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Btl + Rents + £23k Debt.

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I've read through the posts. This guy is into BTL. And he clearly has no concept on how to manage money.

I just keep thinking that this bubble blowing is going to be bigger and messier than any of us care to imagine.

Edited by BandWagon

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I just can't imagine what goes through someone's mind that makes them think its sensible to buy a BTL when not only do they not own their own property but they can't afford to pay the rent to their own landlord - and have to ask him for financial advice.

I just hope his tenant never asks him for financial advice!!!

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This story is incredible:

http://forums.moneysavingexpert.com/showth...40&page=1&pp=10

Don't be mean, this is a real guy who needs help but crikes - if there are lots of people like this its going to be one messy recession.

Is this guy an idiot, or someone for whom the plan went titsup midway?

I guess we all take the odd risk. The cautious amongst us will have a contingency plan. The less cautious may live by the 'who dares wins' motto.

I don't mind either way, but if s/he's from the latter category, then s/he would happily sh!t on me to achieve his/her ends. S/He can expect less sympathy from me than someone whose world fell apart for less selfish reasons.

You thought that already, didn't you

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Personally I imagine its just someone who has absolutly no idea what they are doing, thought it would be a good idea so went for it. I doubt they are mean/nasty or any such thing, just - like everyone else - want to earn some more money.

The problem is that these, normall incredible nice and hardworking people, are going to have to suffer to get the system back to normal. You make money from investment's because there is risk. To have risk you have to have loosers. The problem is people like thus guy can't afford to loose. They do and they are completly screwed.

Its gets funnier though:

http://forums.moneysavingexpert.com/showth...1205#post311205

He wants another loan:

I'm looking for the cash to invest basically. and i would ideally go for an unsecured loan, but i feel i will be unlikely to get an unsecured loan due to being self employed, without a great credit record.

and

the reason why im on here is that i am looking for a way to raise the capital for the deposit (for a self cert buy to let 65K mortgage). i know in theory it doesn't make sense to borrow to invest, but i have made a long term decision to invest in property by whatever means i can.

What a fool.

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Don't be mean, this is a real guy who needs help but crikes

What? Help so that he can borrow more money to pump into BTL. My brother lost his house in the last housing crash having been freaked into buying right at the top by similar sort of activity as now, this idiot deserves everything he is going to get, foreclosure can't come soon enough.

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He needs help to sell his flat and pay back his debt (help being advice). He made a huge mistake and the market will punish him for it, but I worry about the glee some people have for that state of affairs.

Did your brother "deserve" lossing his house?

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Padders,

Well his house was his home, this plonker is just looking to make money from it, totally different scenario, too long and convoluted to go into detail about my brother on here I'm afraid.

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Guest prudence

He needs help to sell his flat and pay back his debt (help being advice). He made a huge mistake and the market will punish him for it, but I worry about the glee some people have for that state of affairs.

Did your brother "deserve" lossing his house?

but he wants to borrow more to buy another btl. Someone like this deserves no sympathy if they end up with nothing

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Guest muttley

Could you sell your BTL flat? Is there much equity in it?

I have been thinking about selling it. but its worth 70k and goes up about 7% every year so its making me nearly 5 grand a year, so id sell it if i had to but id rather not

Oy!!

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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
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