Friday, July 6, 2007
Speechless
Self cert buy to let mortgage launched by Kensington
The Kensington Self-Cert Buy to Let product is designed to help the thousands of homeowners, who do not need to rely on rental income to cover their buy to let mortgage repayments because they have the excess personal income to service another mortgage.
Posted by converted lurker @ 12:22 PM (1571 views)
7 thoughts on “Speechless”
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nearly30 says:
Surely they must be very wary as the FSA is shining their light directly into this dark corner right now – they had better be very careful!
confused76 says:
noone is worried about the FSA
but Kensington is admitting, implicitly, that buying a BTL based on yield alone is not possible anymore
so reaching for one’s pocket to subsidize the tenant is the way to go
thank you Kensington, thank you foolish landlord
yours sincerely,
a tenant
converted lurker says:
I’d go a bit further TBH, it’s an admission that BTL has never been about yield, but only capital appreciation (or loss). It should have always been termed BTS – buy to specuLET
dohousescrashinthewoods says:
SUB PRIME?
(Can’t wait for rents to come down so I can move into a nicer, more central place ;))
Bearfacts says:
Sounds like desperation to me. A bit like making a hole in the bottom of your sinking boat to let all the water out.
Davros says:
Long may it continue. I guess I should feel sympathetic, but anyone who’s considering subsidising a loss making investment needs a wake up call.
deepak says:
Can I see that someone is going to get a big bonus based on mortgages taken out.
No concern about the loss made by the investor or even the bank in the long run.
Greedy chap will make his money and disappear leaving others to pick up the pieces.