Tuesday, Feb 26, 2008
Revival of BBC comedy
BBC: Buy-to-let market still thriving
"None of this is surprising, this is the most prime sort of lending," said Malcolm Harrison of the Association of Residential Letting Agents (ARLA).
Posted by cheekie charlie @ 12:44 PM (490 views) Add Comment
3 Comments
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1. Cheekie Charlie said...
Heard the joke about the prisoner who was approved for 9 BTL mortgages!!
2. paul said...
"And the repossession rate was just 0.1%, compared with the 0.23% rate seen for the whole market."
The BBC is being dishonest for taking this claim at face value. Most of the properties are sold off cheaply and quietly as "distressed seller" auctions (in other words buy to let landlords facing repossession).
Thoroughly irresponsible reporting.
3. inbreda said...
It probably does have a lower rate of repo - in a rising market. BTL landlords have their earned income as well as their tenants bood (I mean rent money) with which to pay the mortgage. They can tehn reap the rewards of capital gains.
If there are any.
If not, they will soon start handing their keys back.
In a rising market they are least likely to be distressed sellers. In a falling market they are most likely to be distressed sellers.