Buy-to-let borrowers at greater risk of negative equity

RenovationMan

mcc100 wrote: »

Nothing to do with this thread Renovation Man, and apologies if it has already been asked, but what has happened to your signature ?

The house burned down and the insurance company refused to pay out because I neglected to mention something that happened to me when I was three, plus my wife then left me and took the land, the smoldering remains of the house and my savings. I lost my job due to the stress and I'm currently living in a box under the viaduct and get as much surf time as I can in the local library while no one is looking. I have nothing left now and so no reason to have a mortgage free goal on my signature. I also have nothing that anyone can get jealous about and begin acting creepy and stalking me again.

JanCee

RenovationMan wrote: »

The house burned down and the insurance company refused to pay out because I neglected to mention something that happened to me when I was three, plus my wife then left me and took the land, the smoldering remains of the house and my savings. I lost my job due to the stress and I'm currently living in a box under the viaduct and get as much surf time as I can in the local library while no one is looking. I have nothing left now and so no reason to have a mortgage free goal on my signature. I also have nothing that anyone can get jealous about and begin acting creepy and stalking me again.

Don't let the weirdos/green eyed monsters drive you off the forums. We need balance on here, not totally the strange, doom laden, silver centered, apocalypse now, types.

rockitup

Very sorry to hear about all you've been through RM. I used to enjoy reading signatures like yours. Back in 1997 I was on verge of being forced to go for voluntary bankruptcy. got married the next year but now that has turned rocky and things are not so rosy.

I hope good fortune does somehow return for you and enable you to move on and be successful again.

RenovationMan

rockitup wrote: »

Very sorry to hear about all you've been through RM. I used to enjoy reading signatures like yours. Back in 1997 I was on verge of being forced to go for voluntary bankruptcy. got married the next year but now that has turned rocky and things are not so rosy.

I hope good fortune does somehow return for you and enable you to move on and be successful again.

Hi riu. Sorry, all that didnt really happen to me. I am actually merrily married, have a well paid and secure job and I live in a 5 bed stone farm house with a large mortgage that I am industrously paying down. All of the above was prophisied by one of the nutters on this site when I made the mistake of:

a) Having a Mortgage Free Wannabe signature that gave the purchase price of my house, the size of the mortgage and my MFW aim (to have 50% equity).

b) Answering questions that were asked by other forum members about how my house overpayments and renovations were going (plus other financial details).

c) Making the declaration that I intended paying down my mortgage and then downsizing when I retired, releasing a decent amount of tax free cash from my equity.

The nutter in question stated that I should not be complacent because the afore mentioned combination of bad luck could hit me and upset my plans. I laughed it off at first, but after a lot of being stalked around this board, I got fed up and deleted my signature, loads of my posts with personal details, my MFW blog and I was going to move away from MSE. I still haven't carried out the latter (move on) because some of the posts on this board are still relevent to me (i.e. the interest rate discussions) and so I lurk with a very occasional post.

I really appreciate your concern and I'm sorry to hear about your own problems, but at the moment everything is hunky-dorey with me and mine. A regular on this board (who is also doing well), told me that you get hassled by some on this board if you are getting on in life. He advised that its easier to pretend you are poor as people leave you alone. I appreciated his advice and I think he is bang on.

rockitup

Glad to hear that things are still going well RM, it would be nice if we could all get along on this forum but different personalities and outlooks on life ain't going to let that happen all of the time.

I thought about and agree about the advice to pretend to be poor, probably one of the best I have heard really!

IveSeenTheLight

rockitup wrote: »

BTL will still have it's time again even for new investors but I reckon not for another 6 or 7 years (talking about Capital Growth not income)

I too am not expecting vast HPI in the coming years.
I'd be expecting though that in 7 years time, my BTL's will be owned outright, possibly sooner if things continue as they are.

rockitup wrote: »

For existing LL's who enjoy the business it should provide a decent business for years to come but it is honestly not my cup of tea anymore.

At the moment I am not taking any profit out of the business as it is all re-invested to rapidly pay down the mortgages.

I know this is not the ideal BTL model, but one which will provide more security and ensure a long term return for the properties.

rockitup

IveSeenTheLight wrote: »

I too am not expecting vast HPI in the coming years.
I'd be expecting though that in 7 years time, my BTL's will be owned outright, possibly sooner if things continue as they are.



At the moment I am not taking any profit out of the business as it is all re-invested to rapidly pay down the mortgages.

I know this is not the ideal BTL model, but one which will provide more security and ensure a long term return for the properties.

In the current economic climate, with lower capital growth than there was from 1999 to early 2003, I am in agreement that you have chosen the best route by paying down your mortgages with the surplus profit from the lower interest rates.

When I bought in 1999 and 2000 I must admit I was thinking of keeping the houses for retirement income from age 55 or 60. But the huge growth in the values sort of changed my mind and the gambling part of me chose to cut and run for an earlier retirement (bored now though!)

Looking back it was a great asset class but I am happy not to be involved with the few downsides which come with the business. That was mainly because of working a full-time job too. Probably BTL is much more suitable for running it as a full-time business?

I did like the leverage/gearing with BTL and still use that today for some of my equity investments...

geneer

RenovationMan wrote: »

Hi riu. Sorry, all that didnt really happen to me. I am actually merrily married, have a well paid and secure job and I live in a 5 bed stone farm house with a large mortgage that I am industrously paying down

Yawn.

Do you not worry that too much D*ck waving will cause it to drop off.

Still, lovely to know how big and clever and well off you are.
Why don't you meet up with Hamish, and you can compare your massive 4x4 motors, whilst drinking expensive whisky and lighting up cuban cigars with £50 notes.:rotfl:


Honestly, the bulls really have to do something about the epidemic of "short man syndrome" sweeping through their population post crash.

Rinoa

geneer wrote: »

Still, lovely to know how big and clever and well off you are.
Why don't you meet up with Hamish, and you can compare your massive 4x4 motors, whilst drinking expensive whisky and lighting up cuban cigars with £50 notes.:rotfl:

There speaks a man who's kindly provided his landlord with 10 years rent and a substantial HPI windfall of £109,964

You can sense the bitterness oozing out of every pore.

Thrugelmir

geneer wrote: »

Yawn.

Do you not worry that too much D*ck waving will cause it to drop off.

Sad so sad.