UK Rents "highest in Europe"-- due to mortgage rationing

Yakubu22

StevieJ wrote: »

I take you are not a salesman, wouldn't think overlooking the MSC would be a very good selling point, however, don't know Latchford but I think Stockton Heath, Grapenhall and Thellwall are not bad.

Stockton Heath, Grapenhall and Thellwall are very affluent, desirable areas.
Latchford is less desirable but you are literally a 1 minute walk to Grappenhall from that block.

The MSC is ok around that area;

carolt

[QUOTE=IveSeenTheLight;34238673]How could you have bought a BTL when you couldn't or indeed didn't buy a house?

[/QUOTE]

Easily. Because my house buying was limited to a very small,specific area and type and size of property, which sold for a specific price.

In BTL terms, I could have bought any type of property, anywhere, at any price - so a much bigger range. As long as it was rentable and would provide a good return, the other factors didn't matter.

Re silvercar's point, I think it is spurious; whilst I agree that in the last couple of years BTL mortgages have (thankfully) become much harder to come by, prior to that any man or his dog could get one, with (or in the worsr cases, even without) a reasonable deposit.

And there are many people who buy on a residential mortgage but then 'move' and rent it; mostly legally but certainly in some cases illegally.

IveSeenTheLight

carolt wrote: »

........

In BTL terms, I could have bought any type of property, anywhere, at any price - so a much bigger range. As long as it was rentable and would provide a good return, the other factors didn't matter.

.........

Re silvercar's point, I think it is spurious; whilst I agree that in the last couple of years BTL mortgages have (thankfully) become much harder to come by, prior to that any man or his dog could get one, with (or in the worsr cases, even without) a reasonable deposit.

The above in my experience reflects that you are speculating and are not fully aware of the requirements for a BTL mortgage.

I have in recent years applied for BTL mortgages and certainly it was not as easy or available as ou portray.

By all accounts, it's harder and was harder to get a BTL mortgage than a standard mortgage

carolt

Within the last 2 years, I agree. Prior to that, no it was a piece of p1ss.

silvercar

Yabuku22 wrote:

The MSC is ok around that area;

Your beautiful pictures don't show the stink from the Manchester !!!!!! canal.

If you don't believe me, drive along the M60, over the canal.

silvercar

IveSeenTheLight wrote: »

The above in my experience reflects that you are speculating and are not fully aware of the requirements for a BTL mortgage.

I have in recent years applied for BTL mortgages and certainly it was not as easy or available as ou portray.

By all accounts, it's harder and was harder to get a BTL mortgage than a standard mortgage

carolt wrote: »

Within the last 2 years, I agree. Prior to that, no it was a piece of p1ss.

Your wrong. We looked at doing a BTL mortgage in 2005 and then were going to (independently) sell our place and move into rented for a while. We were told that the banks would not look favourably on applications from people renting. This is with excellent credit rating, high income and 50% deposit.

silvercar

carolt wrote: »

And there are many people who buy on a residential mortgage but then 'move' and rent it; mostly legally but certainly in some cases illegally.

You've reminded me another reason why tenants found difficulty getting BTL mortgages. It became a known fraud risk that lender's didn't want to be seen to expose themselves to.

Resi mortgages are based on incomes, BTL mortgages are based on the property's rental income. In the early noughties people were taking a BTL mortgage on a property based on rental income and then living in it. It was a way around not having sufficient declared income themselves.

IveSeenTheLight

silvercar wrote: »

Your wrong. We looked at doing a BTL mortgage in 2005 and then were going to (independently) sell our place and move into rented for a while. We were told that the banks would not look favourably on applications from people renting. This is with excellent credit rating, high income and 50% deposit.

You think I was wrong.
It looked like you agreed with me.

silvercar

IveSeenTheLight wrote: »

You think I was wrong.
It looked like you agreed with me.

Sorry, the "You are wrong" was directed at the second quote.

The big pictures of the smelly canal are skewing my page, I can hardly read anything straight.

IveSeenTheLight

carolt wrote: »

Within the last 2 years, I agree. Prior to that, no it was a piece of p1ss.

sorry carolt, you (politely) don't know what you are talking about.
I arranged my latest property at Dec 2006, so cetainly before your "in the last two years" comment.

It certainly was not a "piece of p!ss" amd there were a number of things that I had to conform to.