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About jamie77

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  1. You think I no longer have a soul? Are any investments truly ethical? If I'd left it in a savings account, the bank would have loaned it out on BTL mortages.
  2. Exactly. Pay £30,000, use it for ten years, tehn sell it on to the next person to use for ten years etc. This makes it free for everyone for ever, only a returnable deposit needed
  3. Hi, I am a landlord ( ). Got 2 BTLs recently and don't plan on buying any more. I don't plan on selling any time soon but I'm interested in house prices and the economy from a geeky point of view as I just find it all interesting. Am happy to answer any questions about my landlording
  4. I am in favour of the 3% hike for BTLs in the absence of any better ideas from Osbourne - I am just against further SDLT rises as I think taxing property transactions is bad idea when what you actually want to tax is property ownership. I don't plan to sell soon, I bought the two I have (the only two) in 2014 and 2015 and plan to hold for the long term. I am comfortable with the risks involved carefully considered BTL vs keeping the money in savings or buying stocks or investing in businesses. BTL came out tops as I guess it has been doing for many people recently. I'd be happy to give my point of view on this and the morals of it on another thread if you like so as not to go OT. I will say though that the "tenant tax" whinging landlords do my nut in - they say they're not being treated like any other business with expenses...well every other business isn't buying up housing is it?
  5. I guess we need to wait for the post-crash property118 legal action to find out for sure I have a BTL mortgage with a local building society too but they're a bit old fashioned and don't publish an electronic version of their T&C, I think the paper one I've got is in the attic somewhere. However I do have the building society mortgage offer and it is pretty much identical to the HSBC one, no mention of LTV. Just dug out my Nationwide residential mortgage offer - this is different. Same format but in Section 4 - Description of Mortgage it states "Product Conditions:... this mortgage is available up to a maximum of 60% of the property's valuation".
  6. It's possible I suppose but I am not convinced. Neither of those clauses mention LTVs so I can only see "obligations" referred to as being related to the fact that the security is sufficient to cover the loan amount i.e. 100% LTV minus sale costs. This would be an obligation of the borrower, to ensure the loan can be repaid by sale of the property. What appears not to be an obligation of the borrower is to maintain a certain LTV to satisfy HSBC's regulatory requirements or business model.
  7. £30,000 buys you ten years parking at the adjacent council-run Charlotte Street car park.
  8. Here ya go: http://web.yurgn31.50mail.com/HSBC_BTL_terms.pdf
  9. Sure, I'll try and get the full document up later.
  10. They revised their mortgage terms in 2012. I don't have access to the pre-2012 version.
  11. Sure they calculate the rate based on the LTV and take LTV into account in their underwriting. However the actual offer makes no mention of it. I am comparing their mortgage offer/T&Cs to that from The Mortgage Works quoted above. That LTV clause is conspicuous by it's absence. HSBC do state this "Where we reasonably require a further valuation of the Property in order to confirm its value, you agree that this will be at your expense." That's all they say on the matter. Nothing about LTV. I assume from this they would only be concerned when the LTV goes above 100%, when I suppose they could argue that the property was no longer sufficient security for the loan, but there is nothing explicit in the terms about what would happen in this situation.
  12. HSBC don't have such terms. They don't even mention LTV whatsoever.
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