Reply to: Buy-to-let DOOM

[OwlHoot]

For ****'s Sake!

Are you going to repeat this ******* post every ******* time a lender ups the mortgage cover ratio from 125% to 145%?

Are you going to do the same when every lender changes the notional interest rate used for this calculation from 5% to 5.5%?

The answer is ******* simple. As I have already told you. Dont ******* buy in areas where the yield is tulipe.

Don't get mad, get even.

Each time AtW posts something like that, post a link to a ZeroHedge article plus quote. He absolutely hates those!

[RetSet]

Buy-to-let to become 'rich person's game' as another lender introduces harsher criteria for landlords

"Barclays has become the latest lender to impose tougher checks on landlords looking for mortgages.

The bank will require landlords to receive more in rent relative to their mortgage costs from next Thursday.

The bank has increased its minimum rental cover, which is the amount that rental payments exceed mortgage costs, from 135pc to 145pc.

The announcement follows last month's decision by Britain's second-largest lender, Nationwide, to tighten its criteria for buy-to-let landlords.

The Mortgage Works, the building society's specialist buy-to-let arm, announced that it would require landlords to receive 145pc on their mortgage costs in rental payments, an increase from 125pc.

Experts predicted that the decision would provoke a "domino effect", with many other lenders following suit, making it more difficult for thousands of landlords to get a mortgage."

Source: Buy-to-let to become 'rich person's game' as another lender introduces harsher criteria for landlords

They are doing it to prevent people from piling into BTL once pension reliefs get nerfed in next budget, you've heard it on here first...

For ****'s Sake!

Are you going to repeat this ******* post every ******* time a lender ups the mortgage cover ratio from 125% to 145%?

Are you going to do the same when every lender changes the notional interest rate used for this calculation from 5% to 5.5%?

The answer is ******* simple. As I have already told you. Dont ******* by in areas where the yield is tulipe.

[vetran]

How do you classify:

- Wife
- Divorce?

ORBQ

"Norman Stanley Fletcher, you have pleaded guilty to the charges brought by this court and it is now my duty to pass sentence.

"You are an habitual criminal who accepts arrest as an occupational hazard and presumably accepts imprisonment in the same casual manner.

[OwlHoot]

How do you classify:

- Wife
- Divorce?

In BP's case it seems to reflect the fundamental law of aeronautics:

"Take off is optional. Landing is compulsory"

[FatLazyContractor]

Car is a luxury. Housing is an essential. I suppose if you consider the great unwashed should be wage slaves struggling to pay rent, thn its okay.

I am now off for a spin on my magic carpet powered by unicorn farts.

How do you classify:

- Wife
- Divorce?

[GB9]

Car is a luxury. Housing is an essential. I suppose if you consider the great unwashed should be wage slaves struggling to pay rent, thn its okay.

I am now off for a spin on my magic carpet powered by unicorn farts.

That's my point. BTL is a luxury. If you've got the money, fine, go for it. But buying up homes shouldn't be subsidised by the tax payer.

[BrilloPad]

Lots of things are for the rich only. I would love a new 911 turbo but I haven't got the money and no one will lend me it. And then I will need a tax break to help repay the loan. Life's hard.

Car is a luxury. Housing is an essential. I suppose if you consider the great unwashed should be wage slaves struggling to pay rent, thn its okay.

I am now off for a spin on my magic carpet powered by unicorn farts.

[unemployed]

No, the correct term in this case is "neutered".

HTH

You need the equipment in the first place to produce newts

I'm going with jaffa

MrMarkyMark aka jaffa the chunt

[AtW]

Does that mean MM has been well and truly "nerfed"

No, the correct term in this case is "neutered".

HTH

[MrMarkyMark]

"In video gaming, a nerf is a change to a game that makes something less effective or desirable. The word can be used as a verb to describe that change. The opposite of nerf is buff or revamp."

HTH

Does that mean MM has been well and truly "nerfed"

[AtW]

Not sure what being nerfed involves, but whatever it is it sounds bad and all too plausible!

"In video gaming, a nerf is a change to a game that makes something less effective or desirable. The word can be used as a verb to describe that change. The opposite of nerf is buff or revamp."

HTH

[OwlHoot]

They are doing it to prevent people from piling into BTL once pension reliefs get nerfed in next budget, you've heard it on here first...

Not sure what being nerfed involves, but whatever it is it sounds bad and all too plausible!

[FatLazyContractor]

They get loan because banks can safely make money on them - BTL means they "own" some other house where they live, so it's safe for bank to loan them money.

BTL crowd effectively are the "first time" buyers who help keep the bubble and MF inflated.

FTFY

[AtW]

Why should they get the tax break or even a loan.

They get loan because banks can safely make money on them - BTL means they "own" some other house where they live, so it's safe for bank to loan them money.

BTL crowd effectively are the "first time" buyers who help keep the bubble inflated.

Lots of things are for the rich only. I would love a new 911 turbo but I haven't got the money and no one will lend me it. And then I will need a tax break to help repay the loan. Life's hard.

[GB9]

The only problem here is that people are borrowing to buy and getting tax relief that puts them at an advantage over people who just want to buy to live.

Why should they get the tax break or even a loan. If they had the money themselves it wouldn't be an issue.

Lots of things are for the rich only. I would love a new 911 turbo but I haven't got the money and no one will lend me it. And then I will need a tax break to help repay the loan. Life's hard.