Hate Buy 2 Let

littlemrtinkle

Am i the only person who hates buy 2 let and all it stands for?

I firmly believe this is the sole reason for the property boom forcing young people to no longer be able to purchase a starter home thus further fuelling the buy 2 let market. These days things here seem to be going back to feudal ages where the rich get richer, and the few owning the majority of land and property, i personnally would like to see the government step in and stop this? does anyone agree? i would be interested to here your comments. i would like to add that i am one of the lucky ones to buy at the right time.

Mr_helpful

littlemrtinkle wrote: »

Am i the only person who hates buy 2 let and all it stands for?

I firmly believe this is the sole reason for the property boom forcing young people to no longer be able to purchase a starter home thus further fuelling the buy 2 let market. These days things here seem to be going back to feudal ages where the rich get richer, and the few owning the majority of land and property, i personnally would like to see the government step in and stop this? does anyone agree? i would be interested to here your comments. i would like to add that i am one of the lucky ones to buy at the right time.

The rich always get richer Fact. If you cant beat them why not stop getting jealous and join them.
Buy to let has sod all to do with property boom. Its down to demand and probably the fact that lenders relaxed the income multiple rules. This means you can borrow more and so prices rise to suit.
Instead of whinging you cant do things why not get a mind set that says you can do things and then copy those that do.
To buy a house you only need a bit for stamp duty solicitors and valuation. Get books like "think like a tycoon" its about £60 in hardback and is American so not everthing works here but learn the principles and then stop moaning about the rich. There is nothing wrong in creating a life of abundance.

toonfish

Buy to let has actually been good for the tenanted market - many more "normal" folk are now landlords and the days of 2 or 3 individuals owning virtually all the rental property in a small town are thankfully gone.

Many could buy a property if they want to. Despite what the current generation of first time buyers think it was hard for all of us at the outset, in my case interest rates were more than twice as high as they are now nad I was on a very low salary.

Also we had to come up with at least a 5% deposit, and the cost of all the fees - everyone now wants 100%+ loans and they are already carrying credit cards and loans as well.

mrstinchcombe

Buy to letting and "normal" people becoming landlords has helped create the ridiculous situation of houseprices at the mo.

These new buy to letters may be smug now that they happened to be born at the right time to make the most of this situation, but they wont when their children and grandchildren cant afford to make that step into being a FTB.

Dont mistake sheer luck for shrewd business. I would have loved to be in the situation where I could buy myself a place when homes were cheap but I was too young.

I can only see the situation getting worse and the uk turning into a "rental culture" where FTBs are non existant and the vast majority of properties are owned by low number of landlords.

There was a time when a factory worker could afford a 3 bed terrace on what he earned, now you need to earn a lot of money to achieve this. Noone try to patronise me and claim this is a "good thing"

Anarchist

This is exactly what I've been saying myself for the last two years. Just because of pot luck (or in my case lack of it) over when you were born, our current generation are being fleeced.

Yes, one of the previous posters was correct, in the wrong context though. It IS all down to demand. Demand for houses that simply do not exist due to them all being snapped up for buy to let. That lack of demand is forcing young people into rented accomodation, which again fuels the requirements for more buy to let properties into one big vicious circle that we simply can't escape until regulation is bought in.

mrstinchcombe

So whats the answer?

A cap as to how many properties a person can own in this country? Say 2 or 3 in addition to the one you reside in?

As many politicians are such buy to letters I cannot see this happening sadly

dunstonh

don't worry. When the next property crash comes, you will see a lot of people with buy to lets losing money so you can have the last laugh then.

p1an0player

I think there are already a number of "normal" buy-to-let landlords losing money. In particular, the city centre new apartments in cities like Liverpool and Manchester cost a lot to buy but the landlords are finding it hard to get tenants in who will pay enough to cover the mortgage.

Mr_helpful

Dunstonh
I think this forum is over run by communist's green with envy that other people have managed what they are too lazy to do. When I bought my first house I was allowed 3X my salary and the rates were 15% which is no better than today and in fact worse as I had to find more than 5% deposit. So lets not get the pathetic "I cant do it so no one else should be able to" mentality and start working and saving.

dunstonh

I personally have nothing against buy to letters. Although I do think that too many have gone into it without knowing the risks and are going to get their fingers burnt.

It's become the replacement endowment policy in my view. The mindset is that they always make money and it will until it goes wrong and then these forums will be filled with people whinging that they didnt know they could lose so much money by doing it. A number of whom will be asking who they can claim compensation against.

It's more the mindset of the novice buy to letter that I am negative towards than the concept. Experienced landlords tend to have a lot of common sense.

MortgageMamma

but how do you become an experienced landlord without first making those mistakes? Ok so there is guidance on forums, but you have to make your mistakes to learn from them, same with any job

We are constantly telling wannabe mortgage advisers to go get a job in a bank and make their mistakes under the banks liability and then go into self employment - where do the landlords learn?