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The Masked Tulip

Eu Move To Ban Buy To Let Mortgages

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No need to ban them.

Just withdraw ALL market support, artificial printing/back-stops, government policy etc and let interest rates sit where the market dictates.

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Early reading is there are some poor housing price index numbers due tomo - Hometrack so they knocked up an article blaming Europe.

Edited by Ash4781

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Early reading is there are some poor housing price index numbers due tomo - Hometrack so they knocked up an article blaming Europe.

Lets hope so. Do u have a link?

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This is more Government Non Action Police State Control mechanism implementation.

If you read the article towards the bottom its all about how the BTL idiots need to be treated as consumers and given greateer protection as such instead of treating them as adults and business operators.

Nany state anyone?

It does say older people will not be able to get BTL which is in theory good as it will prevent all those desperate snazzy investors that are too sharp in their geriatric days to leave their huge piles of cash in the banks and invest in stealing young peoples incomes.

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Lol, if you read further it laments the plights of those that are UNABLE to sell their houses because they inherited them or and moved to work elsewhere.

Oh the horrors of not being able to sell your house.

Who wants to by a house anyway? Its not as though were suffering over crowding or anything, theres plenty all over the place.

I wonder if they'll ever get round to considering 'reluctant tennents'? or 'accidental tennents'?

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Lets hope so. Do u have a link?

There is a note in the Telegraph article link re Hometrack.

Google Hometrack and I think the Telegraph have another article ready to go Off the releaae (presume under embargo)

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lol, at the end it says there have been concerns that the BTL parasites are pricing owner occupiers out of the market?

such nonsense. They should become maths teachers and learn sums, thats not the case at all.

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No need to ban them.

Just withdraw ALL market support, artificial printing/back-stops, government policy etc and let interest rates sit where the market dictates.

Indeed.

Why is it always banning? Jesus christ. Just stop.

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Shame this did not happen about 20 years ago...

The UK economy would be a a far better state if housing were cheaper.

Fair enough, if someone has £100,000 sitting about then they can buy a house and let it out. Borrowing the money to do the same is just wrong on so many levels.

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If there was any intention of BTL being regulated would they not have just allowed it to be incorporated into CARRP? Then the EU would have been 'blamed' for it.

http://ec.europa.eu/internal_market/finservices-retail/credit/mortgage/index_en.htm

MEP Vicky Ford headed the negotiations to keep BTL as it is rather than fall into line with the rest of the EU who don’t have such a thing as individual BTL. Elsewhere in the EU individuals who mortgage properties to let have the mortgage applications treated as regulated residential purchases, rental income is not included.

http://vickyford.org/communications/latest-news/eastern-region-mep-wins-battle-to-save-buytolet/219

http://www.ftadviser.com/2013/01/31/mortgages/mortgage-products/the-regulation-of-buy-to-let-mortgage-advice-wDguYnIwqfDgSwUUrHDn6H/article.html

I this a Jim Hacker British Banger story? Fictious EU banning of BTLs only for Osborne to ride to the rescue?

It has already happened. The EU wanted BTL (all of it) regulated, not blocked or banned but all BTL loans treated as regulated products. This would bring the UK into line with the rest of Europe under the Mortgage Credit Directive.

http://ec.europa.eu/internal_market/finservices-retail/credit/mortgage/index_en.htm

The lenders & MP's fought this move and thought they had won way back in June 2012.

http://vickyford.org/communications/latest-news/eastern-region-mep-wins-battle-to-save-buytolet/219

Earlier this year it was announced that the EU Directive was going to allow BTL to be exempt from having to be formally regulated. Government opinion has changed and is now stating that it would be unlawful under the Mortgage Credit Directive to exempt all BTL lending from regulation. Accidental landlords who did not purchase the property with the intention of running a letting business will be treated for mortgaging purposes as regulated customers. Let to Buy loans will be assessed for affordability for both loans. This includes where a house has been an inheritance. After MMR most lenders stopped doing regulated BTL loans. Got me to wondering if they knew then that this was going to happen. LTB is only a small part of the BTL market compared to regular BTL so if they had to 'give in' LTB would result in the least financial loss. Or maybe there is a genuine understanding that BTL is out of control and needs reigned back. Whatever the reason, It's a start.

“In a consultation paper on how the UK will implement the requirements of the European Mortgage Credit Directive the Treasury said it has no choice but to impose national law on part of the Buy-to-let market.”

From CML director Paul Smee "It is frustrating though that, despite earlier assurances, the buy-to-let position turns out not to have been adequately resolved, resulting in a new proposal for regulating part of the buy-to-let mortgage market.

“The regulatory regime now being proposed is based not on any evidence of a need for additional consumer protection but purely on ensuring that the European legal requirements are met." :)

http://www.mortgageintroducer.com/mortgages/250561/5/Industry_in_depth/Treasury_U-turns_on_buy-to-let_regulation.htm

http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/11077718/Blow-for-accidental-landlords-as-EU-rules-threaten-to-kill-off-let-to-buy-mortgages.html

There is a bit on this thread.

http://www.housepricecrash.co.uk/forum/index.php?/topic/200197-any-chance-of-btl-being-regulated/

http://www.housepricecrash.co.uk/forum/index.php?/topic/200197-any-chance-of-btl-being-regulated/page-2

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From 2011 when the campaign to save BTL started HPC got mentioned , not for the first time on Property 118

http://www.property118.com/eu-trying-to-kill-buy-to-let/20859/

I know where the Trolls live.

They all have stupid names too and NEVER show their faces.

I think they see themselves as the BTL equivelent to the KKK.

They refer to this website as “the belly of the BTL beast”

Rolling on the floor in laughter

Here’s the evidence …… I’ve tracked them down

They come from a forum called House Price Crash. If you Google the title of this article you can easily find them.

:P

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Do you think we all should go off to a sunny med resort, declare it our own country and then declare jihad on estate agents and mortgage lenders?

Good idea, and as many here work in IT it wouldn't be so difficult to establish jobs there either.

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Yet another example of the EU interfering with the British way of life. As Mr Farage would say if the EU want to ban BTL then that is up to them but we are British so why should we?

Just because the EU come up with something that i agree with doesnt mean i want to be part of this vile fascist regime.

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