The Four Horseman of the BTL Apocalypse.

chucknorris

Thrugelmir wrote: »

Did you buy your properties on I/o mortgages, or did you factor in capital repayment from the rental stream?

No I didn't get repayment mortgages because I was only 33 when I first bought and as I bought them for income I knew that I wouldn't sell up until I was about 60-65 which is still my plan, although that is only 9-16 years away now.

TBH at the time I made a poor decision and took out endownment mortgages (yes urgghhhh) and cashed them in about 10 years later. By that time I was well placed to not have to worry about repayment, so the cashing in was simply choosing between carrying on paying into the endownment or some other investment.

Thrugelmir

chucknorris wrote: »

No I didn't get repayment mortgages because I was only 33 when I first bought and as I bought them for income I knew that I wouldn't sell up until I was about 60-65 which is still my plan, although that is only 9-16 years away now.

TBH at the time I made a poor decision and took out endownment mortgages (yes urgghhhh) and cashed them in about 10 years later. By that time I was well placed to not have to worry about repayment, so the cashing in was simply choosing between carrying on paying into the endownment or some other investment.

Though you still factored in capital repayment at the outset.

You certainly benefited from the credit boom!

pete80

chucknorris wrote: »

No because I am getting decent returns on them and also because I do not really intend to sell up until about 2020 (obviously depending on the market at the time). I have however recently decided not to buy more, although I am happy enough with my current properties I don't think it's a good idea to buy more when I am intending to sell up as early as only 10 years time.

I do think there is a future for BTL but I think investors should be taking a long term view (longer than 10 years)

Yeah, I see your reasons as you are looking at another 10 years. I was just getting a bit tired of it all and wanted to take some time off for travelling.

BTL can still be good for an income in the right area and with a smallish LTV or cash deal.

pete80

chucknorris wrote: »

No I didn't get repayment mortgages because I was only 33 when I first bought and as I bought them for income I knew that I wouldn't sell up until I was about 60-65 which is still my plan, although that is only 9-16 years away now.

TBH at the time I made a poor decision and took out endownment mortgages (yes urgghhhh) and cashed them in about 10 years later. By that time I was well placed to not have to worry about repayment, so the cashing in was simply choosing between carrying on paying into the endownment or some other investment.

Aah, same age as me then - should be retired by now Chuck:beer:

chucknorris

pete80 wrote: »

Aah, same age as me then - should be retired by now Chuck:beer:

I am from my main job (chartered surveyor) I retired about 5 years ago. I now pick up dog poo as a hobby (otherwise known as cycling/walking/jogging my dog)

pete80

chucknorris wrote: »

I am from my main job (chartered surveyor) I retired about 5 years ago. I now pick up dog poo as a hobby (otherwise known as cycling/walking/jogging my dog)

That makes the BTL work a bit easier then, twas too many hours for me combined with full-time employment.

Thrugelmir

pete80 wrote: »

That makes the BTL work a bit easier then, twas too many hours for me combined with full-time employment.

I've been given the impression BTL is like having a bank deposit account. :rolleyes:

pete80

Thrugelmir wrote: »

I've been given the impression BTL is like having a bank deposit account. :rolleyes:

Maybe for some, but I used to do a lot of any of the work I could do myself or get friends who were tradesmen in for the more serious jobs.

If a landlord is serious about keeping his properties and gardens up to date then it can take plenty of hours up some weeks.

But sometimes with the older properties BTL can be like a credit card account.......

momoyama

What's all this about banks and mortgages? I thought this was a thread about Red Dwarf, the four horsemen (Gunmen of the Apocalypse) and Better Than Life!

chucknorris

pete80 wrote: »

That makes the BTL work a bit easier then, twas too many hours for me combined with full-time employment.

It sure was especially as I don't use letting agents and I was also going racecourse bookmaking at least twice a week as well (usually more than twice due to evening meetings and holidays). I am also retired from that now too.