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Banks target over-55s with cheaper loans on buy-to-let
mystic_trev
Posts: 5,434 Forumite
It's those bloody Boomers again…...:rotfl:
http://www.thetimes.co.uk/tto/money/consumeraffairs/article4478308.ece
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Banks are looking to cash in on new pension freedoms by flooding the mortgage market with cheap buy-to-let loans. The number available has jumped almost 15 per cent in two months since George Osborne’s reforms came into effect, according to Moneyfacts, the data analyst.
There are now almost 700 buy-to-let loans on the market compared with fewer than 200 mortgages available for first-time buyers, raising fears that new pension rules could drive house prices further out of the reach of the young.
http://www.thetimes.co.uk/tto/money/consumeraffairs/article4478308.ece
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Why are the loans regarded as being "cheap"?0
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Oh good, I'm 55 in August'In nature, there are neither rewards nor punishments - there are Consequences.'0
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Thrugelmir wrote: »Why are the loans regarded as being "cheap"?The cheapest buy-to-let deal is a two-year tracker with Nationwide at 1.95 per cent. The cheapest first-time buyer deal is a two-year fix at 3.99 per cent with Chelsea Building Society.
10 characters.0 -
mystic_trev wrote: »Time to start your BTL Portfolio?
I think he started some time ago.Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop0 -
mystic_trev wrote: »10 characters.
And thereafter?
Two year money is cheap as banks still have FLS available.0 -
The new pensions.....!0
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Oh great. Boomer To Let mortgages.0
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In truth, I know one person who aims to buy 3 with his pension. He doesn't have any at the moment (BTL's that is) but he's actively right now looking into it very seriously. His aim is to buy the place and hand it over to a management company and simply let the money come in. He doesn't want to "run a business" in retirement.
He reckons its better than any return his pension could ever give.0 -
Graham_Devon wrote: »In truth, I know one person who aims to buy 3 with his pension. He doesn't have any at the moment (BTL's that is) but he's actively right now looking into it very seriously. His aim is to buy the place and hand it over to a management company and simply let the money come in. He doesn't want to "run a business" in retirement.
He reckons its better than any return his pension could ever give.
And some poor young family will be tied to the wheel while he goes to water colour painting classes.0
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