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Anecdotal - Friends House, Chain 2...

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Just chatting to a friend in London who's selling their house (nice place 4 bedroom job).

Their first chain broke down before Christmas, on the second chain and he mentioned it's been stalled a couple times so I asked why.

Apparently the people buying his house had their buyer pull out on them. So those people are going to rent out their place instead of selling it and are switching it to a BTL mortgage... then taking out a new mortgage to move up. That plan was chosen as 'BTL was quickest way of the 'chain' being re-established and keeping momentum up.' He's just happy some mug is buying their place.

I wonder how many people are being forced into this position right now. It may well explain the increase in BTL mortgages as well as the increasing interest of Big Mortgage (as in Big Tobacco... you know, all the usual suspects) to get into this business.

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  • 301 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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