Is buy to let an option?

izzybusy23

electricemma wrote: »

Or someone who is trying to put the money they've saved to good use, without being a bail out for their partner's debts.

'Putting their money to good use' :rotfl:

You REALLY DON'T know anything about the economy at the moment do you?

beingjdc

There's no need to be mean. Yes, getting into buy-to-let (especially with no deposit) right now is about as sensible as trying to unblock the toaster with a knife while sitting in the bath, but you still wouldn't know that if you just watched TV and read the newspapers.

Give it a year or two and the crying will start on the pages of the Daily Mail, and the mortgage lenders being sued for lending, and the estate agents for selling, and all sorts. But that's not in the public consciousness at all yet.

margaretclare

SquatNow wrote: »

So anyway, I recommend you buy a new-build riverside flat in Leeds, ideally off-plan. In fact, if possible, buy 2.

You mean, the ones that were looking out over the floods a week ago? Near the Royal Armouries? They'd be inaccessible in another flood, wouldn't they?

Margaret

izzybusy23

beingjdc wrote: »

There's no need to be mean. Yes, getting into buy-to-let (especially with no deposit) right now is about as sensible as trying to unblock the toaster with a knife while sitting in the bath, but you still wouldn't know that if you just watched TV and read the newspapers.

Give it a year or two and the crying will start on the pages of the Daily Mail, and the mortgage lenders being sued for lending, and the estate agents for selling, and all sorts. But that's not in the public consciousness at all yet.

Sorry but unless people are completely deaf and blind, then there should be no excuse to not know what our economy is currently doing. The problem here is that everybody wants to get into the get rich quick scheme, but have sadly missed the boat.

Its not about being 'mean', its about getting totally exasperated at the idiocy of people thinking they are the next BTL king and it naffs me off. All they think about is how much money they can make off some poor sod whose priced out of the market..

Sorry, completely entitled to my opinion on an open forum.

Gorgeous_George

You could make a loan to your partner so that he can pay off his highest interest loans. You could charge a decent rate of interest somewhere between what you can get in the bank and what he is paying.

BTL could surprise us all and prove to be a good investment but, I would want 10%+ return to compensate for the risk to my capital.

GG

tr3mor

margaretclare wrote: »

You mean, the ones that were looking out over the floods a week ago? Near the Royal Armouries? They'd be inaccessible in another flood, wouldn't they?

I do believe that was irony!
:money:

electricemma

beingjdc thank you, I was starting to feel like everyone on here was having a go at me.

Yes I did go to school, college and University and I've got a Masters Degree too. So I've probably got much better grades than a lot of you who are having a go at me for asking a question about something I have no idea about. See? No idea about. You come and test me on my specialist subject and I'll have a go back at you?

I've simply heard of people buying places with a buy to let mortgage and I wondered if this would be an option for me now I have some money saved up. I've no idea about it, I've always switched off my brain when it's been talked about on tv, and why? Because I am not a money grabbing, greedy, finance obsessed idiot like you have branded me. I do not think I am the next BTL king as I do not know about BTL I just wondered what it was.

People who judge you on forums naff me off. In the real world do you constantly tell peole how marvellous you are and spread your self righteousness far and wide? Do you have a go at people for asking questions?

izzybusy23 you have really upset me. No, I do not know anything about the economy at the moment. I know that I have worked, put money in ISAs, and now I am using a forum to see what I might be able to do to "make my money work better" for me as you also hear on the tv. I won't bother eh?

izzybusy23

electricemma wrote: »

beingjdc thank you, I was starting to feel like everyone on here was having a go at me.

Yes I did go to school, college and University and I've got a Masters Degree too. So I've probably got much better grades than a lot of you who are having a go at me for asking a question about something I have no idea about. See? No idea about. You come and test me on my specialist subject and I'll have a go back at you?

I've simply heard of people buying places with a buy to let mortgage and I wondered if this would be an option for me now I have some money saved up. I've no idea about it, I've always switched off my brain when it's been talked about on tv, and why? Because I am not a money grabbing, greedy, finance obsessed idiot like you have branded me. I do not think I am the next BTL king as I do not know about BTL I just wondered what it was.

People who judge you on forums naff me off. In the real world do you constantly tell peole how marvellous you are and spread your self righteousness far and wide? Do you have a go at people for asking questions?

izzybusy23 you have really upset me. No, I do not know anything about the economy at the moment. I know that I have worked, put money in ISAs, and now I am using a forum to see what I might be able to do to "make my money work better" for me as you also hear on the tv. I won't bother eh?

I am sorry if I upset or offended you, but you have just said yourself, you know nothing about the economy and nothing about BTL... so why come on a forum asking a question about BTL when you clearly haven't done any researching on BTL yourself at all?

I would strongly urge that you sift through all the posts on here and HPC and see what people are saying about BTL and do some much needed research, and quickly. I get very annoyed at people thinking that resulting to BTL is the quick rich scheme it is made out to be. Do you not realise that for each BTL another FTB is pushed out of the market? Do you honestly think the housing market is at a good level at the moment, or as a fellow renter, do you not feel that you have been let down by the rising cost of houses yourself? If so, why would you want to jump on the BTL bandwagon??

I do not believe to be holier or clever than anybody else. I am a renter and I hate the whole BTL brigade as they have FORCED me into renting because of pure greed.

Sorry, if you don't like what I say then perhaps you should had researched your subject fully before asking the question.

Phirefly

Its a shame really. As she says, she is ignorant (in the literal sense not meant as an insult) of the topic and has quite rightly sought advice in a place where theres folk who DO know what they're talking about. It is exasperating to those who are so entrenched in this sphere when such a seemingly obvious question be asked. I'm no expert but I knew what the general consensus of 'advice' would be when I read her first post.

Bit of a baptism of fire but I'd advise the OP to stick around, she's obviously got a grain of interest in property, and as far as I'm concerned, the sparring of opinion on here can be very informative.

Either way, I think the OP well and truly has the answer to her title question now!!!

izzybusy23

Phirefly wrote: »

Its a shame really. As she says, she is ignorant (in the literal sense not meant as an insult) of the topic and has quite rightly sought advice in a place where theres folk who DO know what they're talking about. It is exasperating to those who are so entrenched in this sphere when such a seemingly obvious question be asked. I'm no expert but I knew what the general consensus of 'advice' would be when I read her first post.

Bit of a baptism of fire but I'd advise the OP to stick around, she's obviously got a grain of interest in property, and as far as I'm concerned, the sparring of opinion on here can be very informative.

Either way, I think the OP well and truly has the answer to her title question now!!!

Ok, well I will now get off my soapbox and give some constructive advice.

Personally if I was the OP I would 1) invest the £10k in a high interest savings account or 2) pay off her OH's debts or 3) buy her own property to 'live in' and not as an investment.

OP, BTL is not my 'specialist' subject. I read up on these things and have done so for a good while now and familiarise myself with the economy, not just the UK but also globally, especially the USA. The UK is apparently heading for a recession, if lucky, a depression if very unlucky. The UK is undergoing a massive credit crunch due to shocks in the financial markets around the world which means the lending criteria on loans, credit cards, mortgages etc are getting tighter with bigger restrictions. In my honest opinion now is not the right time to even contemplate BTL. If the word of mouth is correct then BTL will be the hardest and fastest thing to fall when the housing market collapses.

Do you really want to see your £10k that you put into BTL go down the drain, find yourself in negative equity with months and months of voids?

All I can advise is do your research on the up and coming fall of the great UK economy.