Sexy Undies and BTL

[juvenal]

The Times Money section last weekend featured an interview with Aliza Reger, czar of the Janet Reger phwoarrr! lingerie brand of my youth. As worn by Diana, Fergie*, Joan Collins, discreet Saudi ladies etc.

Besides the apartment Aliza owns in Hampstead and the luxury scanties empire, she 'always has a few-buy-to lets on the go in London - four at the moment.....I have never felt wealthy. Everyone's definition is different'.

My definition is one house and enough income to live modestly without worry.

Aliza would like to change aspects of inheritance tax and punitive taxes on second homes and BTL's...

Surprise, surprise...

Do these people ever have enough money?

 

 

* denotes Duchess of York rather than Fergus Wilson.

 

 

Edited November 28, 2017 by juvenal

[Si1]

BTL, as we've said before, is the dirty little secret of the middle classes. Up there with Waitrose grocery deliveries and German cars on HP.

[spyguy]

15 minutes ago, Si1 said:

BTL, as we've said before, is the dirty little secret of the middle classes. Up there with Waitrose grocery deliveries and German cars on HP.

I dont think it is.

Its the dirty little secret of loons who cannot work out the fall out of too much leverage.

[Diver Dan]

53 minutes ago, juvenal said:

* denotes Duchess of York rather than Fergus Wilson.

I spat coffee on my phone because of that.

'Wealthy to me, means secure access to the basics of food, shelter, clothing etc. with enough of a surplus to enjoy some luxuries such as nicer alcohol, food, transportation, holidays etc.

I reckon the boss of a posh knickers company has all of these things and more without her btl empire.

Edited November 28, 2017 by Diver Dan

[Si1]

4 minutes ago, spyguy said:

I dont think it is.

Its the dirty little secret of loons who cannot work out the fall out of too much leverage.

Isn't that the middle classes these days?

[deadasadodo]

I normally find the interviews in the ST Money pretty interesting, although most of them are up to their necks in BTL. A lot of them also say they don't consider themselves wealthy, which shows a certain lack of self awareness. If you really want to feel ill them read the Home section - bland stories alongside ads for mega expensive London new build.

1 hour ago, juvenal said:

denotes Duchess of York rather than Fergus Wilson

Fergus Wilson in sexy undies. I'll pass on lunch now....

[Venger]

5 hours ago, juvenal said:

The Times Money section last weekend featured an interview with Aliza Reger, czar of the Janet Reger phwoarrr! lingerie brand of my youth. As worn by Diana, Fergie*, Joan Collins, discreet Saudi ladies etc.

Besides the apartment Aliza owns in Hampstead and the luxury scanties empire, she 'always has a few-buy-to lets on the go in London - four at the moment.....I have never felt wealthy. Everyone's definition is different'.

My definition is one house and enough income to live modestly without worry.

Aliza would like to change aspects of inheritance tax and punitive taxes on second homes and BTL's...

Surprise, surprise...

Do these people ever have enough money?

 

Quote

..We also always have a few buy-to-lets on the go in London — four at the moment.

..What aspect of the tax system would you change?:   I would lower stamp duty and take away the additional rate [the three percentage point surcharge applies to second homes and buy-to-lets], and I would change certain aspects of inheritance tax.

 Doesn't seem like she (AR) knows of S24 yet.   The 3% just making it more expensive for BTLers to buy and lay claim to more houses.

She's right about 'everyone is different'.  

It seems like an innocence-cover here to not feel bad about themselves with so much property wealth vs ; 'This is what I need, and shouldn't feel bad because even with it I don't feel wealthy'. - abstract to those suffering brunt of housing crisis, where even raising deposit for 1 home is such a challenge from RentForever vs HPI+++++ side.

Some of these types I expect will pull a sad-face in a future article, where maybe been a little HPC, receiving the almost automatic HPCer sympathy (detail not important...HPIers/massive BOMAD... if prices fall = blanket sympathy)... years of it already being primed and triggered for the sympathy in event of any fall in house prices ("the banks - the nasty banks") yet still be utterly loaded.  Learned helplessness has really won, and you can be a victim for nothing these days - even when own avarice caused it. 

Cherie said something similar....

Quote

Thursday 10 December 2009 
How much money is enough ? Cherie Blair has told Tatler, in an interview: "It's nice to be comfortable, but I'll probably never stop worrying that I've got enough."

This woman, who still calls herself a socialist, has many millions

Quote

Cherie Blair (wife of the man who's banked £12m since leaving No.10): 'I'll never stop worrying about money'
By DAILY MAIL REPORTER 
UPDATED: 01:07, 7 December 2009
Read more: http://www.dailymail.co.uk/news/article-1233628/Cherie-Blair-wife-man-whos-banked-12m-leaving-No-10--Ill-stop-worrying-money.html

Although read my first example in The Times, just the other day, of the banks getting tough.

Edited November 28, 2017 by Venger

[Tapori]

16 hours ago, Si1 said:

BTL, as we've said before, is the dirty little secret of the middle classes. Up there with Waitrose grocery deliveries and German cars on HP.

Don't you dare knock'em with a 20 pound off voucher. 

[BorrowToLeech]

This thread could have been so much worse. 

[Wayward]

Greedy and exploitative.  Simple as that.  This behaviour and attitude should be challenged.

[sPinwheel]

3 hours ago, BuyToLeech said:

This thread could have been so much worse. 

Fergus Wilson.

 

There, it's worse.

[Venger]

The main business seems to have been a good one - creating a high-end brand and getting celebs/Royalty of the day as patrons + flogging loads at high margin to Sheikhs with oil wealth.... that's pretty good going.    

As for the BTL though - 

Challenged Wayward?  Only recently after best part of 2 decades, HPI insanity in so many areas, and GenRent.  It's unbelievable (BTL).

...although not that we would want to live in that area - and certainly not in that type of house - yesterday did see a 10-bed property that sold for £71,000 in 2001, heading to auction with a guide price of £20,000.... (not that guide price really means much) - which on surface offers a little bit of encouragement that there can be adjustment in all the bubble areas.

Quote

 

Bland Unsight

The BTL pension idea is so f**king nutty that it's only the fact that hundreds of thousands of people are engaged in it and millions of people are willing to countenance it that means that a brain system that ought to light up like a Christmas Tree and say "What the f**k are you talking about?" is sung into quiet acquiescence.

My favourite features

Landlords who say that their tenants can't afford the properties, when under any reasonable interpretation, the landlords can't either. The landlords can afford one quarter of the property. The rest is financed interest-only with a mortgage.

Landlords who just want a little pension (to go along with their own home) and cannot see the conflict of interest that results from them needing economic control of three, or maybe five or maybe fifteen properties.

It is a pension plan that not only inevitably excludes others from the same pension plan (there aren't enough houses to go around) it also excludes younger cohorts from ever owning their own homes. It's a plan that really puts the "F** you" into "I'm alright, Jack. F**k you."

As many mugs turn to buy-to-let in desperation, having failed to make adequate pension provision, it is a investment strategy for people who have failed to save that involves borrowing.

It is all, to employ the technical parlance, mad as f**k.

 

Cannot see because they don't want to see what is so clear, in 'all-about-me'.

And only recently challenged behind the scenes by some in power.  Not really seen anyone in power come out firmly on the matter (BTL).  Still good on KC.

Quote

BTL-ism: The real problem is the society we have created that normalises, excuses and even celebrates this particular brand of antisocial behaviour. Its likely they've never been called out for the harm they are causing, and would be shocked if they were. (h/t BuyToLeech / or... Dorkins)

On 19/05/2016 at 8:43 AM, Riedquat said:

Then the sooner they get hurt the better, although whether they'll learn anything or not is another question. Whilst I agree that there's been a massive failure to educate the solution to that isn't to shield people from the consequences of their actions, it's to either remove them from society altogether or let them learn the hard way, and if enough do the message might sink through to the rest.

 

Quote

Ken Clarke (in words of multi-house exGP BTL landlord who went to a surgery telling KC of his plight and hoping KC would be part of S24 pushback):

"There is little chance of it being reversed in the Commons. I have no idea what the labour party think about it but they will not back your position. BTL landlords are preventing 1st time buyers from buying homes and that is a real social issue." (Stern confronting look).   "This whole BTL thing has been gathering momentum for far too long. It should have been stopped long ago and George has sorted it. It is not the only reason that house prices have gone out of control but it is a contributing factor which needed to be addressed."

 

[disenfranchised]

I don't mind unleveraged BTL. It is by nature limited to people's ability to generate actual wealth.

Given that rent is within a few % of 25 year repayment mortgages in cost terms it takes all the income from one property for 25 years to raise the capital to buy another. That would be a different world from the Fergus Wilson land we live in now.

My only objection is the avoidance of inheritance tax on it.

[Venger]

58 minutes ago, disenfranchised said:

I don't mind unleveraged BTL. It is by nature limited to people's ability to generate actual wealth.

Eh?  (Don't understand).

Like my landlord then?  I gather he has no mortgage debt from houses he BTL bought since 1998.  Paid it all down since the beginning of 'the living breakdown on sympathy in 2008' (a bit like Pipster landlord has done), and rates floored.  Yay for the now debt free BTLers, active way back in the day, and paid it down.  Wealth generators.

And I have that (no debt) info because landlord was more than sweet on one of my friends (couple of decades younger than him) - who was simply polite to both him and his wife when brought in to do some design work to their £1m+ valued (in this market) home.

[Exiled Canadian]

I was expecting a thread about Gary Dully

[disenfranchised]

8 hours ago, Venger said:

Eh?  (Don't understand).

Like my landlord then?  I gather he has no mortgage debt from houses he BTL bought since 1998.  Paid it all down since the beginning of 'the living breakdown on sympathy in 2008' (a bit like Pipster landlord has done), and rates floored.  Yay for the now debt free BTLers, active way back in the day, and paid it down.  Wealth generators.

And I have that (no debt) info because landlord was more than sweet on one of my friends (couple of decades younger than him) - who was simply polite to both him and his wife when brought in to do some design work to their £1m+ valued (in this market) home.

Bought in 1998 paid down since 2008 was using leverage, so no, clearly nothing like that at all? And what on earth has him being a bit of a sex case really got to do with this? 

I simply mean that if a British person who already owns 1 house buys another house outright with money that was already taxed, I do not care if they do so, it is none of my business. If they inherit one, pay any taxes due and keep it, I also don't care. If they want to rent it and feel like a Lord with their shit 4% gross yield, scrimp and save all the rental income for 25 years and buy another one, then more fool them I say, but crack on. They will probably die with 3 properties and not a lot else -  big deal.

I would however, rather that foreigners and non-doms were taxed more heavily than Brits for cash buys to discourage property being used as an asset store or for laundering cash, but that's another matter.

What I object to is what we have seen since 1996 - the BTL mortgage and the rise of the Fergus Wilsons of this world. 

That does impact me. It has created a bank bailout we all paid for. It has trashed savings, investment, growth, It has handed control of hundreds of houses to one person in a short few years using new money, untaxed, created out of thin air. Private leverage applied to 2nd, 3rd, 4th etc... properties creating disproportionate purchasing power for the sole purpose of renting them whilst receiving generous tax breaks, significantly privileging this above all other income generating assets is the start and finish of the problem in my view. 

No BTL mortgages since 1996 = no housing crisis or ridiculous prices today. 

Put the scumlords on 0% interest relief with S24, make the banks either risk weight their shitty IO properly, or better still, just ban it as a private lending product and force them to offer it only as a commercial bridging loan, and watch property prices tumble.

My example of a pwopurdee saddo scrimping or inheriting their way to a position where they die owning 3 properties is never going to create a housing crisis or speculative bubble. Property and landlordism  without borrowed money or massive capital reserves to invest in development is a boring, get not very rich slowly deal. 

The IO BTL mortgage + tax relief model on the other hand, hands the Fergus Wilsons a giant monopoly creating position and must be stopped.

 

 

 

[Riedquat]

On 28/11/2017 at 12:13 PM, juvenal said:

Do these people ever have enough money?

No. There's a certain type of person (and there's an awful lot of them around) who never will, no matter how much they've got, since a bit more is always what's required. There's always something else. They may be missing something but won't sit back and look for it (what they're missing is probably the point).

[longgone]

34 minutes ago, Riedquat said:

No. There's a certain type of person (and there's an awful lot of them around) who never will, no matter how much they've got, since a bit more is always what's required. There's always something else. They may be missing something but won't sit back and look for it (what they're missing is probably the point).

have to agree i was childhood friends with a family like that they were multimillionaires all the way back to  the 80`s and 90`s, none of the kids had a private education or a lavish lifestyle spent on them. all kids apart from one given 10 year old cars to drive about in the family never went on holiday never ate anywhere expensive basically lived like anyone else and still do. the old man still looks for ways to make money. last i heard they built 60 odd flats on some land they owned and the guy still looks for stuff to make money on at 75! god knows how much they have now. 

Never enough, never spends anything but looks down at everyone else. sad. what was the point. 

 

[Dyson Fury]

12 hours ago, Exiled Canadian said:

I was expecting a thread about Gary Dully

Something along these lines?

https://www.pinterest.co.uk/pin/54817320444030462/

[Exiled Canadian]

On 30/11/2017 at 11:14 AM, Dyson Fury said:

Something along these lines?

https://www.pinterest.co.uk/pin/54817320444030462/