17% of BTL LLs have missed a mortgage payment in the last year....

WTF?_2

pickles110564 wrote: »

But it is not good for LL's who have amateur Tenants that dont pay their rent and trash the place.

A smart landlord would get references and apply a bit of common sense judgement of character before accepting a tenant.

You can still end up with an idiot, but as a landlord I'd say that you are more at risk from 'professional tenants' who know the law and use it to screw unwary landlords than amateur ones.

It's one of the pitfalls of being a landlord and yet another thing that most of the clueless BTL numpty brigade of the last few years didn't think of....

MissMoneypenny

John_Pierpoint wrote: »

Nothing to stop the intending renter doing the same as any buyer with half a brain cell would do:

Invest 3GBP on the land registry/house price site and find out which mortgage company and when bought for how much (less fraudulent gifted deposit).:rolleyes:

Move into a property with a sub prime second MEWed mortgage and you deserve to be chucked out on the street.
Whose capital do you think you are renting?

(I would make simple capitalist economics a required GCSE for all 16 year olds).

Are B & B (the darling of the BTLers), subprime?

Or are you saying to check the LLs own home address?

I think a mistake many make, is thinking that if they rent through an agent, then the LA will have already checked out the LLs finances. From that solicitors blog:-

"Is it right for a letting agent to be able to let a property which is obviously vulnerable to repossession, and after it is let (and their commission paid – taken from the tenants rent of course), not be liable in any way when the property is repossessed? Should they not be obliged to carry out at least some rudimentary checking?

The agents in this particular case are a large high profile London firm of estate and letting agents. "

http://landlordlaw.blogspot.com/

Gorgeous_George

17% eh?

That means that 83% have no problems. Good news indeed!

I wonder how many tenants have missed a rental payment?



GG

Gorgeous_George

How many times do you see that a post has been thanked and you guess (correctly) who it was that was so kind.

Cheers pickles!

GG

John_Pierpoint

MissMoneypenny wrote: »

Are B & B (the darling of the BTLers), subprime?

/

If I was thinking of renting (say) a terraced house, with a top value for the street and secured against it was a "Mortgage Express" (B&B in disguise) mortgage dated (say) May 2007, then alarm bells would start to sound.

IveSeenTheLight

!!!!!!? wrote: »

Goodness knows why firstrung chose to tack the last bit on as it had absolutely nothing to do with the story which was that 17% of BTL LLs had missed payments.

I would guess it was put in as a sort of a sweetener to try to add a bit of feel-good to the story.

Sure, some competent LLs - NOT the amateur ones missing the payments because they didn't do their sums right - will be looking to capitalise on falling prices. Absolutely zilch to do with the rest of the story.

I can see the link as it was saying that there are more BTL landlords waiting to buy up more property

I'm still not so sure about the BDRC info as there are no stats available.
It could be all from one area, or just a small percentage that will skew the results.
The CML stats are far more detailed and show for the whole of the UK.
Defaults 3+ months have increased, from 0.72 to 0.9%.

Still 0.9% is such a small quantity (less than 10,000 properties)

dopester

Go read that Squealing Pig thread ISTL, and then multiply that lady's situation many times over in the UK. Might give you an insight in to the meltdown in prices we'll see over the next 3 years.

Also, as it's been a day or so since you last checked in, I left you a nice article on this thread.

http://forums.moneysavingexpert.com/showthread.html?t=942865&page=5

IveSeenTheLight

dopester wrote: »

Go read that Squealing Pig thread ISTL, and then multiply that lady's situation many times over in the UK. Might give you an insight in to the meltdown in prices we'll see over the next 3 years.

Also, as it's been a day or so since you last checked in, I left you a nice article on this thread.

http://forums.moneysavingexpert.com/showthread.html?t=942865&page=5

Hey Pet
Your trolling of me is getting very tiresome, please stop it.

I don't mind reading your posts if they are on topic or has some good factual data, but as above, your reply has absolutely sod all to do with my post and you are becoming a waste of my time to read changes to threads when they have no relevance.

Rest assured, I saw your link, I even thanked you already.

Also, if I am off for a few days, then I will read threads I am interested in, no need for you to post a link to another thread because you think I may not have read it.

Now please, go troll someone else, or better still, don't troll anybody and just post things you see as factual or a benefit to others

dopester

It's not trolling - just a counter argument. Hit that ignore button if you like.

IveSeenTheLight

dopester wrote: »

It's not trolling - just a counter argument. Hit that ignore button if you like.

:
Originally Posted by dopester
Go read that Squealing Pig thread ISTL, and then multiply that lady's situation many times over in the UK. Might give you an insight in to the meltdown in prices we'll see over the next 3 years.

Also, as it's been a day or so since you last checked in, I left you a nice article on this thread.

http://forums.moneysavingexpert.com/...=942865&page=5

It definately is trolling.
In this post you personally ask me to read another thread and implying it means something other than what is being discussed on the current thread

You seem to also be monitoring when I am online, what posts I should be reading and linking to another post you directed to me thatyou wanted me to look at, EVEN THOUGH I ALREADY THANKED IT :eek: :eek: :eek: :eek:

I'm not going to ignore you yet, but when you personally troll me like my own little troll pet, I will quietly whistle to myself hoping you will get bored and go away.

If you post good factual, non miss-quoting posts then I am happy to read, respond, thank and appreciate.