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Tonight Inside Out, Bbc 1 London-When Btl Goes Wrong

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02/02/2015

Inside Out London

With hundreds of thousands of London children living below the poverty line, Marc Ashdown investigates what's being done to help them. Matthew Wright discovers how buy-to-let investments can backfire. And Vince Rogers asks if London should expand its boundaries into the Home Counties.

Will post the Iplayer links later

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Bound to be nasty tenants foiling the prospects of the rent extracting class (again)

Edited by aSecureTenant

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There's no pleasing some people. I'd have thought many on here would be glad to see a prime-time programme emphasising how BTL can go catastrophically wrong and leave LLs many thousands of £s out of pocket.

One of the LLs said it wasn't worth it any more - he was going to start selling up.

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There's no pleasing some people. I'd have thought many on here would be glad to see a prime-time programme emphasising how BTL can go catastrophically wrong and leave LLs many thousands of £s out of pocket.

One of the LLs said it wasn't worth it any more - he was going to start selling up.

Yeah we are glad, we just expected the worst from the pro HpI bbc.

Did anyone point out to the mam who said it wasn't worth it and was going to sell. That because of the unsustainable house price bubble there was no one who could afford to buy the houses of him? Or why we've had these insane price rises?

Excuse we if I don't jump for joy just yet.

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I think it should help make people realize that BTL isn't worth it.

I learn something new on here every day, now apparently, they have stopped teaching arithmetic in British schools and the general population now can rely on the bbc to make arithmetical based decisions for us.

What a wonderful country we live in.

perhaps there is a bbc app, is btl Worth it.

If not, just ask your postman how his housing empire is doing.

Edited by TheCountOfNowhere

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Rebecca: "I was hoping this would be my pension and also be a property I could then leave to my kids when I'm no longer."

What about the main home - which is pretty generous when kids able to inherit a property - for them to have at some later point; instead of multiple properties.

Or maybe as adults, without a BTL-economy, they could choose and buy their own home, in area of their choice, at a price which is relative to incomes/professional success, outside of the ponzi. How many years has it been for the children to inherit... that was a big answer in Inside Track days. Then of course decades before that.

£1300pm rent... gave them the keys without checking them out...

I think it should help make people realize that BTL isn't worth it.

Starts at 10:55 http://www.bbc.co.uk/iplayer/episode/b0517v2m/inside-out-london-02022015

We're not running education campaigns into 2015 are we? "If only those who find the appeal of BTL so attractive knew the risks/possibilities of HPC etc. (and all the other softy let's not hurt anyone in land of fair markets and 'everyone is good inside', and also "It's bankers fault for lending them the money to financially capture the market at mad prices / They didn't know what they were doing."

Tell it to Dumb Bentley Heaven Boy with his BTLs. All the BTLers can bite the kerb and get stomped on for all I care - the market equivalent.

I couldn't care less how you made out. Through your actions you were complicit in financial capture. You've picked sides already, and you favoured a horrid notion of yourself in splendid isolation over your ability to live equitably with your neighbour, (sorry, tenant), and damn the consequences. That speaks plainly to what you are.

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Rebecca; Landlord Innocence of Absolute Purity just wanting a biggest pension from can't go wrong with property, and to leave to kids (and for HPCers to have future breakdowns for as a victim into next HPC when she'll become a 'victim of the banks'), having that Landlord Twazion guy serve Section 8 on her tenants in arrears (or whatever)... "All tenants should be good - pay my mortgage - no need for me to do background checks / take commercial protection position - world of money out there."

6scmye.jpg

o8ihw5.jpg

Streetview https://www.google.co.uk/maps/@51.592946,-0.143545,3a,75y,237.8h,88.06t/data=!3m4!1e1!3m2!1sY5of8L3sNYrwAArr9fmDnQ!2e0

Think it's no.347,

Not much data for it (maybe split into flats?)

http://www.rightmove.co.uk/house-prices/N10-1BX.html

345 appears to be a house-share of some sort.

http://www.rightmove.co.uk/property-to-rent/property-33262380.html

Someone had a go at selling actual house, a few doors down, last year.

Asking price: £875,000 £795,000

http://www.rightmove.co.uk/property-for-sale/property-30920055.html

Some of these landlords should be running for the exit, onto sales market, with looming HPC and RPC (imo), not "Is BTL no longer such a great idea rub chin" tv segments against the forever HPI MSM.

Edited by Venger

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BTL appears to be at a critical point. More suckers needed to fuel the ponzi whilst those already in are trying to exit. What we are seeing is a desperate search for a new wave of fools to pony up. The hope must be that next month pension changes are going to offer the fresh meat needed.

The WB case is a really good sign of that desperation. Bring it on.

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BTL appears to be at a critical point. More suckers needed to fuel the ponzi whilst those already in are trying to exit. What we are seeing is a desperate search for a new wave of fools to pony up. The hope must be that next month pension changes are going to offer the fresh meat needed.

The WB case is a really good sign of that desperation. Bring it on.

Low interest rates reduce the arbitrage between the OO and the BTL loans.

the only reason BTL is at all viable is that OO are now controlled in their borrowing, and BTL isnt, but the price is they arent mortgages any more...they are for all intents and purposes, Business Loans secured on a housing asset.

The dawning on light on the BTL brigade may just have occured with the West Brom case. And boy, are they angry they never realised...then again, being scammed is never pleasant.

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Oh, is it they've raised BTL rates. Yeah, weird that. But it was over a year ago.

Edited by Killer Bunny

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Oh, is it they've raised BTL rates. Yeah, weird that. But it was over a year ago.

How could you have missed that?!

Summary: High court judge rules in favour of West Brom that their term and conditions are not contradictory and therefore their ability to vary the rates according to market conditions is legal. The funniest part is that WB asked the judge to clarify if the clause stating a 1 month notice to repay the mortgage loan for any reason was legal - judge said yes. So 118 landlords have paid £500K to clarify the law for the lender in a way that seriously undermines the landlords. Can't make it up.

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Sorry I'm missing something. What's the West Brom case?

the one where BTL have lost their claim that West Brom can raise the rates due to "circumstances" and close the loan down at will.

These are not, in my opinion, mortgages any more. A mortgage is a very long loan with the loss of your home as ultimate downside.A BTL doesnt have the same loss potential, but it is recallable at will, and therefore is more like a normal secured business loan. Some even have margin calls built in.

I think the case will shine a light on the more hidden risks a BTL loan has v a mortgage you or I would take out to buy a home

Edited by Bloo Loo

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How could you have missed that?!

Summary: High court judge rules in favour of West Brom that their term and conditions are not contradictory and therefore their ability to vary the rates according to market conditions is legal. The funniest part is that WB asked the judge to clarify if the clause stating a 1 month notice to repay the mortgage loan for any reason was legal - judge said yes. So 118 landlords have paid £500K to clarify the law for the lender in a way that seriously undermines the landlords. Can't make it up.

to clarify, NOT market conditions, but internal conditions to the banks own financial security.

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Thx, now read last several pages of WB thread. No, I had not read it before.

All good... :D

Edited by Killer Bunny

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How could you have missed that?!

Summary: High court judge rules in favour of West Brom that their term and conditions are not contradictory and therefore their ability to vary the rates according to market conditions is legal. The funniest part is that WB asked the judge to clarify if the clause stating a 1 month notice to repay the mortgage loan for any reason was legal - judge said yes. So 118 landlords have paid £500K to clarify the law for the lender in a way that seriously undermines the landlords. Can't make it up.

Brilliant! That has brought a smile to my face this morning.

Schadenfreude ist die schönste freude :D

Edited by Fishbone Glover

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A mortgage is a very long loan with the loss of your home as ultimate downside.

But if house prices ever do drop significantly, couldn't the 'ultimate downside' be greater than that? Lose the home, and also be liable for any outstanding mortgage amount beyond its sale price?

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But if house prices ever do drop significantly, couldn't the 'ultimate downside' be greater than that? Lose the home, and also be liable for any outstanding mortgage amount beyond its sale price?

indeed, and those losses are claimable for up to 12 years, not the normal 6 barred by statute for just about every other loan out there.

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BTL appears to be at a critical point. More suckers needed to fuel the ponzi whilst those already in are trying to exit. What we are seeing is a desperate search for a new wave of fools to pony up. The hope must be that next month pension changes are going to offer the fresh meat needed.

The WB case is a really good sign of that desperation. Bring it on.

+1 This is exactly what has started to happen around my way ...the only problem is, there seems to be plenty of cannon fodder left out there

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