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fru-gal

"Buying to Let" thread on Mumsnet

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I avoid mumsnet. Its insane.

Quck read of the thred.

'Ive a holiday let yo orovide an income'

That in itself is ibsane if youve ever looked at buying a holiday let with any finance.

Followed by 'Ive x btls... io mortgage...' These people dont know whats currently coming up FFS.

The OP is on about buying btl in the NE. Doomed. Plenty of social houses. Few solvent tenants.

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However one correct reply.

 

mollie123 Sat 26-Nov-16 11:14:41

Yes BTLers should be ashamed of themselves - if they did not remove so many houses (a limited resource) from the market then young families would be able to buy instead of paying your mortgage for you shock 
It is a selfish action to take - but smacks of much of the 'I'm all right Jack' attitude so prevalent on certain sections of society (and mumsnet)

 

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41 minutes ago, spyguy said:

I avoid mumsnet. Its insane.

Quck read of the thred.

'Ive a holiday let yo orovide an income'

That in itself is ibsane if youve ever looked at buying a holiday let with any finance.

Followed by 'Ive x btls... io mortgage...' These people dont know whats currently coming up FFS.

The OP is on about buying btl in the NE. Doomed. Plenty of social houses. Few solvent tenants.

Are you drunk Spyguy? If so, cheers :). Probably a sensible idea to be drunk in order to read Mumsnet (or HPC for that matter) ;).

Edited by fru-gal

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We remortgage our home to get the finance. Never bothered with btl mortgage. Mortgages are cheap and flexible. 
We have a few rentals and a holiday let now. We are getting a nice income which we partly use to overpay our mortgage. It has a snowball effect, at the start it felt like a big gamble but not now as we have so much equity compared to what we borrow. All our properties have gone up in value and each time we pay the debt off quicker as we have more income and add another house that we own outright. Last one took about 4 years this one should take 2-3 years. Then we might get 1 more and will have enough for what we want. We intend to retire early and help our dc. Hopefully will be able to pass them on to dc.
It's not a get rich quick scheme but I can only say from our experience that it's working for us.
One tip is always get boiler cover, it's worth every penny.

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Id like to see some numbers on that 'pay off in 3-4 years'

The holiday let claim is totally bogus. Cant do it with borrowed money, yield does not cover finance.

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Bankruptcy can also be the pension of many BTLers.

Maybe they can look back fondly on the days they owned one home, and regret trying to own other people's homes.

Source: Spiderman 1, and, Far and Away

Edited by Venger

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I liked this post, ' In MNworld, buy-to-let landlords are hated more than Donald Trump and Farage combined. For some reason being a landlord is akin to eating children alive, bones and all here!'

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The abused becomes the abuser.

 

ScotsHumphreys Sat 26-Nov-16 11:32:46

Mollie, I was once a person struggling to get on the housing ladder, I had numerous houses swiped from under my nose by buy to let landlords - nobody felt sorry for me! 

This would be our retirement income.

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Lose your own home if renters don't pay your mortgage. End up renting off another btl. The abused becomes the abuser as Parkwell said.

This is like the film "Saw", where people are put in elaborate and twisted situations where their survival depends on the suffering of another / others.

How does the saying go? "I want to play a game". Someone else post the meme or clip If they like, I can't seem to at mo.

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" Live in the north east, household income of £55k. £100k left on our mortgage and no other debts.  "

So why is no one saying: clear your mortgage, save 50k and then think about it.
 

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Its all about the value at the end...has been for years.  "Its my pension init" has a serious ring of the actual reality.

Pensions contributions of course get at least 30% added to them every year and no BTL risk required.

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12 minutes ago, Bloo Loo said:

Its all about the value at the end...has been for years.  "Its my pension init" has a serious ring of the actual reality.

Pensions contributions of course get at least 30% added to them every year and no BTL risk required.

30%? Where please?

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Tax and NI, plus any investment growth.

 

In our company scheme we get a 5% employers contribution that we have to match. So for a cost of £60 something like 5x that amount is put into the pension. I contribute £120 and £483 goes in.

Edited by Peter Hun

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26 minutes ago, Bloo Loo said:

Its all about the value at the end...has been for years.  "Its my pension init" has a serious ring of the actual reality.

Pensions contributions of course get at least 30% added to them every year and no BTL risk required.

There are some REITs that pay way over 6% dividends that are tax free in a pension or ISA.New River Retail pays 6.6% ,has only 30% loan to value,is ran by probably the best retail property investor in the country with over 50 years experience,doesnt deprive any first time buyers of a home,pays dividends every quarter and you never get a phone call about a burst boiler.

If you invest in a pension,even with the 20% tax relief you could get a yield of 7.8% that will probably increase over time.A part share in a hugely diverse property portfolio,with very low gearing,ran by experts,with high demand and the divi paid four times a year.Or a two up town down in Stockton yielding 6% before voids,fully taxable income,bad tenants,repairs,etc etc with LHA froze and likely a long term target of government cuts.Hmmm

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1 hour ago, durhamborn said:

There are some REITs that pay way over 6% dividends that are tax free in a pension or ISA.New River Retail pays 6.6% ,has only 30% loan to value,is ran by probably the best retail property investor in the country with over 50 years experience,doesnt deprive any first time buyers of a home,pays dividends every quarter and you never get a phone call about a burst boiler.

If you invest in a pension,even with the 20% tax relief you could get a yield of 7.8% that will probably increase over time.A part share in a hugely diverse property portfolio,with very low gearing,ran by experts,with high demand and the divi paid four times a year.Or a two up town down in Stockton yielding 6% before voids,fully taxable income,bad tenants,repairs,etc etc with LHA froze and likely a long term target of government cuts.Hmmm

I'd really not touch any rental north of Leeds.

You are just asking for problem tenants.

As far as Stockton. Barge pole.

 

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I wonder sometimes if these posts aren't just EAs with loads of time to kill - posting out shill BTL posts - that BTL is a light and breezy lifestyle choice - for those who want to pick up a tidy profit every month without lifting a finger.  

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2 hours ago, The Preacherman said:

Only one mentions S24. Everyone else is blissfully happy in their you can't go wrong with property delusions.

I genuinely think that 90% of the mumsnet BTLers would not have the slightest clue what S24 is... they probably think it's a postcode.

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