First Time Buyers - Enough is Enough!

dougk_2

You do get taxed for BTL.
You pay tax on the rent you receive therefore the invesetors/BTL are already paying into the country.
Where do you stop then? Why not charge people more who have two cars?

Taxing BTL properties would mean their was lots of homeless people who cannot buy a property (maybe because they are too much of a risk to lenders) and rely on rented accomodation - or those that don't want to buy, or those that move around every few months. Its a bad Idea not a good one.

meanmachine_2

dougk wrote:

You do get taxed for BTL.
You pay tax on the rent you receive therefore the invesetors/BTL are already paying into the country.
Where do you stop then? Why not charge people more who have two cars?

Taxing BTL properties would mean their was lots of homeless people who cannot buy a property (maybe because they are too much of a risk to lenders) and rely on rented accomodation - or those that don't want to buy, or those that move around every few months. Its a bad Idea not a good one.

Why tax BTL properties?

Because having more than one home, at a time when property prices are already unsustainable, is counter to the national interest. Because having more than one home prices out essential workers such as nurses and teachers.

BTL is a greed-driven market, and is equivalent to the south sea bubble. Once it pops, the whole economy will collapse. And then we'll have years of BTLers bleating on about how they were "missold" mortgages blah blah blah.

BTLers are the new scum of society if you ask me. But what goes around, comes around. Should they be involved in a car crash and need theservices of an essential worker, but find there are none around because their greed has priced everyone out of the area, that is when the consequences of their greed will be felt the most.

JanCee

meanmachine wrote:

Why tax BTL properties?

Because having more than one home, at a time when property prices are already unsustainable, is counter to the national interest. Because having more than one home prices out essential workers such as nurses and teachers.

BTL is a greed-driven market, and is equivalent to the south sea bubble. Once it pops, the whole economy will collapse. And then we'll have years of BTLers bleating on about how they were "missold" mortgages blah blah blah.

BTLers are the new scum of society if you ask me. But what goes around, comes around. Should they be involved in a car crash and need theservices of an essential worker, but find there are none around because their greed has priced everyone out of the area, that is when the consequences of their greed will be felt the most.

:mad: As I am now the scum of society I thought I would write to my tenants today and tell them I am selling up(they are familiies with young children) but as I am driven by greed why should I care? They are not in a position to buy their own homes and would'nt qualify for local authority housing so perhaps meanmachine could put them up until they are on their feet. Some of them are essential workers(nurses etc)so maybe they would have to change jobs but lets hope I'm not involved in a car crash once their services are lost to the NHS.

My student daughter could leave her BTL along with all the other students at uni and go the bank for a mortgage to have somewhere to live for 3 years. Still, the students could add this to their student loan debts :rotfl:

I've read some idiotic posts on this site but this one takes the prize!

dougk_2

Meanmachine - what a load of cr*p! I feel really angry about that post :mad:

Without BTL investors the Rental market would be monopolised by a few big investor companies. This means they would charge an awful lot more to rent a house. That means as I posted above those that can't buy would be homeless leaving an even bigger burden on the state.

BTL's have invested millions into the country - what about all the letting agents - they would be unemployed. Take a step back and think how much tax BTL's have paid, not just from the rental income (which can be 40% if you are high rate tax payer) but on insurance and other services (which the government taxes).

Property prices have risen because of demand, whether this be from BTL or FTB's is irrelivent. Buying a first house has never been easy and you don't have a God given right to own one.

Until the 80's and 90's home ownership was not a priority for many people (Mrs T changed all that). Before this many more people rented and the majority of these properties were owned by either companies, local authorities or small landlords with a group of properties. What has happened is individuals have got into the market and have used there abilities to by an extra house to rent.... do you not want people to be successful? You are self employed - why? You could work for a company instead.

The problem is with some FTB's who are not prepared to save and work hard and forgive pleasures and non-essentials to own a house. You have the choice!

JanCee

Further to my post today, I also sponsor a child in Africa out of my rental income, so he's for the chop as well!!! Must'nt let my greed get sidetracked by charitable donations.

meanmachine_2

Sorry Doug, I thought you were a first time buyer. Clearly you're a BTLer. That makes sense now.

The reason all of these people, such as nurses on £20K, have to rent is that the typical 1 bed properties have been snaffled up by well-to-do middle class BTLers bailing out of pensions policies and rushing into buy to let.

This has created a MASSIVE property bubble the likes of which has never ever been seen before.

So, as a single intelligent, articulate person I have no right to buy a property 3 and a half times my wage, and yet people who already have a home HAVE A RIGHT to use scarce property as a short term investment?

That makes me sick and BTLers should be ashamed of themselves. If they're not, then that says more about them then it does me.

If it weren't for BTLers, prices would be at least 40% below where they are today and most ordinary decent people wouldn't have to pay the mortgages of "saintly" BTLers. :mad: :mad: :mad:

meanmachine_2

JanCee wrote:

Further to my post today, I also sponsor a child in Africa out of my rental income, so he's for the chop as well!!! Must'nt let my greed get sidetracked by charitable donations.

So when the property bubble finally bursts and your assets plunge in value, a poor kid in Africa is going to be the first to suffer? Correct?

Shameful.

robby-01

I have just returned home after spending the last 13 days camping outside The new Bentley show room in manchester.I am in need of a hair cut ,a shave and a bath.My wife is threatening to leave me and my lawn needs mowing.
I still dont have a new motor as they would not budge on price and to top it all I return to this site to find that I have been labelled "scum of the earth".
My crime is to own a number of properties which I bought at fair price at a time when people were busy investing in any company with dot com written behind it.
I then invested much time and money and made them into homes to be proud of.I also found people who were willing to pay me rent in exchange for the right to sleep ,eat and bring up families there.
These people have never moaned about paying me rent and still dont.I have never forced anyone to live there and never would.
I pay tax on the rental income and keep the properties in good order.
I decided to invest in property as an alternative to a personal pension,and I plan to use the rental income to fund my retirement which unfortunately is still some time away.How is that a crime?
"Scum of the earth " is surely a term that should be reserved for the likes of Ian Huntley and his pals .Not people who have invested some of their hard earned in some bricks and mortar.
You may be right though perhaps I should sell them all now put the tennants on the streets and use the profits to fund the Bentley.Stuff the retirement plan I can deal with that later.Who cares if I enter old age skint and have to rely on handouts from the state or my kids at least I'll have had a Bentley.

I would like to take this opportunity to appolgise to the numerous premiership footballers who had to step over me during my time outside Bentley garage.I would also like to thank a certain Rio Ferdinand for the half eaten big mac he so kindly gave me.You should have gone for the 21 inch wheels though mate.

meanmachine_2

dougk wrote:

The problem is with some FTB's who are not prepared to save and work hard and forgive pleasures and non-essentials to own a house. You have the choice!

You really do have to stop repeating this rubbish.

Why should I have to pay MORE TAX than my parents and THREE TIMES more for the same property as them, just to pay the second, third, or fourth mortgage of a fat cat BTLer?

Makes me furious.

Back in 1985, the average home cost 3.25 the average wage. Now it's 5.5 times. This is unfair, unsustainable and will all end in tears.

dippy

Very well said, meanmachine!!! I couldn't have put it better!!!

meanmachine wrote:

Sorry Doug, I thought you were a first time buyer. Clearly you're a BTLer. That makes sense now.

The reason all of these people, such as nurses on £20K, have to rent is that the typical 1 bed properties have been snaffled up by well-to-do middle class BTLers bailing out of pensions policies and rushing into buy to let.

This has created a MASSIVE property bubble the likes of which has never ever been seen before.

So, as a single intelligent, articulate person I have no right to buy a property 3 and a half times my wage, and yet people who already have a home HAVE A RIGHT to use scarce property as a short term investment?

That makes me sick and BTLers should be ashamed of themselves. If they're not, then that says more about them then it does me.

If it weren't for BTLers, prices would be at least 40% below where they are today and most ordinary decent people wouldn't have to pay the mortgages of "saintly" BTLers. :mad: :mad: :mad: