SoldTooSoon Posted November 7, 2017 Share Posted November 7, 2017 Article by Iain Duncan Smith quoted on Property Tribes website: https://www.propertytribes.com/iain-duncan-smith-writes-on-btl-issues-t-127631706-post-309155.html#pid309155 Choice quotes: " I see that the total amount of rent paid to private landlords in Britain is now more than double the amount of mortgage interest paid to banks by homeowners" " I see also that HMRC are now saying that some 40% of private landlords are not now dealing with their tax requirements correctly" Seems he is a bit of a cheerleader for the BTL "industry" Quote Link to comment Share on other sites More sharing options...
zugzwang Posted November 7, 2017 Share Posted November 7, 2017 6 minutes ago, fru-gal said: I'm surprised the banks are happy for landlords to get more money than them. Surprised there hasn't been huge lobbying by the banks to get a bigger cut of all that money that is currently going to landlords.... That's what Build to Rent and Section 24 are trying to achieve. A gradual squeezing out of over-leveraged BTL amateurs in favour of institutional investors with deep pockets and longer investment horizons. Quote Link to comment Share on other sites More sharing options...
Freki Posted November 7, 2017 Share Posted November 7, 2017 Those cockroaches not paying their taxes on top of the obscene amount of money they get... I wait for the day of reckoning. Big data will be there for them. Quote Link to comment Share on other sites More sharing options...
kibuc Posted November 7, 2017 Share Posted November 7, 2017 1 hour ago, fru-gal said: I'm surprised the banks are happy for landlords to get more money than them. Surprised there hasn't been huge lobbying by the banks to get a bigger cut of all that money that is currently going to landlords.... Aren't landlords just middlemen between tenants and the bank anyway? Quote Link to comment Share on other sites More sharing options...
Wayward Posted November 7, 2017 Share Posted November 7, 2017 Don't worry all that rent income doesn't disappear, its gets returned to the real economy in the form of cruises and dining in fine restaurants... Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted November 7, 2017 Share Posted November 7, 2017 52 minutes ago, fru-gal said: Lots of landlords own outright. Define "lots". It used to be the case that many, most even, landlords owned outright, but the advent of "buy to let" changed all that. The fungi of this world are lucky to own their shirts! Quote Link to comment Share on other sites More sharing options...
Diver Dan Posted November 7, 2017 Share Posted November 7, 2017 38 minutes ago, Bruce Banner said: Define "lots". It used to be the case that many, most even, landlords owned outright, but the advent of "buy to let" changed all that. The fungi of this world are lucky to own their shirts! Exactly. Why would you own just one flat outright, when for the same stake you could buy a percentage share in lots of flats and get tax relief on the bits that you don't own? Quote Link to comment Share on other sites More sharing options...
thewig Posted November 7, 2017 Share Posted November 7, 2017 Majority of these DEBTjunkies don’t own anything other than a truckload of DEBT on tick from what I can tell Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted November 7, 2017 Share Posted November 7, 2017 54 minutes ago, Diver Dan said: Exactly. Why would you own just one flat outright, when for the same stake you could buy a percentage share in lots of flats and get tax relief on the bits that you don't own? As I've learned, irony doesn't work on forums.......... or are you being serious? Quote Link to comment Share on other sites More sharing options...
Diver Dan Posted November 7, 2017 Share Posted November 7, 2017 34 minutes ago, Bruce Banner said: As I've learned, irony doesn't work on forums.......... or are you being serious? It's proven to be a viable business model so far. I'm not surprised that the many negative consequences are only now coming to the attention of the ptb. You could say that over-indebted BTLs are like fattened pigs and that market day is fast approaching. Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted November 7, 2017 Share Posted November 7, 2017 9 minutes ago, Diver Dan said: It's proven to be a viable business model so far. I'm not surprised that the many negative consequences are only now coming to the attention of the ptb. You could say that over-indebted BTLs are like fattened pigs and that market day is fast approaching. Only because they were bailed out by ultra low interest rates, otherwise Fat Fungus and his mates would have lost their shirts years ago. However, as you say, the abattoir beckons. Quote Link to comment Share on other sites More sharing options...
winkie Posted November 7, 2017 Share Posted November 7, 2017 The very wealthy do not spend their own money, they borrow the money..... Quote Link to comment Share on other sites More sharing options...
Tapori Posted November 7, 2017 Share Posted November 7, 2017 Living near this wastrel's constituency I can't wait to help give him his Portillo moment. And he won't have any train journey tv shows lined up either after. Quote Link to comment Share on other sites More sharing options...
iamnumerate Posted November 8, 2017 Share Posted November 8, 2017 18 hours ago, Diver Dan said: Exactly. Why would you own just one flat outright, when for the same stake you could buy a percentage share in lots of flats and get tax relief on the bits that you don't own? I remember once talking to a colleague about what to do if you win £1million - and that is what he suggested doing. Quote Link to comment Share on other sites More sharing options...
Venger Posted November 8, 2017 Share Posted November 8, 2017 20 minutes ago, iamnumerate said: I remember once talking to a colleague about what to do if you win £1million - and that is what he suggested doing. Homeownership for them, more homes for them to rent out to others, trying to extract profit from rent and hoping for HPI, with views it only goes up/small island/not enough homes etc. I don't accept they "can't see it" -(it's a self-evident truth) homeownership rates plunged, and BTLism soared. To me, BTL /Rentierism tells me something about how the BTLers see themselves, and see other people, in their world-views. They made/make their own choices. If some of them have overstretched then too bad. My family wasn't born to carry BTLers/HPIers and greed to extremes. I know what side I am on, and you can't have it both ways. HPC. On 06/12/2008 at 3:40 PM, DementedTuna said: Agreed, it's one of the most antisocial investments you can make. Why not put the money into a set of companies that all pay out a reasonable dividend each year? End result is pretty much the same as BTL, with much less hassle, the ability to sell up at a moment's notice, and in a way that helps to provide employment for your fellow human beings rather than helping to artificially inflate the price of their shelter far beyond their means? It's a very similar option to housing with none of the moral problems (lets face it, HPI has recently caused our economy to collapse... will you feel comfortable with contributing towards the rot at the heart of our society?)... Quote Link to comment Share on other sites More sharing options...
iamnumerate Posted November 8, 2017 Share Posted November 8, 2017 1 minute ago, Venger said: Homeownership for them, more homes for them to rent out to others, trying to extract profit from rent and hoping for HPI, with views it only goes up/small island/not enough homes etc. I don't accept they "can't see it" -(it's a self-evident truth) homeownership rates plunged, and BTLism soared. To me, BTL /Rentierism tells me something about how the BTLers see themselves, and see other people, in their world-views. They made/make their own choices. If some of them have overstretched then too bad. My family wasn't born to carry BTLers/HPIers and greed to extremes. I know what side I am on, and you can't have it both ways. HPC. I should have said that I was not advocating this, nor would I do - sadly I have not won £1 million. Quote Link to comment Share on other sites More sharing options...
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