Anyone here feel like they are the bad guys being a landlord

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    #31
    Its an interesting circumstance. I hear it so often that it must be down to a persons lifestyle that they cannot afford their own place. That if they just skipped the Avocado on toast or had one less Starbucks a day, they would be well on the way to buying their own place. That is total rubbish.

    It's now the situation in this country that people will simply not be given a mortgage on a property, because they don't earn enough. The multiplier is not enough to get them anything.

    You can say, well don't live in London. This is very true, but this is where the jobs are. You can absolutely go to the north where the properties are cheaper, but the jobs aren't there. Big Business doesn't want to be there as it's not by the central hub of London.

    You also consider that people should sacrifice to further their goals. Sometimes these advantages can be taken away from someone. You say you stayed at home until you were 32. My Father got Prostate cancer when I was 22 and died 6 months later. 3 years after that my mother died of a brain tumor. So I got the advantage of staying with my parents ripped away from me.

    The public are not the lazy layabouts that it seems so many people think they are. They are people struggling every single day just trying to survive. They don't get the luxuries that we keep assuming they have, they just survive.

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      #32
      One way of 'solving' (?) the problem that where the jobs are the property is too expensive to buy (this is the situation my son is in - so he has to rent, even though he'd like to try being a first time buyer, and using the rent money to pay the mortgage), is to buy a BTL or FHL (furnished holiday let) somewhere he CAN afford.

      Then, the rental income they receive from the BTL/FHL in the 'cheaper' part of the country will, at the least, help to offset the rent money they have to pay to live in the part of the country where their jobs are.

      Of course, the mortgage interest rate will be higher (assuming he can get one!) on a BTL/FHL mortgage,

      Plus, there will be probably be a shortfall in the amount of rent received (in the cheap area) compared with the rent they have to pay (to live in the expensive area where the jobs are), so the rental income won't entirely cover the rent they have to pay.

      Plus, of course, the rental income they receive will be taxable, so they will get a net income even less than the gross rent, further exacerbating the shortfall.

      However, it does at least get them on the property ladder and, most vital of all, provides a roof over their head (once the mortgage is finally paid!) for their old age.

      It's far from ideal, but it is better than wasting all one's money on paying rent 'lost for ever'.

      The thought of having 'no where to call one's own' in old age is seriously scary.

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        #33
        I don't think that many lenders will offer a BTL mortgage to someone that does not already have their own property.

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          #34
          Originally posted by ExpertInAField View Post
          You can say, well don't live in London. This is very true, but this is where the jobs are. You can absolutely go to the north where the properties are cheaper, but the jobs aren't there. Big Business doesn't want to be there as it's not by the central hub of London.
          I think that a lot depends on what you do for a living.

          I moved out of London (albeit some time ago), because it was simply impossible to afford to live there and save/plan for the future.
          At first I tried commuting from somewhere cheaper to live, but the travel cost wiped out the advantage.

          So I moved north (well, to Birmingham), and the cost of living dropped markedly.
          I was able to afford to save and then get a mortgage - things I couldn't have ever done in London (or the South East).

          As an example, when I first went to look at property in Birmingham, they asked me how much I was prepared to pay - and I quoted the price of a flat where I was then living.
          The first place they offered me had a separate granny flat and stables.

          Never felt disadvantaged work-wise from not being in London and if I wanted something that was only available in London, I just travelled there.
          And over time, fewer and fewer things are only available in London, and, as I get older, I'm less bothered about the one's that are.

          Leaving London was the single best decision I ever made, and why anyone lives and works there and struggles to save (or just to break even) is a mystery to me.
          When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
          Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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            #35
            I had a similar experience to jpk when returning to England in the mid 1980s. For 30,000 pounds I could get a one bed-roomed flat in my home town on the coast in the south east or a three bed-roomed detached house in the East Midlands. A couple today doing the same jobs as my parents could nowhere near afford the house my parents bought in 1960.

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              #36
              Originally posted by ExpertInAField View Post
              Its an interesting circumstance. I hear it so often that it must be down to a persons lifestyle that they cannot afford their own place. That if they just skipped the Avocado on toast or had one less Starbucks a day, they would be well on the way to buying their own place. That is total rubbish.


              The public are not the lazy layabouts that it seems so many people think they are. They are people struggling every single day just trying to survive. They don't get the luxuries that we keep assuming they have, they just survive.
              Note i trinmed the quote to make it easier to follow this conversation.

              Some very good points not everyone has the same circumstances, luxuries, advantages , disadvantages . Sometimes you have no choice .
              I'm moving moving London and for me it seems like best decision I've made. Property ridiculously expensive (I do own in london ) and the lifestyle there is false , inflated , constant struggle it feels . I moved down south and prices cheaper , local people happier again this could be linked to property peides and rents (not so expensive)

              But going back to the original topic . I feel the press has vilified landlords a lot for no real reason , eh what have we done wrong ?

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                #37
                Originally posted by jpkeates View Post
                I think that a lot depends on what you do for a living.

                I moved out of London (albeit some time ago), because it was simply impossible to afford to live there and save/plan for the future.
                At first I tried commuting from somewhere cheaper to live, but the travel cost wiped out the advantage.

                Leaving London was the single best decision I ever made, and why anyone lives and works there and struggles to save (or just to break even) is a mystery to me.
                note trimmed original quote to make conversation easier to follow.

                glad you made what you feel is the right decision .mustve been hard at the time ?

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                  #38
                  Originally posted by ExpertInAField View Post
                  I don't think that many lenders will offer a BTL mortgage to someone that does not already have their own property.
                  I agree it must be close to impossible to find this but good luck if you can

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