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gasket37

Anecdotal

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i was talking to my brother today.

his boss has purchased a BTL a few of weeks ago - i forgot to ask whether this was intended to be part of a (now defunct) SIPP or not, but that isn't really the point.

it is a one bed flat on the edge of town in a large redevelopment. this guy paid £150,000 for it. or rather the building society did.

the 'oh so helpful' management company has got a tenant for him.

what made me smile is that THE RENT DOESN'T COVER THE MORTGAGE PAYMENTS. <_<

this guy is already into the bank for a fortune which he has invested into his business. i hope for my brother's sake that he doesn't go pop as my brother's job would also go down the swanee with it.

still, as my brother said, "property only ever goes up, doesn't it?" he also said that "property is this guy's pension." yes, you are right, my bro. cannot be accused of having a contrarian mind! :lol:

however he went a bit quiet when i told him that lenders such as the portman don't finance new build anymore due to the amount of (allegedly) fraudulent behaviour that has been going on...

my brother also knows someone else who has purchased a property in the same development. as they were able to complete quickly, they got a 9% discount on asking price.

again the 'oh so helpful' management company has got a tenant for them.

to be honest i can't be bothered to argue anymore with my bro. in the interests of family harmony and all that...

so there you have it - joe public still thinks things are hunky-dory. perhaps they are in the sense that there seems to be an inexhaustable supply of punters willing to take on these assets and corresponding liabilities. perhaps the merry go round will continue for another year or so, especially if the BoE cut interest rates a bit :angry:

let 'em all burn. :angry: :angry:

oh yes, happy new year by the way!

Edited by gasket37

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...he went a bit quiet when i told him that lenders such as the portman don't finance new build anymore due to the amount of (allegedly) fraudulent behaviour that has been going on...

Fraud? I think you mean "erroneous assumptions".

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  • 302 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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