If Buying 10 Properties A Year Is Just Too Much Hassle. in House prices and the economy Posted October 1, 2006 · Report reply Every now and then I see an advert that just makes me want to puke. This week it is one from Standard Life (who incidentally through their ‘sheer professionalism and financial expertise’ have managed to fritter away most of one of my pension funds ). Advertisement is for BTL mortgages, features a smug, self satisfied looking bloke in his late 20’ or early 30’s with the caption ‘I’d like several properties not several mortgage providers’ The product they are pushing is called ‘Freestyle’ which allows you to buy upto 10 properties in any twelve months and only pay £500 in arrangement fees. WTF .. is this what we have come to ?! They are trying to portray buying 10 properties a year as a perfectly normal thing for a 20/30 something bloke to do. I mean how many 20/30 year olds have that sort of cash … even for the deposit ?From what I read most are still paying off student loans and are sinking under the weight of debt they already have. They are trying to portray it as the sort of thing you might do on a Saturday shopping outing on the way back from B&Q. “I got the paint, darling, and the tiles, oh and on the way back I just popped into the estate agents and bought a couple more apartments” ………. “ Oh, O.K . Did you get the right shade of Magnolia ?” I understand how this appeals to the lazy, stupid, greedy, hard of thinking but I just don’t understand the banks. I know the sheeple don’t understand that the market is cyclical and that we are probably at the peak of the biggest boom ever but surely the banks do ? And yet they keep on lending more and more, instead of credit tightening, they just allow credit to get looser and looser. Maybe they feel that the 10% deposit that the buyer puts down will cushion them against price falls …… trouble is, I suspect, in most cases that 10% deposit has been paid from MEWing other properties so all the money for the purchase is borrowed money. And is 10% really going to be enough to protect against price falls….. I don’t think so. I know people have very short memories but I would have thought the banks would be different ?! They only need look across the pond to see what is coming our way. Oh and the caption at the bottom is 'For the financial realities of life' ... they are having a laugh surely. Relax....stop foaming at the mouth. Freestyle is the generic brand name for Standard Life Bank's mortgage range, not some new product. Are you certain about the 10% deposit? I always thought it was 15% for SLB, and that's completely in line with the industry.