cashinmattress Posted August 5, 2009 Share Posted August 5, 2009 Third of buy-to-let investors 'battered' The extra checks on tenants made last month appear as a response to the “battering†that some buy-to-let investors are taking in the recession, a new study shows.Rental arrears, voids, repayment issues and repossessions are among the pressures that landlords have been more likely to have felt in the past 15 months, said BDRC. In its poll of 500 landlords, the research agency found that less than a fifth suffered rental arrears in March 2008, compared with almost one in three 15 months later. More than a third were forced to cover the cost of non-payment of rent from their tenants' deposit, and nearly as many (32%) have taken eviction against their tenants. Add to this “battering [that] some have taken in the recession†with the burden of new legislation for all landlords “and you might ask yourself why anyone would be a private landlord in today’s economic environment.†However BDRC added that its research suggests that while there are “undoubted challenges†in the current economy, some private landlords quizzed in June feel that the worst is over. The economic indicators that the firm’s Landlords Panel has measured since 2006 - capital gains, rental yield and overall letting prospects - suggest confidence is returning for one in five landlords. For example, 19% of respondents thought the prospect for rental yield in the next three months were ‘very good,’ and 17% said the same about the lettings sector’s prospects over the same period. Some of the optimism was put down to mortgage finance still being difficult for would-be buyers to secure, amid loan-to-value on mortgages at 25% to 40% as standard. Reflecting on the findings, Mark Long, BDRC’s director, said: “It is clearly a tough time for private landlords, with many more experiencing arrears and the longest void periods than at any time since we started tracking this market in 2006. “However there is a feeling amongst some that prospects are good for the next three months as demand for rental property is fuelled by the restrictions on residential mortgage lending, making it hard for many people to buy properties.†Can't get blood from a stone, but you can bet that the growing and ever more desperate ranks of BTL property 'investors' are trying. That's the sad truth about a property gamble... Most will lose. Quote Link to comment Share on other sites More sharing options...
Guest UK Debt Slave Posted August 5, 2009 Share Posted August 5, 2009 Third of buy-to-let investors 'battered'Can't get blood from a stone, but you can bet that the growing and ever more desperate ranks of BTL property 'investors' are trying. That's the sad truth about a property gamble... Most will lose. We shouldn''t laugh really. A lot of perfectly decent people have been taken for a ride that'll ruin the rest of their lives. All cos they DIDN'T THINK and they believed in fairy tales. It's all pretty bloody ghastly really Quote Link to comment Share on other sites More sharing options...
Chest Rockwell Posted August 5, 2009 Share Posted August 5, 2009 We shouldn''t laugh really. A lot of perfectly decent people have been taken for a ride that'll ruin the rest of their lives.All cos they DIDN'T THINK and they believed in fairy tales. It's all pretty bloody ghastly really And they're being f*cked over by the 'reluctant landlord' too... Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted August 5, 2009 Share Posted August 5, 2009 On ITN it said a third of HBOS BTLers were in negative equity. That's a pretty big figure, how many of those I wonder are in arrears? Quote Link to comment Share on other sites More sharing options...
Charterhouse Posted August 5, 2009 Share Posted August 5, 2009 Another great content-less thread started by you, thanks for adding so much value. Quote Link to comment Share on other sites More sharing options...
RufflesTheGuineaPig Posted August 5, 2009 Share Posted August 5, 2009 More than a third were forced to cover the cost of non-payment of rent from their tenants' deposit, and nearly as many (32%) have taken eviction against their tenants. That will be a court visit then.... you can't do that, the deposit is against damage to the property. Quote Link to comment Share on other sites More sharing options...
Chest Rockwell Posted August 5, 2009 Share Posted August 5, 2009 Another great content-less thread started by you, thanks for adding so much value. Another great pointless post by you, thanks for adding nothing! Hows the negative equity? Quote Link to comment Share on other sites More sharing options...
slurms mackenzie Posted August 5, 2009 Share Posted August 5, 2009 Third of buy-to-let investors 'battered'Can't get blood from a stone, but you can bet that the growing and ever more desperate ranks of BTL property 'investors' are trying. That's the sad truth about a property gamble... Most will lose. Hold on a minute as i reach into my pocket to post The worlds smallest violin there it is --> . <-- right there. Quote Link to comment Share on other sites More sharing options...
cashinmattress Posted August 5, 2009 Author Share Posted August 5, 2009 Another great content-less thread started by you, thanks for adding so much value. Keep trying, you'll get there soon enough! Quote Link to comment Share on other sites More sharing options...
eightiesgirly Posted August 5, 2009 Share Posted August 5, 2009 I wish, hope and pray some of the utter,utter $hite landlords near me get battered. All of them paid by the taxpayer. The wonders of the welfare state. Quote Link to comment Share on other sites More sharing options...
winkie Posted August 5, 2009 Share Posted August 5, 2009 I would imagine many new BTLers who remortgaged on their own owner occupied homes to buy their buy-to-let fortune are now subsidizing them with their OO property...if they default things could get nasty. Quote Link to comment Share on other sites More sharing options...
Charlie Don't Surf Posted August 5, 2009 Share Posted August 5, 2009 I'm sure the government are right now working out a way to prop up the BTL industry using taxpayers money Quote Link to comment Share on other sites More sharing options...
The Ayatollah Buggeri Posted August 5, 2009 Share Posted August 5, 2009 I'm sure the government are right now working out a way to prop up the BTL industry using taxpayers money Correct. The idea is that the banks foot the bill. Quote Link to comment Share on other sites More sharing options...
piece of paper Posted August 5, 2009 Share Posted August 5, 2009 I would imagine many new BTLers who remortgaged on their own owner occupied homes to buy their buy-to-let fortune are now subsidizing them with their OO property...if they default things could get nasty. ...............but very, very funny! p-o-p Quote Link to comment Share on other sites More sharing options...
Tankus Posted August 5, 2009 Share Posted August 5, 2009 I wonder how many people here, with the unpleasant attitudes to people in financial difficulties ..still live with their mum ? Quote Link to comment Share on other sites More sharing options...
yellerkat Posted August 5, 2009 Share Posted August 5, 2009 YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP YOUR PAYMENTS ON ALL YOUR MORTGAGES Fixed, as they say. Quote Link to comment Share on other sites More sharing options...
Redcellar Posted August 5, 2009 Share Posted August 5, 2009 Fixed, as they say. I suspect the banks would foreclose on the rental property very quickly after a few missed payments, sell it for a loss, then the individuals have to remortgage OO which will not be possible, so they are forced sellers of the OO house to cover the loss. Wipes out all mortgage payments and savings. Nice position to be in I'm sure ... not. If I were BTL I'd be cr*pping myself right about now. No way out and huge risk if you stay in, the potential profits are now far outweighed by the risk. There are much better and controlled investments to be in right now. Quote Link to comment Share on other sites More sharing options...
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