both had cats inside them. They were left to fend for themselves."
The Thirties' built house was strewn with used cat litter. More than 200 bin bags were scattered outside along with furniture and the car in the front garden.

http://www.theargus.co.uk/news/1985710.mum_trashes_325_000_home/