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eurows

So It's All Rosy In The Btl Game Then Eh?

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These GREEDY GREEY people. When will they learn.

The value of the loans secured on repossessed properties also soared — from £4.3 million to £32.2 million. About half of the repossessions were from buy-to-let investors who struggled to make repayments.
She said that repossessing buy-to-let properties was easier and quicker than homes of owner-occupiers because tenants generally stayed in place. “You’re not throwing people out on the street,” she said

http://business.timesonline.co.uk/article/...1728875,00.html

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I can see BTL landlords receiving rapid shocks rather quickly. I wonder what a bank would say to a genuine offer from a sensible professional landlord requiring a 10% return on one of those properties.

My guess would be that many will take the offer and chase the defaulter for the very large difference.

Now can someone point me to the reprocession department so I can see what their reaction is....

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However, the number of borrowers more than three months in arrears rose from 2,093 to 2,630. The debts of these struggling borrowers increased from £139 million to £276 million.

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What does this mean for a BTL who gets into trouble with his rented accomodation. For sure he will have a repossession against his name and probably bad debt references on his credit file which then stops them from obtaining further credit/mortgages.

They will of borrowed the initial deposit from the sale of the house and lost that increasing their mortgage payments which then puts them into financial difficulty at home. Which then has a knock on effect with their family life.

and for what...

Is it a good commercial risk or is it just greed and stupidity. Or is it a deep desire to lord it over someone.

Whatever it is its a gamble. When a bookie pays you out he always considers it a loan. It's not your money it's theirs and they will get it back.

And it's the same with the house. Some of the money may be yours, the bank may own some but the rest is just borrowed and father time takes it back.

Edited by eurows

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A debt will still be owed to the back after reposession, unfortunatly for the BTLer or Fortunately for the bank there is another asset to go after so they will push for a share of the primary residence or the assests within i.e. the Plasma.

I have seen others threads which go into more detail so try a search.

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Rosemary Thorne, the finance director, said: “There’s nothing to be concerned about. The level of arrears has been totally in line with our expectations, given the rises in interest rates.”

I'm astounded that the B&B have lent money to these people, who are quite obviously financially overstretched, at a period in which we have historically low interest rates.

"Mr and Mrs Muppet, there's nothing to be concerned about we're having your house."

:angry:

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there's nothing to be concerned about

You have hit the nail squarely on the head, WooHoo.

There is nothing whatosever for a Building Society to

EVER be concerned about.

They are moneylenders - they can't go wrong.

The law is on their side, the Government,

the BoE, the bailiffs.

There is EVERYTHING for the unwise borrower to be

concerned about, however.

But the article is not about the borrower -

it was an article about Building Society profits.....

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You have hit the nail squarely on the head, WooHoo.

There is nothing whatosever for a Building Society to

EVER be concerned about.

They are moneylenders - they can't go wrong.

The law is on their side, the Government,

the BoE, the bailiffs.

There is EVERYTHING for the unwise borrower to be

concerned about, however.

But the article is not about the borrower -

it was an article about Building Society profits.....

Well Said: The MONEYLENDERS hyped this WHOLE thing up - they are the EVEIL EVIL ones....... let them go bust.....

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:D We have landlords on are books who are in trouble big time . One of them has 18 houses being repossessed the valuer from the bank wants 14x the annual rent we suggested 8-10 x rent, they will not sell for that Yet, but we have punted it around and had no takers. The crash is coming move to cash now. :D

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:D We have landlords on are books who are in trouble big time . One of them has 18 houses being repossessed the valuer from the bank wants 14x the annual rent we suggested 8-10 x rent, they will not sell for that Yet, but we have punted it around and had no takers. The crash is coming move to cash now. :D

Interesting, property flipper, but who is "WE"?

Can you convince my landlord to sell to me for 8-10 times rents? I'd be in the market for that... but he seems to think the place is worth 20+ times rent.

:lol:

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:D We are a private ltd company and we deal in property in the south wales valleys, plymouth, the midlands , hull, and north manchester . We find that property yeilds of 10%+ can be acheived in these areas but it is not for the faint hearted. We mainly buy at auction or after auction, if it fails to make the reserve. As to your own landlord wanting 20x rent what a asxhole ,do not pay any rent for a few months and demand repairs be done that may reduce him a bit . Wait i can hear the crash coming it sounds very big. ;)

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:D We have landlords on are books who are in trouble big time . One of them has 18 houses being repossessed the valuer from the bank wants 14x the annual rent we suggested 8-10 x rent, they will not sell for that Yet, but we have punted it around and had no takers. The crash is coming move to cash now. :D

what's your region pf?

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:D We have landlords on are books who are in trouble big time . One of them has 18 houses being repossessed the valuer from the bank wants 14x the annual rent we suggested 8-10 x rent, they will not sell for that Yet, but we have punted it around and had no takers. The crash is coming move to cash now. :D

How do they manage to get into this position? The big buy to let lenders claim they require 130% interest coverage, >15% deposit etc. In most areas housing has been a one way bet until recently so with a reasonable size portfolio you would have thought that they have accumulated a decent equity cushion and have a stable cashflow.

Is there alot of mortage fraud in your experience - i.e. BTL using owner occupier loans, deposits financed via unsecured consumer credit etc.

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I suppose like anything if you default on 18 mortgages the default fines and interest on interest will knock you for 6.

:lol::lol::lol:

Greedy BTL b*****ds. Let them eat cake.

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:D We are a private ltd company  ...north manchester . We find that property yeilds of 10%+ can be acheived in these areas but it is not for the faint hearted.

You're not the lot putting 8-10 young foreigners into one terrace house?

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:D I am the director covering South wales. Most of the btlers remortgage there own house to raise a deposits. They borrow 85% on a interest only loan. Some use unsecured loans to get there 15% and i know of 2 cases of people using credit cards. These were builders who refurbished the property and remortgaged very quickly at a higher value. The people being repossessed with the 18 properties have remortgaged and remortgaged to grow there empire but now prices are falling there is no more easy money, they are crap at being landlords so they will go under,(no tears please) . The mortgage companies get around the rent figures by taking a veiw on the whole portfolio not each property. At present they are desperate to lend to any one. We always try to sell our properties as the tenant moves in so we are not really involved in long term letting, but 8-10 tenants to 1 house sounds a nightmare .Good yeilds can be had in poorer areas with family tenants but you have to look hard , know your trading area and be very persistant my strike rate is for every 100 veiwings i may get 4 houses at best.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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