Banks target over-55s with cheaper loans on buy-to-let

ukcarper

ruggedtoast wrote: »

Another flood of amateur landlords buying up property that should be going to first time buyers.

At some point renters are going to be forced to collectivise, presumably. But then again apparently no one ever lost money by overestimating the capacity for the British public to vote against their own interests because The Sun and The Mail tells them to because Muslims.

There are 8 million private and social renters in the UK. People for whose interests the Tory Party is diametrically opposed. Yet only 9 million people voted for Labour.

Anyone renting who either voted Tory or didn't bother to vote has only themselves to blame.

I wash my hands of them. They deserve to receive a triple shafting from the Boomers. At least the Boomers are apparently capable of knowing what side their bread is buttered.

What is wrong with this country?

Especially when you consider 31% of boomers voted Labour.

ukcarper

mwpt wrote: »

Oh sorry, just seen one on natwest. 2 year tracker, 60% LTV, £2000 arrangement fee. Seems like a honeytrap.

So that £26k will get them a £60k BTL mortgage.

Should have said property.

purch

I'm currently considering buying a 5 bed house in Hull for a Student let.

Let my son live there for free, and charge 4 others £ 80 a week or so on a 44 week let.......money for old rope as they say.

P.S. No mortgages or pensions will be hurt in this transaction

purch

ukcarper wrote: »

So that £26k will get them a £60k BTL mortgage.

I can see why everyone is getting so hysterical about it all.

There won't be any property left :eek:

Graham_Devon

ukcarper wrote: »

So that £26k will get them a £60k BTL mortgage.

Should have said property.

Well, that's based on the assumption that outside of this pension draw down they don't have a single penny to add to this.

People doing this will mainly be those who have the backing of other monies and are tapping into this new avenue because they can afford to do so.

ukcarper

Graham_Devon wrote: »

Well, that's based on the assumption that outside of this pension draw down they don't have a single penny to add to this.

People doing this will mainly be those who have the backing of other monies and are tapping into this new avenue because they can afford to do so.

Those people have always had the ability to do that I think that the number of people with enough spare money to buy a BTL is small. I know one person who has bough properties to let out and he is a successful business man and has bought cash. None of my friends are considering it although some gen x people I know are thinking about doing it with their inheritance.

wymondham

What's wrong with pensioners buying up property? Anyone would do the same - ensure they get a regular income. It's not the pensioners fault that interest rates have been kept low, losing them a considerable amount. If rates were allowed to go back to normal then maybe being a BTL landlord would not be so desirable?

padington

ukcarper wrote: »

Those people have always had the ability to do that I think that the number of people with enough spare money to buy a BTL is small. I know one person who has bough properties to let out and he is a successful business man and has bought cash. None of my friends are considering it although some gen x people I know are thinking about doing it with their inheritance.

You kidding me ? All my gen x friends have tons of equity in their houses, they just don't know how to unlock it.

We're going to see a tsunami of BTL happening by British people in the next five years.

Thank god because otherwise the Chinese will be snapping it all up.

This is the bit when the UK returns to form. British tech companies are going trail ahead, British culture powering ahead, the UK brand a winning formula. Get in on the action if you can.

It's time to back our own horse for once.

ukcarper

padington wrote: »

You kidding me ? All my gen x friends have tons of equity in their houses, they just don't know how to unlock it.

We're going to see a tsunami of BTL happening in the next five years.

Tell me a good way to unlock equity in house when retired.

padington

ukcarper wrote: »

Tell me a good way to unlock equity in house when retired.

You can get a BTL mortage all the way until 75 apparently ...

https://www.moneyadviceservice.org.uk/en/articles/buy-to-let-mortgages