We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Debate House Prices
In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non MoneySaving matters are no longer permitted. This includes wider debates about general house prices, the economy and politics. As a result, we have taken the decision to keep this board permanently closed, but it remains viewable for users who may find some useful information in it. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Some good news, BTL'rs losing 6 million per hour.
Comments
-
Why is this good news?mr.broderick wrote: »Why is this good news?mr.broderick wrote: »Brilliant minds and all that
More like Parotts [prats], than "Brilliant minds".0 -
Hey I've been there in August we got a letter saying that our landlord hadn't paid the mortgage and we had 2 weeks until the balliffs would be around. We were away on this date so had a week and a half to find somewhere else to live it was stressful expensive and took alot of time to sort out - solicitors involved etc!! its def not a good thing0
-
To move it costs:
- agent fees - up to £200
- new deposit to find - up to £1000
- first month's rent up front - £500 for many
How many people of any income can suddenly come up with £1500-2000 with two months' notice (that's if it's all done in an orderly fashion)?0 -
experience08 wrote: »More like Parotts [prats], than "Brilliant minds".
Not every tenant wants to buy a home i.e. students, foreign workers who are here temporarily, UK nationals who work in one city but main home is in another location.
Not every tenant can afford to buy a home with the large deposit levels now needed to get a mortgage.
Not every tenant is assured that they will have a job in the new year if they are working.I'm not cynical I'm realistic
(If a link I give opens pop ups I won't know I don't use windows)0 -
Loving that people think buy to let is a new idea. Used to be "born to let"
The king owned the land, the barons collected rent on the land, the peons had their heads cut off in "rent negotiations".
These days we live in an egalitarian society where we pay the monarch a measly sum to... own a lot of land while the rest of us are at liberty to borrow money which we then invest unwisely.
Praise be to the merchant classes who finally replaced the tyranny of the monarch with the tyranny of compound interest."Gold is the money of kings; silver is the money of gentlemen; barter is the money of peasants; but debt is the money of slaves." - Norm Franz0 -
Not every tenant wants to buy a home i.e. students, foreign workers who are here temporarily, UK nationals who work in one city but main home is in another location.
Not every tenant can afford to buy a home with the large deposit levels now needed to get a mortgage.
Not every tenant is assured that they will have a job in the new year if they are working.
Are we now to believe that BTL landlords do us a public service?0 -
Not every tenant wants to buy a home i.e. students, foreign workers who are here temporarily, UK nationals who work in one city but main home is in another location.
Not every tenant can afford to buy a home with the large deposit levels now needed to get a mortgage.
Not every tenant is assured that they will have a job in the new year if they are working.
If the landlords can't keep up with their repayments on their "investment" properties- repossess and put the property back to market. End of.0 -
What a lot of people fail to realise is that the world changed just since 1996.
Before 1996 there were many good landlords - and some rough sorts, but you'll always get those. But once you signed up you virtually had a tenancy for life if you wanted to stay there. If the landlord tried to sell the house, you still got to stay in it - and the house was worth about half what it'd be worth if you weren't living there. It was a long-term thing.
Because of this, banks weren't keen to lend for people to be a landlord. You needed a full commercial loan and a heck of a good plan to raise the money. Therefore it was a completely different ballgame. Not entered into lightly.
In 1996, the AST was drawn up - and it was realised by a few opportunists that now tenants could be got rid of quickly and easily (few months -v- years/never), the BTL mortgage was born. All bumbled along for a few years, until about 2001 ... when suddenly everybody and his dog was in on the act. Then came the seminars ... and that pretty much brought us to where we are today.
Without the change in the law that gave landlords an AST, property would still be let out by landlords, but house prices wouldn't have gone crazy crazy. People who wanted to would have stretched themselves a bit to buy a place, but generally there'd have not been the mental frenzy that's been seen in recent years.
BTL armchair investors, buying property at silly money in places they've never seen, versus FTBs trying to squeeze every spare penny they can to get on the artificial ladder that was being created.
Landlords have always existed. Just on different terms.0 -
PasturesNew wrote: »What a lot of people fail to realise is that the world changed just since 1996.
Not at all!!
Back then, it was very difficult to buy a house, rents were much higher than mortgages, you could flip a house and make 30K in a year.
In 7 years time, the same will apply.0 -
Why is this good news?
It means more tenants are at risk of losing their homes if their landlords can't re-mortgage. Not every tenant finds it easy to move house you know.
The OP thinks it's automatically good news because it's something negative happening to landlords. It's as mindless as posting that houses double in value every seven years, just the other end of the spectrum.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards