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Bbc 2 Now - Mortgages 14 July 8Pm

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I just got the last few minutes. They have moved on to VAT now.

Anyone watched this show from the beginning? Was it any good?

Just caught the last 30 mins or so.

The Irish fella that lives without using cash - looks like we've discovered the identity of the poster known as 'Injin'....

:blink:

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Just caught the last 30 mins or so.

:blink:

Watch the whole thing to see the Bournemouth guy earning £20K p.a. who has borrowed 5.5 million to buy 100 BTL's.

He's beginning to feel a bit nervous....

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Watch the whole thing to see the Bournemouth guy earning £20K p.a. who has borrowed 5.5 million to buy 100 BTL's.

He's beginning to feel a bit nervous....

Looks good. I'll watch it on iplayer. Nevous? I'd be panic selling!

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Watch the whole thing to see the Bournemouth guy earning £20K p.a. who has borrowed 5.5 million to buy 100 BTL's.

He's beginning to feel a bit nervous....

Did they say how? Was daddy or mummy a millionaire helping with a sizeable deposit? Or was it a Liar Loan?

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Watch the whole thing to see the Bournemouth guy earning £20K p.a. who has borrowed 5.5 million to buy 100 BTL's.

He's beginning to feel a bit nervous....

thats odd, cos they usually want equity in something of yours before they lend...then some more.

in BTL, they lend on whats NOT yours and a possible income.

Why dont banks just buy the BTLs themselves....oh noes...cos thats what they did...they rolled up the loans and sold them to our pension funds and other banks as really secure, bombproof, pays more than gilts, guaranteed and insured, property MBS.

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thats odd, cos they usually want equity in something of yours before they lend...then some more.

in BTL, they lend on whats NOT yours and a possible income.

Why dont banks just buy the BTLs themselves....oh noes...cos thats what they did...they rolled up the loans and sold them to our pension funds and other banks as really secure, bombproof, pays more than gilts, guaranteed and insured, property MBS.

:)

Theres still no way they lend on 100 properties without somethinf more than a business plan. Either significant equity by slowly increasing your houses or cash injection upfront. Or a little fibbing on the forms, though that usually gets found out in the end.

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Did they say how? Was daddy or mummy a millionaire helping with a sizeable deposit? Or was it a Liar Loan?

He probably did dozens of so called 'no deposit down' deals on new flats where some flattering valuation showed the property to be worth the price the developer wants plus enough to count as deposit. Or otherwise it was alot of remortgaging his 'stock' as it went up!

Then these idiot lenders let them have the whole price actually paid. It might aswell have been called 100% BTL mortgages. Did you not hear about that? Obviously bound to go wrong because it's too good to be true....and guess what, it is too good to be true because the valuations were done by only disclosing the higher price to the valuer. They, being total nit wits, did not care and believed the old adage, 'if someone offered to buy it for this price, it must be worth this price'. NO! That scenario is behind quite a few city centre flats selling for 50% of what was 'apparently' paid - like in Leeds.

This is where the Lenders should be blamed as much as the borrowers as the Lenders were aware of this 'system' called 'gift deposits'. Total lunacy and it will lead to ruin - very soon.

Edited by plummet expert

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He had 15% deposit for BTL one, then borrowed against its rising value for deposit on No 2, and so on ad infinitum. All seemed to work fine while banks thought the asset value was increasing....

Banks lent 5 million to a bloke earning 20K FFS!!!!!!

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  • 259 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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