nigooner

What's the point of all that If the cycle starts again at lower rents and works its way back up? It's hardly hammering out BTL landlords. It's just making a new generation of landlords who can buy dirt cheap houses and wait ten years to sell them and make a fortune.

So the landlord will let people live there for free?

The houses won't disappear you know. People will still be able to rent, just not from armature, leveraged numpties. Thanks for clarifying that houses won't disappear. Very useful. What are you suggesting is done with them then? Government buys every former BTL to house the renters and become a large scale rental agency as well as housing association?

Where do people live in the intervening years if housing benefit is stopped?

do you think government housing and housing associations is a highly efficient model to sustain the whole of the BTL market? Has there not been stories of corruption and jobs for the boys among housing associations in the last few years? Or housing associations paying millions of pounds more than necessary for sites? If there wasn't a private BTL do you think that would lead to an improvement in government ran property or allocation of funds to housing associations? Would they even have the capacity to house every single person that doesn't want to own a house? can you go to a housing association and get a house on the same day or are you stuck on a waiting list? would people making good money who'd prefer to rent be happy in divis tower? I get the majority of this forum is anti anybody making a single pound profit from property rentals, it's the nature of the forum. but I don't understand how people could think there isn't a single benefit of having a private BTL market and they should be 'hammered'

Will it really have that much of an impact here considering people can get BTLs for £50k or £60k here? £1800 tax is not going to be a deal breaker on a house yielding 15% a year. The opinion of 'BTL hammering' is pretty narrow minded. Not everyone aspires to, or is even capable of, owning their own home. Where do these people live if there is no BTL market? Housing associations?

Link brings me to a log in page?

I didn't think he was allowed to give evidence at that finance committee meeting, the finance committee asked for proof that he had a connection to the people involved.

Would anyone buying a BTL not just buy it through a ltd company? I know lenders for ltd' are thin on the ground, but could save you getting pushed into the highest tax band and getting hammered with the tax.

You can walk away any time up until you sign the contract with your solicitor, which is done after a full survey and mortgage paperwork has been completed (if required)

Plus that estate behind this new apartment block too. Madness. More like 80k a unit.

Stamp duty at that level would only be about 1% I think? Buying and selling fees usually seem to be around £750, including searches etc. def enquire a bit further!

What's your penalty for paying back the mortgage early? Sometimes there isn't any once the fixed part of your mortgage has expired. In that case you might be best paying it off then, and then your saving/discount will be all the interest you now wont have to pay.

Couldn't help but laugh

That's a handy site for planning applications too!

Would have thought it'd be better to test at base rate at 7% + mortgage rate. No doubt interest rates will be up around 6-7% during the term of their mortgage, if not higher.

Do you know if the stress testing done at 7% is based on the BoE base rate rising to 7%, or the total mortgage rate being 7%?

Is 3.5 times joint income actually 'rather high'? I think that's about the figure my folks had to work with when they bought their first house 40-odd years ago.

I don't see any difference between a developer making profit from turning an uninhabitable house habitable, or a mechanic profiting from making a failed MOT car road legal. Why is it deemed ok for the mechanic to make money, he's not creating wealth either. Doing the same thing as the developer, turning somethin useless into somethin of value. Why is deemed ok for the mechanic to make money from non-wealth-creating activities but not the developer. When a property falls Into disrepair, should it just be left to fall apart because you begrudge a builder or developer a profit from repairing it? If you don't want a developer making money, who should repair it? Doubt there's many people or companies out there that would do it for free. Maybe in wrong, maybe there's a niche for some people on the forum to gather up money and tackle these houses themselves in a not-for-profit organisation, keep those greedy builders/developers from profiting from their work and getting houses habitable again. There seems to be an overriding sense of hatred on this forum for anybody that makes a profit from property. Ignorin all the problems with banks that property boom created, if someone makes an unmortgagable house mortgageable, why should he not be rewarded. Granted in this case they developer could walk away with £100k profit or something which is madness, but even on a £50k house there should still be a reward in it at the end. I dare say there'd be a lot of hidden jealousy around if that bloke makes £100k on the house, which then comes out in debates about how evil the developer is and so on. Who here wouldn't want £100k for not a lot of work.thats 4 years wages for most people in NI, made in 6 months. I'd be jealous of that.

If a house comes up that you like to buy,Chances are it'll take up to 2-4 weeks from the property coming on to the market,get all the viewings done and an offer accepted. Another 6-8 weeks for the legals to be done. Plus you could always ask the deal to be completed on a set date, doesn't have to be ASAP. If a house came up the day after you signed a 6month lease, you might only end up having 1 or 2 months of paying rent and a mortgage, if any at all.

I'd be amazed any financial institutions were spending time and effort buying one house at a time at auctions. If they were wanting in to property i imagine they would be buying apartment blocks or complete developments at a time, not a £50k house. With tens and hundreds of millions to invest, it's not worth their while.

Strangely most lenders dont like long term tenancy, not an issue if they buy outright though. Go to any broker,they'll all have the vested interests (based on commission), but you still get a print out I the deals available and then can pick through that.

Doesn't necessarily need to be a bank. Virgin money offer BtL for NI, along with mainland building societies, via mortgage brokers here. Some don't need proof of earnings, just Ltv and a sufficient rental income.

As a rule of thumb, if the people who had their house repossessed are dumb enough to silicone the plugs and cement the toilet, its not an area I'd be interested in moving to. This isn't a reflection on people who have had their house repossessed,just their actions once they are being repo'd. I have been in houses that have been left immaculate- vacuumed and cleane top to bottom by the owners prior to repossession. That is the area I'd buy a repo in.