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my buy-to-let dream cost me everything
Comments
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dannyboycey wrote: »Many BTL'ers are on interest only mortgages for obvious reasons. The recent run of rate rises has wiped out their profits and many are now subsidising their tenants!
OK, but it's a long term investment I hear you say. Well. I hope you're not too busy for the next 10-15 years... because that's the kind of downturn that could be on the cards (look at Japan). Interest rates will be lowered allowing BTL'ers to claw back some of their losses, but will they take the bait or cut and run before they go into negative equity on a property/ies that they haven't paid a penny off? It's too little too late....there's only one way to go now!
how long have you been saying this if you keep it up one day youll be right.........right?0 -
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To buy my house would cost me £1200 per month minimum, on an interest-only mortgage. But I'm living in the house and I'm only paying £550 per month in rent. My landlord is subsidising me.poppy100
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the private lettings market wouldnt exist if the council tenants right to buy scheme had never occurred
basically council tenants can buy their homes with a good discount (dont forget those like my mum have paid 30 years rent with no payback or interest)
the money a tenant pays over for the house doesnt go to the council, it goes to central funds
councils wont build new houses, cos tenants can then buy them and the council loses the money
what happened? housing associations blossomed (some councils even set up their own HA's to avoid selling to tenants, and GAVE all housing stock to their own HA's) and than had to pay rent and rate benefits over to the HA's!
round and around we we go, where we will stop no-one knows.
then private landlords started to benefit from housing stock shortages
what isnt mentioned is the way private landlords seem able to hang onto bonds, hold back on repairs, jack up rents at will, blag extra money off signing ups/admin fees/even advertising for new tenants should you wish to move out, weve had it all.....0 -
i know a guy who bought 8 apartments (at £250,000) each to let furnished 4 years ago, hes now had his fingers burnt, the values havent risen, and he cant get the £1250 pcm per place he needs.....0
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maxmycardagain wrote: »i know a guy who bought 8 apartments (at £250,000) each to let furnished 4 years ago, hes now had his fingers burnt, the values havent risen, and he cant get the £1250 pcm per place he needs.....
Exactly the same thing happening round here. Glut of property on the market, BTL landlords caught out and trying to sell, but nothing selling. Oh dear.....my heart goes out to them.0 -
Let me guess...he doesn't earn £670,000 a year so can't cover the mortgages out of his own pocket?maxmycardagain wrote: »i know a guy who bought 8 apartments (at £250,000) each to let furnished 4 years ago, hes now had his fingers burnt, the values havent risen, and he cant get the £1250 pcm per place he needs.....A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
maxmycardagain wrote: »i know a guy who bought 8 apartments (at £250,000) each to let furnished 4 years ago, hes now had his fingers burnt, the values havent risen, and he cant get the £1250 pcm per place he needs.....
Gamble and you may get your fingers burnt!
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I hear Berlin Buy-To-Let market has been completely saturated .... but otherwise Germany seems very promising ... I read that Cologne property went up by 13% last year, on top of rental income of 8% that is pretty good when you consider it is such a safe place to buy, unlike Bulgaria etc. this site has a good German Property News section ... https://www.german-estate-agents.co.uk0
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