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Some good news, BTL'rs losing 6 million per hour.
Comments
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The OP neglects to mention the rapidly decreasing cost of mortgage finance. Tracker BTL'ers are quids in at the moment. Happy days.18 May 2007 (start of Mortgage):
Coventry Offset Mortgage £220800
Offset Savings: £0
Mortgage Balance: £220,800
14 Jan 08
Coventry Offest Mortgage: 219002
Offset Savings: 28200
Mortage Balance: £190802
And still chucking every spare penny into it!0 -
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.
7 years of bubble, 1 year of crash, more balance is needed. Could Bovey or the soon to be bust Wilsons care over the last 7 years, I doubt it. BTL and it's 35 fold increase in the past 10 years with borrowed money has to take some blame.
Of course their will be quite a few landlords who will make money or do nicely on their trackers, fortunately their won't be enough of them to hold up the market as they have done in recent years.0 -
HammersFan wrote: »The OP neglects to mention the rapidly decreasing cost of mortgage finance. Tracker BTL'ers are quids in at the moment. Happy days.
And you forget to mention just how many people have access to this rapidly decreasing mortgage finance.0 -
7 years of bubble, 1 year of crash, more balance is needed. Could Bovey or the soon to be bust Wilsons care over the last 7 years, I doubt it. BTL and it's 35 fold increase in the past 10 years with borrowed money has to take some blame.
Of course their will be quite a few landlords who will make money or do nicely on their trackers, fortunately their won't be enough of them to hold up the market as they have done in recent years.
My original point was (as many others have pointed out), why is it good news? People losing businesses is horrible, no matter how ill-conceived or stupid their business plan was. And it's even worse for the tenant who could be turfed out of their property.
Also, for the story to have any value how much did BTL landlords 'make' (I use the word in inverted commas as I would the word 'lose' in this context) per hour in the years 1996, 1997, 1998, 1999, 2000, 2001... Not that it really matters as it's a pointless article which doesn't mean anything whatsoever. A bit like a report saying that Scandanavian people eat 3.47 million tonnes of herring every fortnight.0
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