[Finance] Buy to let mortgages

[Surport Local Team]

I guess parasite would be a fairer description.

Mr Bloom has a sizable property portfolio, is he a parasite?

 

[DumLum]

I guess you have a big chip on your shoulder that someone has worked hard to get in that position to own 4 properties and rent them out at no doubt the market rate . Once the BTL morts are paid off in 25 years or so, he will have these properties either for his retirement or to leave to his children or family . Being clever and using your brains is not something to sneer at and call names like parasite. It is called getting on in life and having a business brain. Not everyone in life wants to live from paycheck to paycheck !

Nobody wants to live paycheck to paycheck but what you are doing is forcing others to do it for you.

 

[Lower West Stander]

I guess parasite would be a fairer description.

How about symbiotic?

I take on all the property risk. I charge market rates and have a really good relationship with my tenants.

Its great to know that providing well invested properties for people to live in who otherwise wouldn't be able to find anywhere gets me described as scum and a parasite.

This forum is really depressing sometimes.

 

[Lower West Stander]

I do understand where you're coming from but we do have an odd view of housing in this country. "Paying £100k in rent and having nothing to show for it", you've also paid thousands in electric, gas, telephone and food bills and have 'nothing to show for it', it's part of the expense of living!

I do take exception to amateur landlords (and I know a few), those who've snapped up somewhere on an interest only mortgage and just expect it to tick over and land them with a nest egg some time in the future. It rarely works like that though, sometime one WILL lose money for a year or 2. Doesn't sound like the poster you're having a poster is this type though.

I've spent about £50k over the last 6 months on refurbs and major works on houses and god only knows what will happen next few months, one things for sure though, my tenants will have boilers that work, roofs that are sound, taps that don't drip etc etc, all while they may not be able to pay their rent, who knows. Remember, when you've bought your own house, these things need paying for. Not looking for a medal just, in a long winded manner, talking about the fact there will always be a need for a private rental market and there are good landlords out there.

Indeed.

And I would add that I have had my problems with tenants in the past, who have pulled every trick in the book to avoid paying rent. I've learnt from this and now work with my tenants if needs be, but its a long time since I've had any kind of communication breakdown.

Just because we are landlords does not make us all Nicholas van Hoogstraten.

 

[Live by the sea]

Nobody wants to live paycheck to paycheck but what you are doing is forcing others to do it for you.

No you aren’t. Lots of people rent , there’s nothing wrong with that . As long as you are only charging a fair market rent and keep your property in good condition which if you weren’t you probably wouldn’t get a tenant , nobody is doing anything wrong or immoral.

 

[Live by the sea]

How about symbiotic?

I take on all the property risk. I charge market rates and have a really good relationship with my tenants.

Its great to know that providing well invested properties for people to live in who otherwise wouldn't be able to find anywhere gets me described as scum and a parasite.

This forum is really depressing sometimes.

I think you will find it’s a small percentage of folk that are just jealous they haven’t done similar .

 

[Jospeh]

I own 4 BTLs.

The rent is on market or slightly below. 3 of the tenants have been there 10 years plus. I provide a full service and have excellent relations with the tenants and local tradesmen alike. I have given rental holidays where needed and it is very important to me that a landlord tenant relationship is mutually beneficial.

I take real exception to being called scum.


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I couldn't give a toss what you take exception at. You are scum. If people didn't exploit housing for profit those tenants would be better off. "The rent is on market or slightly below" like you're some philanthropist. The "market" price of rent has absolutely exploded because of BTL driving up housing prices. Do you think they want to be paying off your mortgages so you can retire in comfort while they are stuck chucking a huge chunk of their monthly earning down the drain? They are stuck because of people like you.

 

[Lower West Stander]

I couldn't give a toss what you take exception at. You are scum. If people didn't exploit housing for profit those tenants would be better off. "The rent is on market or slightly below" like you're some philanthropist. The "market" price of rent has absolutely exploded because of BTL driving up housing prices. Do you think they want to be paying off your mortgages so you can retire in comfort while they are stuck chucking a huge chunk of their monthly earning down the drain? They are stuck because of people like you.

You really need to look at your attitude.

With views like that there's no point discussing this with you and its just as well others don't think the same. Keep up this sort of abuse and 31 posts will be your limit.....

 

[Jospeh]

You really need to look at your attitude.

With views like that there's no point discussing this with you and its just as well others don't think the same. Keep up this sort of abuse and 31 posts will be your limit.....

Which part of what I said was wrong? None of it. So instead of engaging with it and reflecting on your own behaviour it's just easier to dismiss it as abuse.

 

[Live by the sea]

I couldn't give a toss what you take exception at. You are scum. If people didn't exploit housing for profit those tenants would be better off. "The rent is on market or slightly below" like you're some philanthropist. The "market" price of rent has absolutely exploded because of BTL driving up housing prices. Do you think they want to be paying off your mortgages so you can retire in comfort while they are stuck chucking a huge chunk of their monthly earning down the drain? They are stuck because of people like you.[/QUOTE


Not true . Not necessarily a philanthropist but building up his own property empire very much within the rules. He is not exploiting anything . I would say he’s very sensible . If you don’t want to rent , there’s nothing stopping people taking mortgages out if they qualify .

 

[Triggaaar]

I couldn't give a toss what you take exception at. You are scum.

 

[Triggaaar]

Which part of what I said was wrong?

The words.

 

[Lower West Stander]

Which part of what I said was wrong? None of it. So instead of engaging with it and reflecting on your own behaviour it's just easier to dismiss it as abuse.

I would say directly calling me "scum" is fairly abusive......

 

[Jospeh]

I couldn't give a toss what you take exception at. You are scum. If people didn't exploit housing for profit those tenants would be better off. "The rent is on market or slightly below" like you're some philanthropist. The "market" price of rent has absolutely exploded because of BTL driving up housing prices. Do you think they want to be paying off your mortgages so you can retire in comfort while they are stuck chucking a huge chunk of their monthly earning down the drain? They are stuck because of people like you.[/QUOTE


Not true . Not necessarily a philanthropist but building up his own property empire very much within the rules. He is not exploiting anything . I would say he’s very sensible . If you don’t want to rent , there’s nothing stopping people taking mortgages out if they qualify .

Sorry but this is a terrible argument. Tax avoidance is "within the rules" but it's not morally right. And the structural issues within society are whats stopping people taking out mortgages because of the rise in house prices, largely down to BTL, means most do no qualify. If you earn £26k a year that's a take home of £1768. So even if you managed to save up for a 5%-10% deposit a mortgage lender would lend someone on that salary £126k, which as I'm sure you know isn't buying you anything at all in the whole of Brighton and Hove. In fact a single person would need to be earning around £50k a year to be able to qualify for a mortgage to even buy a 1 bed flat in Brighton. To buy a simple "family home" with 3 bedrooms a couple would need a combined income of around £75,000 and a deposit of around £30,000. This is why the birth rate is dropping so dramatically because people cannot afford to start families. People are trapped in private rental accommodation at increasingly high rents because of older people with who got lucky being born at a time when house prices were cheaper and now have wealth "playing within the rules". That is why he is scum.

 

[Lower West Stander]

Sorry but this is a terrible argument. Tax avoidance is "within the rules" but it's not morally right. And the structural issues within society are whats stopping people taking out mortgages because of the rise in house prices, largely down to BTL, means most do no qualify. If you earn £26k a year that's a take home of £1768. So even if you managed to save up for a 5%-10% deposit a mortgage lender would lend someone on that salary £126k, which as I'm sure you know isn't buying you anything at all in the whole of Brighton and Hove. In fact a single person would need to be earning around £50k a year to be able to qualify for a mortgage to even buy a 1 bed flat in Brighton. To buy a simple "family home" with 3 bedrooms a couple would need a combined income of around £75,000 and a deposit of around £30,000. This is why the birth rate is dropping so dramatically because people cannot afford to start families. People are trapped in private rental accommodation at increasingly high rents because of older people with who got lucky being born at a time when house prices were cheaper and now have wealth "playing within the rules". That is why he is scum.

For your totally incorrect view that I was "lucky" to be born when house prices were cheaper, I would like you to know that I bought my first house when my salary was 9k in the early nineties and interest rates were in double figures. I maxed out credit credit cards to pay the deposit and lived with minimal furniture for 6 months as I couldn't afford anything to sit on.

You're not listening. You have a massive bee in your bonnet about not being able to afford to buy a house and your response is to abuse people like me who are actually providing a service. Perhaps you don't think calling someone scum is abusive. I do. You don't know me, know nothing about me other than the things I have mentioned on this thread and are in no position to pass personal judgements.

With an attitude like yours, its no wonder we live in the society we are in.

 

[Icy Gull]

Sorry but this is a terrible argument. Tax avoidance is "within the rules" but it's not morally right. And the structural issues within society are whats stopping people taking out mortgages because of the rise in house prices, largely down to BTL, means most do no qualify. If you earn £26k a year that's a take home of £1768. So even if you managed to save up for a 5%-10% deposit a mortgage lender would lend someone on that salary £126k, which as I'm sure you know isn't buying you anything at all in the whole of Brighton and Hove. In fact a single person would need to be earning around £50k a year to be able to qualify for a mortgage to even buy a 1 bed flat in Brighton. To buy a simple "family home" with 3 bedrooms a couple would need a combined income of around £75,000 and a deposit of around £30,000. This is why the birth rate is dropping so dramatically because people cannot afford to start families. People are trapped in private rental accommodation at increasingly high rents because of older people with who got lucky being born at a time when house prices were cheaper and now have wealth "playing within the rules". That is why he is scum.

Please tell me that you don’t key nice cars you walk past. A blanket blaming of older people because you can’t afford to buy a house or flat is a bit OTT imo

 

[CheeseRolls]

Sorry but this is a terrible argument. Tax avoidance is "within the rules" but it's not morally right. And the structural issues within society are whats stopping people taking out mortgages because of the rise in house prices, largely down to BTL, means most do no qualify. If you earn £26k a year that's a take home of £1768. So even if you managed to save up for a 5%-10% deposit a mortgage lender would lend someone on that salary £126k, which as I'm sure you know isn't buying you anything at all in the whole of Brighton and Hove. In fact a single person would need to be earning around £50k a year to be able to qualify for a mortgage to even buy a 1 bed flat in Brighton. To buy a simple "family home" with 3 bedrooms a couple would need a combined income of around £75,000 and a deposit of around £30,000. This is why the birth rate is dropping so dramatically because people cannot afford to start families. People are trapped in private rental accommodation at increasingly high rents because of older people with who got lucky being born at a time when house prices were cheaper and now have wealth "playing within the rules". That is why he is scum.

Jospeh, the world isn't fair, although current events are proving to be a bit of a leveller. Ranting at random people on a messageboard is not going to change that. There is absolutely a need for rental property (incidentally I/we own one house still mortgaged that we live in). Not only do you have to contend with high rents, you also face competition from other young people, who have famiy members in a position to help them financially. So what can you do about it?

Your £26k is an average figure,it includes people at all stages of life. This includes those with childcare or elderly dependents who are limited in the number of hours they can work a week. What is your excuse? If you want what other people have are you prepared to work 60-70 hours a week, whilst you are young and relatively free of ties?

Grafting will help you get a deposit, it will also demonstrate to employers that you are someone who takes responsibility seriously and guess what the breaks will come, maybe your hourly rate will increase and you can then cut your hours. You don't need some old fart telling you how they did it back in the day, after all it was easy back then, but guess what?,,,

 

[ferring seagull]

I do understand the thread however.

To my mind, Buy to Lets are OK for those who are able to finance them BUT they are obviously much more attractive as those 'taking advantage' are in a better position to purchase than first time buyers having advantage having better options with regard to deposits.

However, given the country's housing crisis, first time buyers should be given much more assistance. BTLs should be made less attractive through taxation !

Sorry to any who are ' landlords '

BTW, I am a homeowner !

 

[Herr Tubthumper]

I do understand the thread however.

To my mind, Buy to Lets are OK for those who are able to finance them BUT they are obviously much more attractive as those 'taking advantage' are in a better position to purchase than first time buyers having advantage having better options with regard to deposits.

However, given the country's housing crisis, first time buyers should be given much more assistance. BTLs should be made less attractive through taxation !

Sorry to any who are ' landlords '

They have been made a lot less attractive over the past few years.

 

[SK1NT]

There is no doubt that anyone who bought pre 2000s had it easier. The simple fact is that ave salary back in the 80s 90s even before was about 3/4 times the ave house price. This is just counting. Nowadays the ave house in the SE is about 400k (https://www.zoopla.co.uk/house-prices/south-east-england/) and the average salary in the SE is about 30k. That is over 10 multiples... Like i said this is just counting and facts.

Fun fact: If the price of food had risen as quickly as the price of houses over the last 40 years, we would now be paying more than £50 for a single chicken (https://www.bbc.co.uk/news/business-21365920)