Sunday, Nov 29, 2009

David Smith

Times: The buy-to-let industry breathes again

"Like it or not, buy-to-let is still alive." When can we get a disclosure of the property investments of this buffoon "a rise from 21,600 to 23,700 in the number of loans and an increase to just over 1.2m in the number of outstanding mortgages". How about 1.2m includes remortgaging. If I were a BTL punter I would not wait for the IR to go up or for the big mortgage reset wave of 2010 to start. Get ooouuuutttt!!

Posted by confused76 @ 09:50 AM (1444 views)
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1. confused76 said...

Buy-to-let is back for cash-rich landlords only

But read the small print:

However, not all landlords are enjoying the benefits. The economic downturn is still claiming buy-to-let victims who borrowed too much and bought overpriced properties at the height of the market.
Many of those who invested late remain painfully overstretched and are unable to cover the cost of their mortgages. The CML statistics show that although there are fewer landlords in arrears, the number of properties taken into possession rose between July and September, from 1,400 to 1,600.
Tougher lending criteria imposed by the banks now makes it impossible for those who borrowed large percentages of the value of their property to remortgage and get the best deals. But even serious players are feeling frustrated by the lack of credit available

Sunday, November 29, 2009 09:56AM Report Comment

2. nomad said...

I wonder if Land Registry have any plans to include a name search on their website allowing the discovery of the amount of land and property owned by a single person or organisation. Wouldn't that be interesting and informative. It should come under the freedom of information laws, surely.

Would have to differentiate between the David Smiths of course.

Sunday, November 29, 2009 11:29AM Report Comment

3. nomad said...

By the way, I like the comments under the article - all but one could have come from this site.

Sunday, November 29, 2009 11:34AM Report Comment

4. drewster said...

Curious about this comment under the article:

"I am a property investor and have recently investigated BTL in the UK. My conclusion is that it is probably one of the poorest investments you can make. Even before any financing costs, net yields in London are around 2% or less...pointless when you can get that by putting it in a bank. As a comparison, I can currently get about 8% in Dubai..."

8% yield in Dubai? Seriously?

Sunday, November 29, 2009 03:27PM Report Comment

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