BTL - long term winner?

[Killer2005]

TTwiggy said:

mjb1 said:

We have 50k+ cash deposit, but still can't get a home owner mortgage. I've been told (not sure if correctly), that you need to be a homeowner to get a BTL mortgage on another property, so we can't even buy a smaller house to rent out, to help us get on the ladder.

I don't think that's true. A friend of mine recently sold his flat in London, is currently renting in London, and has just done a BTL in Clitheroe (where he's from and intends to move back to one day).

It would depend on the mortgage lenders policy. From my understanding most lenders state that you have to be a home owner and occupier to be able to get one, ours certainly is ( for record I'm a BTL underwriter)

[nikaiyo2]

Killer2005 said:

It would depend on the mortgage lenders policy. From my understanding most lenders state that you have to be a home owner and occupier to be able to get one, ours certainly is ( for record I'm a BTL underwriter)

TMW, Natwest, Bank of China, Skipton all do BTL with out needing to be an owner occupier.

[Axionknight]

mjb1 said:

They also don't want to rock the boat as BTL property owners, are generally going to be tory voters.

Is that something you can back up with facts? Purely out of interest.

[Mr Snap]

fblm said:

Snap I'm sorry to hear about your daughters situation. Get involved and help her, 98elise is right, if the agents or landlord are playing fast and loose you can have them for 3 times the deposit! The law is completely on your side.

Thanks.

I'm afraid I can't, she wants to do these things herself but she's ill equipped to do so. It tears me up but that's how she wants it and I have to step back (like she says, I won't always be around). The best I can do is suggest she takes herself to the CAB - which I'm pretty confident she will do.

I guess my point is that there are a lot of people are in a similar boat to her. They find most things in life a challenge and yet don't present a pressing problem so the state doesn't feel the need to get involved. It's not what I'd call a Big Society.

[98elise]

paranoid airbag said:

98elise said:

Food is a basic human need, but do you feels its wrong for a private individual to take a business loan, buy a butchers shop, and make money from selling a basic human need?

Houses have been commodities for centuries, its only the late 20th century thats seen boom in private ownership.

The food the butcher's shops buys most likely wouldn't exist if there wasn't a butcher's shop to buy it.

The house would still bloody exist. Profiting out of a scarcity you induced is wrong, and there would be a lot less scarcity if there were fewer BTLs.

I don't see how BTL buyers have caused a lack of houses. 1 house...1 occupier. The form ownership doesn't change the availabilty. Estate agents windows are full of houses for sale.

The problem is that supply is less than demand, regardless of who owns the property. Thats whats pushing prices out of reach.