Mse Btl

[Live Peasant]

http://forums.moneysavingexpert.com/showthread.html?t=928687

We have a buy to let, it has been a nightmare from start to finish, bought the house, had rent guarantee, agents got scum in who trashed the place and did a bunk in three months. Agent went back on rent guarantee, we had to completely redecorate, re carpet and de flea what was once a gorgeous house. Took agent to small claims, won but he disappeared.

Got a reputable agent, reduced rent so are topping up mortgage by £125 per month, have now been told by NR that all products have been removed, house is worth less now than when we bought it so stuck with NR on SVR, we are going to have to find an exta £420 per month to cover mortgage.

Have very good tenants and don't want to lose them, frightened to put rent up but they have been in just over a year. Don't know whether to attempt to sell with them in situ or wait for them to move out and then attempt to sell or just jump of a bridge.

This was not a greedy lets get rich scheme. We wanted to buy three houses, one for each of our children to enable them to get on the property ladder, idea being we could sell when they go to Uni and they could buy close to uni and rent out rooms to friends to cover mortgage.

Devastated is not the word, I cannot tell dh as he is on a really intense course and is worried enough about the situation. He thinks we are only going to have to top up by £95 on top of what we currently pay.

Edited May 21, 2008 by linuxgeek

[Gone baby gone]

This was not a greedy lets get rich scheme. We wanted to buy three houses, one for each of our children to enable them to get on the property ladder, idea being we could sell when they go to Uni and they could buy close to uni and rent out rooms to friends to cover mortgage.

Sounds like a greedy get rich scheme to me.

[BandWagon]

This was not a greedy lets get rich scheme. We wanted to buy three houses, one for each of our children to enable them to get on the property ladder, idea being we could sell when they go to Uni and they could buy close to uni and rent out rooms to friends to cover mortgage.

The classic small-time investor psychology.

Buy at the top, and sell at the bottom.

[salamander]

Must... control.......

Bwahahahahahaaaaaa!

Sorry, but that is just too funny, assuming it's not a wind up.

[_w_]

Sounds like a greedy get rich scheme to me.

So bloody right!!! Complete denial!

[Guest anorthosite]

Hangon, if its moneysavingexpert and he's the landlord, isn't he the enemy?

[winkie]

This was not a greedy lets get rich scheme. We wanted to buy three houses, one for each of our children to enable them to get on the property ladder, idea being we could sell when they go to Uni and they could buy close to uni and rent out rooms to friends to cover mortgage.

At the moment a Buy To Let, lets everyone else make money from your purchase, the seller, the tenant, the bank the estate agent and the tax man. The children themselves will buy if they are so inclined, when they can afford to buy and when the prices are right, with a wage of their own, and a 10% deposit.

[OnlyMe]

Somebody should tell these idiots that it was idiots like themselves who were causing the problem for their idiot offspring by pushing up prices and preventing them from getting on the idiotic housing ladder in the first place.

New word - Shaftenfreude - taking pleasure in watching on as people ****** themselves.

[ruggedtoast]

Oh come on, these arent city high flyers or giant corporations taken down by hubris, these are real people shafted by doing what every 'expert' on the tv, the newspapers, the banks and the government told them was a great idea.

You'd have to be a bit of a ghoul to find this funny.

[OnlyMe]

ruggedtoast

My care gene seems to have bitten the dust.

There were PLENTY of warnings.

[Paddles]

Oh come on, these arent city high flyers or giant corporations taken down by hubris, these are real people shafted by doing what every 'expert' on the tv, the newspapers, the banks and the government told them was a great idea.

You'd have to be a bit of a ghoul to find this funny.

You're right, it's not funny, it's sad. But not in the way you think.

It's sad because I didn't make a hugely rash and ill-informed decision with leveraged money (the most lethal kind of investment) but unfortuately I will end up paying, through my taxes, for these people's pensions and income benefits when their stupid retirement plan comes crashing down around their ears.

I will probably laugh now and weep gently in 20 years when income tax is 30% base and 60% higher rate.

[DoctorJ]

Paid £174k mortgage £153k. Current mort payments £674, rent £625 (£550 after agents cut), New mortgage approx £974

HAHAHAHAHAHAHAHAHAHA SUCKERS!!!!

[cells]

Oh come on, these arent city high flyers or giant corporations taken down by hubris, these are real people shafted by doing what every 'expert' on the tv, the newspapers, the banks and the government told them was a great idea.

You'd have to be a bit of a ghoul to find this funny.

pure, pure, pure greed was the motive. nothing else.

ignorance is NO defense.

[Guest An Bearin Bui]

http://forums.moneysavingexpert.com/showthread.html?t=928687

Got a reputable agent, reduced rent so are topping up mortgage by £125 per month, have now been told by NR that all products have been removed, house is worth less now than when we bought it so stuck with NR on SVR, we are going to have to find an exta £420 per month to cover mortgage.

....

This was not a greedy lets get rich scheme. We wanted to buy three houses, one for each of our children to enable them to get on the property ladder, idea being we could sell when they go to Uni and they could buy close to uni and rent out rooms to friends to cover mortgage.

It's great that they were planning ahead for their children's future, wonderful stuff. They were obviously responsible, far-sighted parents who had immense concern for their children's well-being: the only slight flaw in their plan is that THEY CLEARLY COULDN'T AFFORD IT!

I could think up any number of investment plans and schemes to create future wealth for myself and my family but unless I have the cashflow to put plenty of money aside for it, it's all theoretical. She may have thought she had a rock-solid plan for her children's future but at no point did she sit down and figure out if she could afford for all three of her children to own their own properties at the age of 18 at her expense. Lots of people would like to set up their kids for life like this but if you can't even afford an extra £300 per month on your investments, then what are you playing at? Why is it that when it comes to property, people seem to think research or planning is just optional?

[_w_]

HAHAHAHAHAHAHAHAHAHA SUCKERS!!!!

Stop it you ghoul!

[Saberu]

Points if you can spot my devestatingly mean post

[Saberu]

Lots of people would like to set up their kids for life like this

Come on, see through it! Her kids are just an excuse do you really think on the off chance she bagged a lot of equity she wouldn't have kept some of it for herself or wouldn't have leased out spare rooms?

[cells]

Come on, see through it! Her kids are just an excuse do you really think on the off chance she bagged a lot of equity she wouldn't have kept some of it for herself or wouldn't have leased out spare rooms?

why did she not just put cash aside?

assumption: house prices always go up, being a landlord is piss easy

gamble: leveraging debt on what seems a one way bet

outcome: not so good.

Edited May 21, 2008 by cells

[Guest An Bearin Bui]

Come on, see through it! Her kids are just an excuse do you really think on the off chance she bagged a lot of equity she wouldn't have kept some of it for herself or wouldn't have leased out spare rooms?

How could any mother lie about her children like that? For shame!!! Is there no depths to which BTL-ers will not sink?

[DoctorJ]

How could any mother lie about her children like that? For shame!!! Is there no depths to which BTL-ers will not sink?

Damn! if she could sell one of the kids to save the portfolio then she probably will. Its such a terrible world we live in

[Allah be praised]

http://forums.moneysavingexpert.com/showthread.html?t=928687

We have a buy to let, it has been a nightmare from start to finish, bought the house, had rent guarantee, agents got scum in who trashed the place and did a bunk in three months. Agent went back on rent guarantee, we had to completely redecorate, re carpet and de flea what was once a gorgeous house. Took agent to small claims, won but he disappeared.

Got a reputable agent, reduced rent so are topping up mortgage by £125 per month, have now been told by NR that all products have been removed, house is worth less now than when we bought it so stuck with NR on SVR, we are going to have to find an exta £420 per month to cover mortgage.

Have very good tenants and don't want to lose them, frightened to put rent up but they have been in just over a year. Don't know whether to attempt to sell with them in situ or wait for them to move out and then attempt to sell or just jump of a bridge.

This was not a greedy lets get rich scheme. We wanted to buy three houses, one for each of our children to enable them to get on the property ladder, idea being we could sell when they go to Uni and they could buy close to uni and rent out rooms to friends to cover mortgage.

Devastated is not the word, I cannot tell dh as he is on a really intense course and is worried enough about the situation. He thinks we are only going to have to top up by £95 on top of what we currently pay.

You`ve still got a roof over your head and food in your stomach - millions of people die each year through a lack of basic amenities.

[Allah be praised]

Oh come on, these arent city high flyers or giant corporations taken down by hubris, these are real people shafted by doing what every 'expert' on the tv, the newspapers, the banks and the government told them was a great idea.

You'd have to be a bit of a ghoul to find this funny.

HAHAHAHAHHAARRR

Edited May 21, 2008 by Allah be praised

[Dunbrokin]

http://forums.moneysavingexpert.com/showthread.html?t=928687

We have a buy to let, it has been a nightmare from start to finish, bought the house, had rent guarantee, agents got scum in who trashed the place and did a bunk in three months. Agent went back on rent guarantee, we had to completely redecorate, re carpet and de flea what was once a gorgeous house. Took agent to small claims, won but he disappeared.

Got a reputable agent, reduced rent so are topping up mortgage by £125 per month, have now been told by NR that all products have been removed, house is worth less now than when we bought it so stuck with NR on SVR, we are going to have to find an exta £420 per month to cover mortgage.

Have very good tenants and don't want to lose them, frightened to put rent up but they have been in just over a year. Don't know whether to attempt to sell with them in situ or wait for them to move out and then attempt to sell or just jump of a bridge.

This was not a greedy lets get rich scheme. We wanted to buy three houses, one for each of our children to enable them to get on the property ladder, idea being we could sell when they go to Uni and they could buy close to uni and rent out rooms to friends to cover mortgage.

Devastated is not the word, I cannot tell dh as he is on a really intense course and is worried enough about the situation. He thinks we are only going to have to top up by £95 on top of what we currently pay.

" Got a reputable agent" was the first one disreputable or just cheap? Let me guess. Cannot tell partner about the shortfall because he is on "an intense course"? Sounds like fun at their place!

[bobby9983]

In my experience most BTL investors are lazy people who see being a landlord as a way of not working for a living.

Also, in an environment where ANYONE can give advice on a BTL mortgage with as little as a consumer credit license, which can be bought for £200 approx, and with no risk warnings needed, shove 100% leverage on someone to buy a highly illiquid investment that was overpriced in the first place wasn't it always going to end in tears?

[Monkey]

what i find hard to beleive is (as everyone says) it was 100% for their kids ot helpget them on the market. as she admits, they will sell the house when they get to uni age.

my questions to her (if i could be bothered to register on that site)

1, what makes you think your kids will go to Uni? if they dont what happens ot the house?

2, why choose a house as an investment? ever since i was 15 people told me that houses are a bad investment, good to live in though. there are many more proffitable long term investments out there that are less likly to fail dramatically (i not 100% but i would imagine this)

i do agree it was for proffiteering