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  1. Those are advertised, not getting rates. They also carry very large fees. As far as I can tell 95% basic rate tax payer with the typical high LTV IO BTL is cash negative after S24.
  2. Nah. 5 years ago a btler could remortgage at 80% + LTV Now theyll be lucky to refinance at 50 % LTV.
  3. They've not exitted the position. At best, they are just covering their position, maintaining mortgage payments down to Zirp. S24 has finished and the banks are finally proving io btl risk. IO BTL required huge leverage, stupidly cheap lending and and tax oversight to achieve pedestrian returns. S24 kills the leverage and tax oversight. The rapidly rising SVR and rapidly falling LTV kills the cheap lending.
  4. Nope. The prime BTL areas in the North are back to 2000ish prices, taking away the doubling in prices loads of IO BTL piling in caused. The rents just about cover mortgage costs. Theres problems with voids or, worse, non paying tenants that need a court order n bailiffs to quit. And we've not seen a large scale exiting of IOBTL yet. That'll happen as the tax Bill's arrive.
  5. Afaict market for OTT priced 'artisan' cupcakes is long gone. Posh bread market is still there.
  6. Bricks are a compromise. I remember reading a book about a bloke having a barn rebuilt as a house in the 1930s. One chapter was a discussion about getting brickies rather than stone masons- plently more brickies, being loads cheaper/less skilled, and walls are built faster. I'd guess the operating costs of the robot are massive - break downs, setup costs etc etc. Besides, these are large concrete blocks rather than small bricks. And its Oz.
  7. I can post page after page where it's obvious that an IO BTLer has bought a house in the mid 2000s only to sell it in late 2010s at a 30k loss on purchase price.
  8. The LTV was high - 90%+ The lender was down 200k+ - tenants stopped paying rent, property sold for less than mortgage, lots of costs with repo.
  9. Because until ~2002ish none of the banks got into IO BTL lending. Previously, LL mortgages were low LTV and handled as commercial loans. No past lending means they have no idea of how the loan perform over the business cycle. Then, rather than being cautious and stepping back and thinking thru what could go wrong, all the banks,. a large number who were building societies less than 10 years earlier, started down the massive lunacy of high LTV IO BTL. They are insane and they deserve to bust. My local building society - and it was still a BS when it went under - had lent over £1m in IO BTL to someone who, when they bothered to luck after the loans had all gone bad, was on DLA.
  10. Have you seen the UK l;ending figures for the last 10 years? One, they dont 'print' Two, look at ECB, where the CB is more active hovering up debt. It doesnt work.
  11. Low and negative interest rates destroy banks capital, so they wont lend.
  12. Furlough has thwarted UK borrowing. That's going to have a very negative medium to long term impact on housing.
  13. .????? US saving rates are shooting high as people are panicking. High saving rates is a negative for house buying. In a typical uk recession only a small number of take a hit on jobs andor earnings - say 5%-10%, most of whom get another job within 6 months. So about 10% reduction in entire earnings. News was reporting that 75% are reporting incomes are down 25% or more. That's a much larger reduction, all in. And a lot of the jobs are not coming back. House stock is still in a bubble. Incomes have not caught up with housing costs.
  14. For 30-50% OAPs there tends to be a very expensive stay in a care home. Besides, the probate sale is one more house on the market. My local area is now at the stage where probates sale exceed mortgage able buyers. And then youve got to include the nuts LA bludnering ahead wit htheir local plan of buildign another 1000 houses.
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