Just to Make Things Completely Clear

Generali

If you are a BTL LL and you use substantial leverage to finance your business then the Government absolutely wants to put you out of business. No ifs or buts.

http://www.telegraph.co.uk/news/2016/05/13/landlords-should-be-squealing-under-george-osbornes-crackdown-tr/

Buy-to-let landlords should to be made to "squeal" under George Osborne's crackdown to help people to buy homes, a Treasury minister has suggested......

"The minister's comment was that if landlords are squealing then the Government will take the view that the medicine is working, "The minister made the point that the Government is determined to increase the number of homeowners, and then re-iterated the issue about first time buyers.

chucknorris

Generali wrote: »

If you are a BTL LL and you use substantial leverage to finance your business then the Government absolutely wants to put you out of business. No ifs or buts.

http://www.telegraph.co.uk/news/2016/05/13/landlords-should-be-squealing-under-george-osbornes-crackdown-tr/

Haven't they read the new tax rules? From the article:

and from 2017 they will only be able to claim tax relief on their mortgage payments at the basic rate of 20 per cent.

It is being phased in over 4 years, it is not restricting tax relief to 20% in one go.

PasturesNew

Realistically, most of them aren't "a business" at all, they just have what they think is a cash cow and have no intentions of running a business, or being business-like and business-minded.

You can see some of them on Homes under the Hammer, practically weeing themselves with excitement about the income.

It's the tenants who suffer if/when things need repairing and the LL's not got the desire/spare money to maintain the house properly. They expect to just take the rent and put the rent up every year .... no contingency plans, no skills, no reserve pot.

paddyrg

For a truly professional landlord, this is an opportunity to expand and fill the gaps left by wannabe's who went to all those seminars last decade promising free money forever

wotsthat

Generali wrote: »

If you are a BTL LL and you use substantial leverage to finance your business then the Government absolutely wants to put you out of business. No ifs or buts.

http://www.telegraph.co.uk/news/2016/05/13/landlords-should-be-squealing-under-george-osbornes-crackdown-tr/

Seems like plenty were in quite a rush to bet the death of BTL was prematurely announced again.

I think they're foolish but I'm not willing to use my own money to bet against them.

Generali

chucknorris wrote: »

Haven't they read the new tax rules? From the article:

and from 2017 they will only be able to claim tax relief on their mortgage payments at the basic rate of 20 per cent.

It is being phased in over 4 years, it is not restricting tax relief to 20% in one go.

Apparently not.

The Government really does seem to be screaming this from the rooftops regardless.

michaels

It's all good for smaller less professional landlords who don't earn above the higher rate tax threshold who can take advantage of higher earning larger more professional landlords divesting their properties.

Not so good for the pairs of couples currently renting a two bed two bath property which will now be sold to a single couple and the other couple will have to move back in with their parents.....

chucknorris

Generali wrote: »

Apparently not.

The Government really does seem to be screaming this from the rooftops regardless.

Yeah, I'm not in for much longer, I have decided not to re-let any more property, so I will be selling mine as each tenant vacates. I'm 58 years old now, and it is time to de-stress, and enjoy my remaining years. I've also told work that I would retire this September, but they have asked me to stay on until at least December, if they tweak a few things, and also agree that I can also cut my hours to 50-60% of full time, I will stay on for longer.

Generali

chucknorris wrote: »

Yeah, I'm not in for much longer, I have decided not to re-let any more property, so I will be selling mine as each tenant vacates. I'm 58 years old now, and it is time to de-stress, and enjoy my remaining years. I've also told work that I would retire this September, but they have asked me to stay on until at least December, if they tweak a few things, and also agree that I can also cut my hours to 50-60% of full time, I will stay on for longer.

I realise it's OT but I work part time (three full days) and I love it. I really enjoy my job which helps but working three days a week is fantastic, it gives me a great balance in my life.

chucknorris

Generali wrote: »

I realise it's OT but I work part time (three full days) and I love it. I really enjoy my job which helps but working three days a week is fantastic, it gives me a great balance in my life.

That's exactly what I'm after too.

Generali

chucknorris wrote: »

That's exactly what I'm after too.

As a father with two pre-High School kids I get to have 2 days at home where I get to be a grown up for a few hours and then still get to be a Dad too. Then I spend three days a week saving the world.

It's bloody great.