IFAs and Buy to Let

JosephM_2

AdrianC wrote: »

Isn't that why just about every private sector business exists...?

Yes, absolutely.

JosephM_2

Mossfarr wrote: »

"My understanding of a BTL mortgage is that you can carry on paying the interest only portion of it indefinitely whilst hopefully seeing the equity gradually increase".

No no no.... You do not pay interest indefinitely you pay it until the end of the mortgage term then you have to pay back the amount you originally borrowed!!!!Definitely more research needed.

If you already own a property outright you can pay the interest on your BTL property mortgage indefinitely They obviously view your main home as security. Many BTL landlords are pensioners and the capital will be paid off when they pop their clogs or sell up and go to live in Spain.

booksurr

JosephM wrote: »

If you already own a property outright you can pay the interest on your BTL property mortgage indefinitely They obviously view your main home as security. Many BTL landlords are pensioners and the capital will be paid off when they pop their clogs or sell up and go to live in Spain.

I take it that this entire thread is a wind up because even the most innocent "investor" knows how mortgages work within 2 minutes of reading the first page about them. If you really believe what you have written then it is clear that any advice given to you will pass right over you as being incomprehensible

I wonder if you will take this in ?
https://www.moneyadviceservice.org.uk/en/articles/buy-to-let-mortgages

JosephM_2

booksurr wrote: »

I take it that this entire thread is a wind up because even the most innocent "investor" knows how mortgages work within 2 minutes of reading the first page about them. If you really believe what you have written then it is clear that any advice given to you will pass right over you as being incomprehensible

I wonder if you will take this in ?
https://www.moneyadviceservice.org.uk/en/articles/buy-to-let-mortgages

"Even the most innocent "investor" knows how mortgages work within 2 minutes of
reading the first page." Really? If you believe that, then it's you who is naïve. I can assure I read the small print carefully. Helpful comments are welcome, smug, patronising, condescending remarks are not. Take that in.

Dan-Dan

Oh dear, poster booksurr is about as savvy as it gets

marksoton

My early post would appear accurate....

AdrianC

JosephM wrote: »

If you already own a property outright you can pay the interest on your BTL property mortgage indefinitely They obviously view your main home as security. Many BTL landlords are pensioners and the capital will be paid off when they pop their clogs or sell up and go to live in Spain.

No. Quite simply, no.

An interest-only mortgage still has a term - mainly 25yrs. At the end of that time, you WILL need to repay the capital. There are many threads here where people are reaching that term and are realising they need to find £100k they simply do not have, and are having to face selling their home as a result.

JosephM_2

marksoton wrote: »

My early post would appear accurate....

Whatever makes you feel better.

marksoton

JosephM wrote: »

Whatever makes you feel better.

Oh i don't give a stuff mate.

Simply a case of give em enough rope and all that.....

booksurr

JosephM wrote: »

I can assure I read the small print carefully.

I will give you the benefit of the doubt that it is a question of size rather than reading ability so .... I will help you with an extract from my earlier link

How do buy-to-let mortgages work?

....Most BTL mortgages are interest-only, which means you don’t pay anything off the lump sum borrowed each month but, of course, at the end of the mortgage term you repay the capital in full.

Dan-Dan wrote: »

Oh dear, poster booksurr is about as savvy as it gets

humanity is finished then as it's taken me 3 pages to put 2&2 together