Struggling BTL Investors

clk299

I'm a midwife so my salary will not go up hugely; hoping for a promotion this year though! I don't mind living with my parents for a bit longer if it means long term financial security rather than chancing it. Mind you at least I am on that salary, I know I'm fortunate (and I graduated with about 25K debt including student loans and loans from parents and credit cards/overdraft etc- now down to just the student loan). When I started looking for a property I would have needed 6x salary!

jyonda

silvercar wrote: »

We had saved a deposit
Only difference is that then we had no student loans to repay and no other debts. (But student loans are repaid from salary deduction at low interest rate, so don't carry the same weight as other debts.)

Oh come on Silvercar.. it's not really comparable is it? 2 combined students loans/fees of around 50,000 is not small potatoes.

Did you also benefit from a MIRAS tax break which doesn't exist now?

It always suprises me how easily previous generations simply forget about the helping hand that the state used to give people in early life like student grants and married couples tax relief. Back then society felt that educated people settling down and having a children would be a good thing rather than crippling them with debt. As it is, many graduates probably think having children is not financially possible before 35.

Previous generations have pulled up the ladder then blamed wannabe FTB'ers for blowing money on Ipods and foreign holidays.

dopester

ILW wrote: »

Very good a true point.
Problem is most of the whingers on this forum are not prepared to start at the bottom and seem to think they have a god given right to have a 3 bedroom first home in a "nice" area.

Start at the botttom the places are out there, even in London.

No. What is the point when we have a massive transfer of wealth opportunity opening up.

I'd rather take one of the much nicer properties from any number of the over-leveraged BTL chancers, or from those who moved up the ladder and took on massive new mortgages to service in the Labour boom years.

They can downsize, move in to rented, social, caravans and the like, whilst I buy a nice home at a historical low-price.

Beware a prosperity which only loads you with more debt. Debt is not the best. Debt isn't great. Debt isn't wealth.

feisty1

Originally Posted by ILW
Very good a true point.
Problem is most of the whingers on this forum are not prepared to start at the bottom and seem to think they have a god given right to have a 3 bedroom first home in a "nice" area.yes.........in addition to a 30k wedding week celebration, huge plasma tv, designer furniture, cosmetic surgery, louis vuitton handbag, frequent overseas holidays etc

pickles110564

dopester wrote: »

No. What is the point when we have a massive transfer of wealth opportunity opening up.

I'd rather take one of the much nicer properties from any number of the over-leveraged BTL chancers, or from those who moved up the ladder and took on massive new mortgages to service in the Labour boom years.

They can downsize, move in to rented, social, caravans and the like, whilst I buy a nice home at a historical low-price.

Beware a prosperity which only loads you with more debt. Debt is not the best. Debt isn't great. Debt isn't wealth.

Good attitude screw the rest.

Spartacus_Mills

leveller2911 wrote: »

I find it amazing how we as a nation "grasp" capitalism with open arms one minute then try and change the "terms and conditions" for the benifit of the few.I would ask the BTL to have a face to face discussion with the 100,000s of hardworking ,saving people of this country who partly due to his/her greed have been priced out of the housing ownership.:eek: :eek: :eek:

I say let nature take its coarse and let them sink :beer: :beer:

Amen to that. Let them sink like the Titanic, well those who merit it. No sympathy from me at all, we are all paying for their greed.

chucky

dopester wrote: »

No. What is the point when we have a massive transfer of wealth opportunity opening up.

I'd rather take one of the much nicer properties from any number of the over-leveraged BTL chancers, or from those who moved up the ladder and took on massive new mortgages to service in the Labour boom years.

They can downsize, move in to rented, social, caravans and the like, whilst I buy a nice home at a historical low-price.

Beware a prosperity which only loads you with more debt. Debt is not the best. Debt isn't great. Debt isn't wealth.

despite with me agreeing about debt isn't good if it is not affordable i thought it would be good to get this post in perpective.

currently, there are just over 1% of BTL mortgages in arrears however there are much closer to 1.5% for home owners with first charge mortgages,still much less historically. please see the link for more info



http://www.cml.org.uk/cml/filegrab/AP7C1.gif?ref=6172

from reading many of Brits and few others posts with the massive sized font it seems that it is currently closer to 20% from the massive headlines!!! as you can see it is not the case and probably not what people want to hear either.

where were we again with this massive transfer of wealth that is happening?

silvercar

I would ask the BTL to have a face to face discussion with the 100,000s of hardworking ,saving people of this country who partly due to his/her greed have been priced out of the housing ownership.

I would ask the STR to have a face to face discussion with the long term renter who has accepted that realistically they will never be in a position to buy, but have been deprived of decent rental property by the STRs waving their banked equity as security for rental property.