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  1. OP, I would think your colleague will find it very difficult to get a BTL mortgage if they don’t ‘own’ their own property these days, fairly certain it’s a prerequisite with 99% of BTL mortgages. BF
  2. Isn’t there a six week period before someone can claim universal credit? Could be a connection.... BF
  3. Sitting in my local last night I was earwiging a conversation between some people in the area for a conference all about mortgages and house finance etc. The guys were not your average EA or broker types talking they appeared to be several levels above that judging by the way they were talking and cars being driven. Anyway they were having an in-depth discussion specifically about second hand homes on HTB schemes and how they were targeting finance on these type of homes for people wanting to buy them or currently living in them and unable to sell or remortgage when the HTB period ended. The general idea seemed to revolve around the purchaser having minimum 10% deposit they would ‘settle’ out the HTB part of the loan with the government and the purchaser slowly ‘buys’ via monthly ‘rental scheme’ the remaining % of the property back from them, The rental yield quoted was minimum 4.8% (internally). The elder gent (who introduced himself to me as the Chairman of the conference before his two colleagues arrived) quickly commented how the ‘rental’ side of the equation would have to be rather high for it to work which was indeed how it was supposed to work with the whole process being rinsed and repeated at the end of every fixed term. Sorry if it sounds a bit vague but that was the general gist of it and I unfortunately had to leave. BF
  4. Hi Beaker we were in a not dissimilar situation to yourself, nursery fees were an absolute killer and made buying anything completely out the question due to the circa £900 a month fees until last September when they ended. We weren't going to buy but this time last year our LL had passed away, he was living abroad with a new wife and had children and ex wife over here so we could see things were going to get messy. We asked the LA for first refusal on the house if they decided to sell it (which they did) though what they asked for was out of our price range. We offered our max budget which was circa £40k less than what they originally asked for it. We'd started looking at houses in the area and it was seriously depressing looking at semi detached ex council houses for nearly £400k. Long story short they surprisingly accepted and we've ended up with a detached house in rural village in Oxfordshire at 90% LTV. It wasn't the plan but we were fed up renting and being moved on at a LL whim, the clock was ticking for us too and we've got a family home (not an investment) that we can do things to and make our own. You've got to do what's right for you, best of luck ? BF
  5. Thats pretty much exactly what the bread knife has just said. So many state benefits, support and opportunities available to the 18yo girl. BF
  6. I think he's ahead of the game giving his flat in Preston away..... Joking aside, I'm not sure of the purpose of this. BF
  7. It's decorative mould don't you know..... Let's put special paint on the bathroom tiles ! This just out of control. These guys surely must be leveraged to the hilt? An 18yo in charge of that LL's 80 property portfolio..... Jesus wept ??? Wrong on all levels! BF
  8. Personally I don't think the cons really want to win this election. With one fell swoop last week they alienated a huge margin of their voters by telling them they're effectively going to lose their house / ability to pass on any form of inheritance to pay for their own care in old age. Rights and wrongs of this aside turkeys don't vote for Christmas so I can't see the older wealthy generations voting to lose their HPI gains. There could well be a huge HPC and financial correction coming. What better way to destroy Labour forever than get them to win the election take the blame for the carnage that ensues and then come back with landslide majority in a few years time. Just my cynical thoughts anyway. BF
  9. I'd lay money on there being some kind of bail out scheme for IO mortgage holders. Something like the house becomes part of the local HA or LA and hey presto the government now has just increased its social housing scheme/s. BF
  10. Honestly, yes. One girl I was talking to was bragging how she'd bought her house and got an amazing deal on her mortgage because she'd 'negotiated' IO. I asked her how she was going to pay for the house when the IO term ended and she looked all confused and said something what do you mean, it will be paid for by the mortgage won't it.... I then changed the subject because frankly it wasn't worth the effort. That was about three or four years ago now mind, so the penny might have dropped by now. BF
  11. I know several people with IO mortgages and I don't think they have a clue or understand them. They think because they are paying a mortgage they are paying for their house. I gave up trying to explain the difference between IO and repayment years ago. BF
  12. Ha ha brilliant ? I always hated and resented inspections, it's my home I'm paying for it, I don't need some LL or jumped up little 'smeg' coming round to 'inspect' the house. Personally I think it's a power trip for the LL to do it and a way that the LA justifies their existence but also a power trip for them. BF
  13. You are Crashy Time over on MSE and I claim my £5 prize ???? BF
  14. Hasn't this been done before? im sure a few years ago there were quite a few of these property lotteries going on. I remember there was some fish farm or something down in the south west. BF
  15. All talk and no action. He had his chance, he used to talk sense but we all know now it's just hot air with no substance. BF
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