Selling My BTL

ruggedtoast

frank.hopper wrote: »

Hmmm., we recently sold a BTL ! the purchaser had no problem getting a mortgage! I reckon you know jack *** about mortgages.

Do you know anything about cars? my wife bought a mercedes clk with all that lolly we made, sometimes the roof wont come down, there's a shelf in the boot which you've got to slide back, ANY IDEAS?

Dont get upset. Squatnow is just becomong overexcited that the credit crunch is finally eliminating gloating buy-to-let parasites.

Like you! :j

brit1234

It is good to see buy to let finally falling on the sword. They have priced out so many first time buyers and involved so much mortgage fraud through gift deposits. It makes me laugh to see banks now turning away buy to let re-mortgages/new loans due to their increasing risk in comparison with the rest of the market.
:beer:

Trollfever

As we are in totally uncharted waters nobody can predict what the future holds for amateur BTL investors.

The business model did not exist 10 years ago and is based on rising prices and not rental yields.

IveSeenTheLight

Trollfever wrote: »

As we are in totally uncharted waters nobody can predict what the future holds for amateur BTL investors.

The business model did not exist 10 years ago and is based on rising prices and not rental yields.

I certainly did not aquire my BTL's with a business model of rising prices.
It was very much rental yield.

silvercar

Confused_landord wrote: »

I have decided maybe next year to sell one of my BTL, not because of the current climate but simply because i dont want some of my monies tied up in bricks and mortar when i could be enjoying my monies, for example nice holidays , nice car ect...however i wandered will i have to pay a fee to B&M if my mortgage product still has a few years to run on it and also how is it best to avoid Capital Gains Tax? Obviously i do have an accountant and i do have a Financial Advisor,,but i wandered if any of you guys could give me some good answers to be thinking about,,,,,thanx in advance

Just thought it may be useful to qoute the question posed by OP.

This thread seems to have wondered. OP never mentioned margin calls or business models and certainly doesn't seem to be "falling on his sword".

They have an accountant and financial advisor and just wanted advise from the forum.

Does every thread containing the word "landlord" have to turn so aggresive?

Confused_landord

FAO "Man at Home"........Yes i have had my BTL business" for 10 yrs now, and they are/have been superb vehicles for generating money,either in the rental income but mainly in what they are worth now(even if i have to sell now at a reduced rate,WHICH I DONT) they can stay empty if i wish, i can still afford them. MY BTLs are not my main business, My main business is the biggest money provider, which initially all those years ago it bought /funded, my BTLs,I have just now bought another new build (BTL) which i could negotiate price and i got my mortgage offer a couple of months before they became difficult to get, but also i put generous deposits down...so i WONT fall into the following traps
1.Not having enough rental monies to cover mortgage
2.When the S...t hits the fan i can ride the storms
3.When there are quiet times and the property is empty and no income is generated, it is still self funding.
...I did for my very first business (which i still have) , indeed prepare a business plan,,,,which thrived and still does...I bought my BTLs basically because at the time much emphasis was put on the fact that they would be a good pension at retirement age,,Although ManAtHome suggests i dont know what i am doing, let me tell you i do.I have heard conflicting opinions on CGT and thats why i posted on here..I have my own accountant thats at the end of the phone, to me it dosnt matter if i dont know the ins and outs of tax systems,,i pay my accountant for that as can afford to.MY reason for selling ONE of my BTLs is simply its my eldest one,although is still very nice, and i have been thinking should i sell that one and enjoy some of my money that that particular property has earned me, indeed some of my tennants have asked in the passed is it for sale?Well maybe next year it could well be.
Surely it is not unusuall for people to sit down and think"Do i really need all these properties"?The particular property has been a brilliant investment and i will be sad to see it go and has given me few problems over the years...i just feel it maybe time to move on from that and like i said enjoy some of the monies it has earned me...thank you for your replies

Confused_landord

Silvercar..my thoughts exactly...i wished i hadnt asked as i have just found that i have had to explain myself in my last post,,i am thinking about changing my username

hearts

cells wrote: »

you should definitly not ignor it

i know someone who is coming off a 4.6% fixed rate onto a 7% SVR. their mortgage will bw going from roughly £1k per month to £1.5k per month.

they will need to remortgage to a better deal, or sell if they cant remortgage to a better deal.

currently it is hard to get a "better deal" for less than 85% LTV. by the end of the year when they need to remortgage all the good deals might want 75% LTV. if house prices drop 10% by the end of the year. it means they will not be able to remortgage onto a better deal unless they have 35% LTV RIGHT NOW


a LOT of people are going to get caught in this "SVR Trap". be forced to pay a high SVR, stomp up a "margin call" or sell.

if prices continue falling 1-2% a month its going to be hell for a lot of peopple

That is a totally different thing from a "margin call" That is a remortgage for whatever reason.

BobProperty

frank.hopper wrote: »

Do you know anything about cars? my wife bought a mercedes clk with all that lolly we made, sometimes the roof wont come down, there's a shelf in the boot which you've got to slide back, ANY IDEAS?

Totally off topic but if the question is genuine, there's a MB owners club and forum on the net and I'll bet someone on there knows the answer.
Couldn't you afford a decent MB like a pagoda roof SL or the more practical W124 estates or even an SEC?

Confused_landord

Forget i asked the question,, i will ask my accountant when i see him.Thanks for the constructive replies.For some reason people seem to be getting carried away with the fact that i am "falling on a sword".You need to refer to my original posting, as Silvercar said.......Thanx anyway guys