Thinking about ploughing some of the warchest into a couple of BTLs.
Fool's errand or "this time next year Rodders"
Fool's errand or "this time next year Rodders"
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You won't lose money that's for sure.
Will you get rich doing it? Doubt that.
A lot more money printing is ahead of us, that's also for sure. -
Prices in London seamed too high to me, but I think £ is overvalued so I would look to move the money somewhere. I moved some money into a house in Dublin, and I am thinking about a second house, but I will give it a year or so as prices are not going up at the moment.Originally posted by Pondlife View Post
Where would you like to live when you retire, buy there now and rent it.Fiscal nomad it's legal.Comment
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Sew what did you do instead?Originally posted by alreadypacked View Post
Westlife singer Shane Filan declared bankrupt | Money | The GuardianOriginally posted by alreadypacked View Post
Ahh genius!Comment
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Hypocrisy has no flagTom McFeeley – Former IRA hunger striker who built up a property empire in Ireland after leaving prison. That empire collapsed after the financial crash. McFeeley, despite his republican background, declared himself bankrupt at a London court using a UK address.Always forgive your enemies; nothing annoys them so much.Comment
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He and others made the mistake of getting in at the top of the bubble, like London now. I just paid 30% of the bubble price.Originally posted by oracleslave View PostFiscal nomad it's legal.Comment
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Depends on lots of factors, but location is key. If in an established middle-class enclave and you're not over-leveraging, property is an excellent long term investment.
Sell it off at retirement and you could possibly buy anywwhere else in the world.
Mediocre properties are easy to find, good ones in a nice area are at a premium and will always be whatever the state of the economy.
Personally I have always gone for the top end of the market and picked areas for which there is a range of demand e.g.close to the City AND close to a large hospital.
Then you have tenants who could be traders or junior doctors, say (and in fact when I had my BTLs just outside the City my tenanst where either City workers or doctors).
Depends how much capital you have, but rental yields are high, at the moment at least.Hard Brexit now!
#prayfornodealComment
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£ might be overvalued - but then parts of the Euro are alot more overvalued.Originally posted by alreadypacked View PostComment
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That's why I decided to get out of Euro/CHF, and get into BTL.Originally posted by BrilloPad View PostFiscal nomad it's legal.Comment
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BTL mortgage finance is is finally starting to become more available after the downturn. As lenders struggled to shore up their balance sheets, many withdrew their BTL lending proposition and decided to concentrate on what they perceived to be less risky residential lending. As such, this led to maybe 3 or 4 lenders monopolising the market. Rates have remained low however arrangement costs in some cases have been eye watering. Mortgage Works for example on some of their products have been charging anything upto 3.5% on the amount borrowed. With a typical London property being around £300,000, (BTL tends to need a minimum of 25% deposit), this has meant an arrangement fee of nearly £8000 on a £225,000 loan.
The good news is that over the last few weeks, a number of lenders have started to decrease their fees and even their rates. Coventry Building Society for example who have an appetite for low risk and low LTV lending have just released a new BTL portfolio with reasonably sensible arrangement fees. Kent Reliance have recently even launched a 85% ltv product which is something that has not been seen for a long time.
When purchasing a BTL, it needs to be viewed as a long term investment as the days of selling after 2 years and walking away with bags of cash are long gone. However, a sensible decision when purchasing will enable you to enjoy tax benefits as well as the long term uplift in value of the property.
Hope that helpsComment
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