Something to cheer the renters up

scorpio_princess

cells wrote: »

one hopes if she sees her mistakes she will not repete it.

molley cuddleing her will not help in the long run.

Oh dear, someone needs to go back to his paper round (and school - goodness me, your spelling is atrocious)

Leave off will ya, it's not like the OP is gloating about anything. I'd never kick someone while they're down - those that do reveal far more about themselves than the person they're condemning :rolleyes:

kazd

I am not asking to be molly coddled. My dh and I have been married 17 years and several times we thought about buy to let but each time we talked ourselves out of it. When we first thought about it we didn't even have kids, as the kids have got older and house prices got worse we wanted to help them.

I don't want to give the impression that we are destitute we are not but it is a massive blow, firstly to have someone do to a lovely house what our first tennants did and then this. I am so used to being able to save for things ie xmas etc I will find it really difficult to syphon it off for the mortgage.

I already work and am considering taking a second job and have also started my own jewellery business (not exactly sitting on my laurels here!).

epz_2

how much has the place dropped in value by, im guessing its an overpriced newbuild but even so it might be worth taking the hit.

it could easily take a decade to get rents high enough to cover the mortgage and there are a LOTS of bad things that could happen in the mean time, fromthe obvious stuff like losing a job in the coming recession to less obvious stuff like the place getting turned into a defacto council estate as other BTL'rs are forced to accomidate lower and lower class tennents in a vicious circle.

Generali

scorpio_princess wrote: »

Leave off will ya, it's not like the OP is gloating about anything. I'd never kick someone while they're down - those that do reveal far more about themselves than the person they're condemning :rolleyes:

Sticking to the subject would be a lot more helpful than anonymous abuse.

OP came for help. I think we can take it as read that a bad investment choice has been made.

cells

kazd wrote: »

it was our childrens future we were trying to secure not ours!.

same thing my dear.
you gambled for your kids. gambling is gambling no matter who in your family you try to "help" with it.

kazd wrote: »

The point is all these savings will have to stop to pay the excess on the mortgage.

no, what i asked you, and you did NOT answer me was "why did you not just SAVE them cash in a bank account every month, instead of getting a BTL??"

answer this, and it will be clear that it was greed.
greed in that you hoped it would apreciate in value or that over time the tenants rent would pay off the mortgage. doesnt matter if this greed was for you or your kids.

and just to note, i have nothing against greed. every humand by nature is greedy. well 99% of us.

what i dont like though, is after your bad gambling, you come here and expect sorrow. why should we fell bad for someone who took a gamble and didnt come out of it so well.

the honest truth is, you bought a BTL or two, and now, with house prices going down and interest rates going up your bet is a bad one.
it could have gone the other way, it didnt.
point being, its a gamble you took. why should anyone feel bad for you?

that is what i object too.



if you have a lot of equity in your own home, then you can perhaps try to remortgage your own home nad pay off the NR loan. that is your only hope.
but also ask yourself, is it a good idea to hold onto the house for the next, 1year, 3 years, 5 years, 10 years ect.


but i dont blame you fully, you took a look around you and every moron + his dog was making money on property and you wanted some of that pie.

problem for you is, any fool can make money in a rising market. but when it turns...

Rick62

Kazd, you need to remortgage rather than pay the SVR.

You have two options, remortgage or take a further advance on your own house to reduce the BTL mortgage to a level that you can get a decent BTL mortgage.

Remortgage your own house to raise enough to pay off the BTL mortgage altogether. So long as you keep a clear audit trail it is still tax deductible, the rate should be better however (and save on fees).

cells

Generali wrote: »

OP came for help. I think we can take it as read that a bad investment choice has been made.

£5 says all the thinking they done when they bought this BTL was

" wow house prices have gone up sooo much.... we should buy another and let it out. my friend so and so made a killing in btl"

mystic_trev

Generali wrote: »

Sticking to the subject would be a lot more helpful than anonymous abuse.

Agreed - Perhaps we ought to ask the Mods for a Property 'gloating' Forum.:rolleyes:

kazd

My kids are not old enough to work and they do not get pocket money as such. Lots of clubs to pay for and eldest swims with the local club 5 times a week.

Most of the time though I am trying to give them away not sell them!!!!!!!!!!

Must have left it to late should have done it when they were still little and really cute.

mystic_trev

Kazd - The reason your getting so much grief is that someone has posted a link on HPC :eek:

http://www.housepricecrash.co.uk/forum/index.php?showtopic=77531