Rent out current property - buy 2nd property to live in?

dopester

alared wrote: »

The papers are full of BTL landlords getting repossessed because they can`t find tenants to pay rent which is really their mortgage payments.
I travel up and down the country and there are more "to let" signs than "for sale".

The property market is still a long way from the bottom.
Another million to be flung out of work yet.
This government`s great scheme to help people stay in their own homes and not get repossessed has so far helped only ONE family.

What strikes me funny is that in most other house price crashes, people would be worried about keeping their own home, and making the mortgage payments.

In this crash, with mortgage interest rates so low for existing borrowers, the same people see it as an opportunity to keep their existing house and buy another house. :rolleyes:

To me, the reason interest rates are so low, is because property values have a very very long way to fall.

Among another million people to be "flung out of work" on top of the million+ already, and those taking pay-cuts, rent-price-crash about to hit harder... many won't be able to keep payments up on micro-low mortgages.... thus the crash plays out in full.. even with historically low interest rates.