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

Yakubu22

silvercar wrote: »

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.

I never said it was beautiful. I think I used the term "ok" (just checked -I did). It's far from smelly or dirty at that point. The M60 is no where near where those flats are either.

If you dont believe me, why dont you drive your silver car 15 miles west and find out for yourself?

My point was that very reasonabley priced rentals with (decent views) are available in my area.

Conrad

carolt wrote: »

But we can't have that, PN, because then the lazy parasite landlord class would have to actually earn and save towards their pensions like the rest of us. :mad:

My LL's find renting a pretty stresful and sometimes costly endeavour. Of course they seek a return for thier hassle, uncertainty, additional borrowing risk etc.

Why would anyone want a pension - thye die with you in retirment where as real assets are passed on to your loved ones.

ess0two

carolt wrote: »

And some of us have morals.

I could have easily bought into BTL at any point in the last decade and a half, but wouldn't as I despise parasites like you.

Top rant, a renter complaining about BTL,lol.........bit like turkeys trying to cancal xmas.:rotfl:

carolt

silvercar wrote: »

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.

I think you've just made my point. People could and did do it.

The easy availability of BTL mortgages was part of the madness that was the mortgage market over the last decade.

But your points don't really make sense - if I'd wanted to buy a place to rent out, I could just have bought a place with a residential mortgage, and then applied for permission to let it, as many have and do - the mortgage board regularly has enquiries from such accidental (or accidental-on-purpose?) landlords wanting to do this, and AFAIK, most of them have managed.

Certainly, we've viewed a couple of properties recently both belonging to owners who are themselves going into rented accomodation. Which I actually liked, as a tenant, as it got rid of that tendency to patronise all renters that some landlords on here seem to suffer from.

silvercar

carolt wrote: »

I think you've just made my point. People could and did do it.

It becaome bad practice about 2003-04.

carolt wrote:

But your points don't really make sense - if I'd wanted to buy a place to rent out, I could just have bought a place with a residential mortgage, and then applied for permission to let it, as many have and do - the mortgage board regularly has enquiries from such accidental (or accidental-on-purpose?) landlords wanting to do this, and AFAIK, most of them have managed.

To apply for a mortgage with the intention of letting it out (immediately) is fraud, obtaining money by deception.

To apply for consent to let once you have ownership is an option. Letting a property without consent to let is a breach of the terms of your mortgage, it is a civil matter rather than illegal. Though it does put your tenants at risk in the event of repo and could therefore put a landlord at risk of legal action from tenants evicted through no fault of their own

carolt wrote:

Certainly, we've viewed a couple of properties recently both belonging to owners who are themselves going into rented accomodation. Which I actually liked, as a tenant, as it got rid of that tendency to patronise all renters that some landlords on here seem to suffer from.

Be careful. If they are renting because they have run out of money themselves, will they have funds to maintain the property? Check they have obtained consent to let from their lender and that they are not already in arrears. Also check the length of the CTL - many lenders will only allow it for a fixed time. What will your status be as tenant, if the CTL runs out and the lender refuses to renew?