Ban BTL landlords from buying new builds

grizzly1911

Brassedoff wrote: »

I have a couple of properties. My rents are set by the local authority. My tenants have long term assured tenancy. How on earth an reasonable person can keep on moving people every six months is not right. The kids have no chance to put down their roots

Did you buy/acquire them with sitting tenants hoping they would expire sometime soon?

Are they relatives or friends?

antrobus

Cornucopia wrote: »

This is nonsense. 110% LTV never existed anyway, but it certainly never existed in the BTL market.

Are you sure?

Alliance & Leicester launches new buy-to-let mortgage deals 23rd May 2007

PlusMortgage – 2 year Fixed Rate 6.24% fixed to 30/06/09 max 125% LTV (min advance £100,000, max advance £250,000), £1,999 Arrangement fee, no incentives

http://www.easier.com/20215-alliance-leicester-launches-new-buy-to-let-mortgage-deals.html

Cornucopia

Read the whole article - those are for a product called "PlusMortgage" which is presumably an additional secured loan, not a mortgage.

IveSeenTheLight

antrobus wrote: »

Are you sure?

Alliance & Leicester launches new buy-to-let mortgage deals 23rd May 2007

PlusMortgage – 2 year Fixed Rate 6.24% fixed to 30/06/09 max 125% LTV (min advance £100,000, max advance £250,000), £1,999 Arrangement fee, no incentives

http://www.easier.com/20215-alliance-leicester-launches-new-buy-to-let-mortgage-deals.html

You've read this incorrectly.
It's detailing BTL and Plus mortgages.

The BTL portion was maximum 85% LTV

Buy-to-Let - 2 year Base Rate Tracker 5.09% (BBR – 0.16%), maximum LTV 85%, arrangement fee £1,999. 100% upto 75% LTV & 110% upto 85% LTV rental cover required at BBR + 1%. ERC 5% until 30/06/2009.

Buy-to-Let - 2 year Fixed Rate 5.39%, maximum LTV 75%. Arrangement fee £1,999. 100% rental cover required at BBR + 1%. ERC 5% until 30/06/2009.

NEW - Buy-to-Let – Lifetime Tracker 6.09% (BBR +0.59%),maximum LTV 85%. Arrangement fee £999. 100% upto 75% LTV & 110% upto 85% LTV rental cover required at BBR + 1%. No ERC.

New Buy-to-Let Lending Policy:

Minimum 100% rental cover up to 75% LTV & 110% up to 85% LTV

Affordability based option using an applicant’s income up to 75% LTV

At 105-110% Rental Cover - applicants total income & rental income can be used

Maximum Advance - £500,000

Max Portfolio up to £3m - unlimited number of properties

Maximum 85% LTV - maximum 87% LTV with fees added

Minimum Household Income - £25,000pa, with proof required if income used

There was a seperate part for the Plus Mortgage

lusMortgage – 2 year Fixed Rate 5.94% fixed to 30/06/09 max 115% LTV (min advance £100,000, max advance £250,000), £1,999 Arrangement fee, no incentives

PlusMortgage – 2 year Fixed Rate 6.24% fixed to 30/06/09 max 125% LTV (min advance £100,000, max advance £250,000), £1,999 Arrangement fee, no incentives

Jeremy Claridge, Head of Specialist Mortgages at Alliance & Leicester says: “This latest range of buy-to-let and PlusMortgage deals is particularly exciting for us because, not only can we bring borrowers even more market-leading deals, but we’ve also enhanced our buy-to-let lending policy. We continue to offer these deals only through mortgage intermediaries which demonstrates our ongoing commitment to the intermediary market.

“We’re also delighted to announce that as from Wednesday 23 May we will be writing all buy-to-let lending onto our own balance sheet. This has been planned for some time and reflects the quality of the assets and lending we’ve seen. We are excited by this opportunity as we have built - within a relatively short space of time - a business that is going from strength to strength, and with this development we will be able to further extend the range of products that we offer, develop our distribution and push our service to be amongst the best in the marketplace.”

JencParker

Brassedoff wrote: »

Ban them, I couldn't agree more. Leeches on the dreams of our young family.

If "we" (the country), are not going to provide suitable numbers of council/social houses. Make sure BTL cannot buy this lot of homes.

I would go further and tax profits of BTL @ 95%.

People buying so many on the BTL scheme helped bring this nations banking system down. Borrowing 110% LTV was never going to work.

I have a couple of properties. My rents are set by the local authority. My tenants have long term assured tenancy. How on earth an reasonable person can keep on moving people every six months is not right. The kids have no chance to put down their roots

Couldn't agree more. I despair at some of the posts on here - LL that can't afford repairs, can't afford to pay the mortgage because the tenants have missed a payment.

grizzly1911

JencParker wrote: »

Couldn't agree more. I despair at some of the posts on here - LL that can't afford repairs, can't afford to pay the mortgage because the tenants have missed a payment.

Any idea what propeortion of BTLs experience these problems?

All the ones I know don't have them that's all.