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Live_in_hope

Vicar

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Hi

Anyone got a feeling for a vicars salary, our local vicar is a BTLr & has a couple of properties.

Doesn't the church give them land or something?

Doesn't explain how he's into BTL, but then again I know unemployed with several houses.

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Guest muttley

I find this strange. Does he mention the homeless in his sermons?

Yeah.He says they "missed the boat"

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I believe vicars receive a stipend from the dioscese. I think they get free housing (manse) but the salary itself is relatively low. However, a low salary may not be a barrier to getting a BTL mortgage, or perhaps his wife earns well or they have inherited money.

I think you should discuss the wider social implications of BTL with him. It is possible he hasn't realised that his investments may not be entirely ethical.

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Your vicar is intelligent. He knows that being vicar is not a service to the community. Who can blame him for doing some extra business?

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Hi

Anyone got a feeling for a vicars salary, our local vicar is a BTLr & has a couple of properties.

I think vicars have been into property for years. The main reason is that they live in their parish home to be, err, in the parish, near the church etc.

They then buy a place that they then rent out, a la BTL, but it effectively means that they only own one place and are paying off the mortgage on it, with their own meagre salary available to cover any shortfall as they don't pay rent on the place they actually live in. I think there is a special law allowing clergy to live in a vicarage but their primary residence for tax purposes is their BTL. It does kind of make sense in their case, they do need somewhere to live when they're retired. Of course, some have realised that you could buy more than one for the children etc etc. Which is fine it it's only vicars doing it, when a couple of million BTLers pop up, the market is screwed...

And yes, I have told my vicar about the dangers of BTL/property speculation - he does kind of get it, but ultimately comes back to "property always goes up"...

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Well, a friend left the priesthood and at age 40 can not comfortaby afford to buy a home of his own. He rents a room in a shared house for 550 p.m and is getting increasingly depressed at 'missing the boat' and throwing his money down the drain aka paying rent. At such times, I give him a pep talk and then send him mortgage calculations for his upper limits and comparisons with rental costs. This restores his equilibrium for a week or two, then he returns to square one. Interestingly, this is what he emailed me yesterday

Are you still trying to convince me not to buy? A friend of mine who has a one bedroom flat near City Airport was advised by an ES not to sell now for 175k as he will be able to ask 200k within 12 months. Apparently property has increased by 10% since the olympic decision!!! He is renting the flat for £750.00pcm. Do you know anyone who is interested?

My response

Time will tell. What is the full address and what are similar flats going for? I will then respond.

You really want to buy psychologically, but ask yourself the following question "why am I holding back?"

I am going to do some calculations for you based on borrowing 150k, 140k, 130k all at 5% on a repayment mortgage. These figs. do not include your deposit but this will put things in context for you.

His response. Blanked out to perserve his anonymity

xxxxx xxxxx

xxxxxxxxx

North Woolwich

E16

My responese

157k is the most a similar flat has sold for in that complex and that was in Nov 05! He bought his for 95k in 2000. More spin. Personally, if I was him I would be selling now before the crash starts in earnest:)

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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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