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padmorgan

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About padmorgan

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  1. Why this will make no difference to the house price crash: 1. it doesnt cover BTL, they're the people who are in big trouble paying the mortgage and likely to sell 2. it doesn't cover people with mortgages from subprime lenders, people who are in big trouble paying the mortgage, finding a new mortgage, and again v likely to sell 3. those two massive groups will sell, and the prices will be low, and that will determine the market price for all 4. if it defers price falls for two years, it will simply maintain the decline even longer, starting from 2010, when everyone is poorer and paying back the debt gordon brown is lining up for us. And paying more tax. Nice. I agree it's beneath contempt to use taxpayers money to pay mortgages for idiots, and riddled with moral hazard, but I don't think it'll affect the crash at all. The thing that really needs to be done is very simple: ABOLISH TAX RELIEF FOR BTL LANDLORDS' INTEREST. I remain incredulous that we are subsidising this iniquitous, inequality generating, inflationary, failing market. Put the lot against the wall. Let them go bust. It'll happen soon enough anyway.
  2. Wow. The unpleasantness that my initial question has elicited can only mean that there are a lot of very scared landlords out there. My landlord has been fairly unhelpful about a lot of problems. Just to be clear, I feel absolutely absolutely no sense of reciprocal obligation to someone who is financially exploitative. The comments of this thread have rather polarised my views. In the future, I suppose, we might have a government who see the sense in regulating the private property market that Labour have created, imposing standards and obligations on landlords. But at the moment, frankly, it's class war, and BTL landlords are the scum. I'm thinking about setting up a campaign on this, if there's any interest then post in thread, judging by the posts here, and the current climate ("they're going to lose a lot of money and nobody cares") I think a campaign to dob in dodgy landlords with OO mortgages could get quite a lot of media coverage.
  3. I was the original poster, and as I said I did inform my landlord's mortgage company that he was using an owner-occupier mortgage to run Buy To let business. I'm not ashamed of this, and I don't consider it "grassing". I've been chatting the issue through this evening with some friends, and one of them works in the media. She's going to try and help me get a piece in a national about my decision, and the issue of BTL landlords using bogus mortgages, and how that puts tenants at risk. I see the anger at my actions as being a reflection of the fear and panic in the BTL sector. It's a funny thing about vitriol that it can be infectious. Getting my little story into the paper was just a fun idea at dinner this evening, but now I'm feeling very much more committed to how important it is to get the word out, so thanks for the motivation!
  4. Just to let you know, I was the person who started this thread. I have now informed my landlord's mortgage company that the property is rented fraudulently on their owner-occupier mortgage. It felt good. They have been atrocious. I won't go into details because I can't be bothered to type it all out. It could be you! I'm a professional and I don't expect to be treated like a peasant simply because I choose to spend a few years working in this country. God knows the Brits don't like to work here, you're all on the sick or having babies on benefits as far as I can see, so someone has to do the work. If there is any further bad behaviour I shall be informing the tax office as suggested (thanks). I heartily recommend to anyone in a similar position to do the same. This drongo has wasted no time in finding bizarre moral and legal interpretations to excuse leaving things unfixed and unsafe. It felt good. It felt incredibly good. Contrary to what you might think it felt quite adult too. I think it was the right thing to do.
  5. I have my own plan. Buy to let mortgages make up 25% of the mortgages in London, according to the FT. this is clearly an underestimate, because I know that my landlord is illegally renting out his flat on a normal mortgage (with little deposit, I suspect). I think that all tenants should join together in informing the mortgage companies of when their landlords are doing this. It is illegal and it is one of the things propping up the market. I will be informing my landlord's mortgage company anonymously tomorrow. I would encourage others to do so too. If the government is going to spend my tax money on propping up a bubble then I am going to do everything I can to protect my interests.
  6. Under these ridiculous new rules, a single man who chooses not to work and lives in Lewisham can claim £800 a month to rent a flat. This is more than a nurse could afford to pay in rent. It sickens me.
  7. Buy to let mortgages make up 25% of the mortgages in London, according to the FT. this is clearly an underestimate, because I know that my landlord is illegally renting out his flat on a normal mortgage (with little deposit, I suspect). I think that all tenants should join together in informing the mortgage companies of when their landlords are doing this. It is illegal and it is one of the things propping up the market. I will be informing my landlord's mortgage company anonymously tomorrow. I would encourage others to do so too.
  8. Am I wrong to think it's a good idea to shop amateur landlords to their mortgage companies as BTL?
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