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Everything posted by wookash

  1. Job loses? People didn't lose the job because the businesses went bust, people mostly got suspended in their jobs because they froze the businesses temporarily. In addition to that many have been furloughed which still give them an income without working. Once everything is back to normal there will be thousands and thousands of job offers on the market. People will come back to work faster than they got unemployed. I'm more than sure. In regards to properties, I sort of agree with what Rob&Rob said on one of the latest podcasts: "People who sell now are the only who have to". And as I observe the market I monitor 7 major cities in the UK weekly in two categories (total no. of offers and within my price range) for over 2 years not many those must sells, literally a fraction of a normal traffic. You can check it yourself on Rightmove or Zoopla. So now ask yourself what drives the property price down? To me it's always a factor which forces sellers to sell, this could be financial pressure or personal life situation. Epidemic could also be a trigger but only if it lasts long, and I mean long like several months where people can't afford to pay off the debt anymore. Not just few weeks like we are experiencing now. Many countries are opening already, take Iran as an example, other European countries or US gov plans for restart, not even mentioning China where people are enjoying bats again already! UK restrictions will be loosening soon as well. Sellers are not and won't be under pressure after these few weeks and we will be back to normal hence it won't imply 'force, must sells' and the price will NOT go down as some are hoping to. They will stay at the same (or show a small growth) level and once confidence will build up after few months we are back on that rocket growth again. The only thing I could question and I didn't evaluate yet, is excessive quantitative easing which happened in US and Europe. This is exceptional and I'm curious how much this will impact the inflation. Surely this will impact the economy but I'm not sure if positive or negative as voices and opinions are divided since QE is a bit controversial topic. I'm not an expert and I'm not educated in economics, this is just my long-winded personal opinion. TL;DR Coronavirus is not a drama, let's think what we spend on those trillions of dollars printed around the globe.
  2. Imo prices won't drop that much since current circumstances are not similar to 2007/8. Back then we had (or US had) a problem with the system. Today system is alright and it is different to what it was prior 2008, it is only pandemic period which freezes things temporarily. Once everything opens back again we get back to previous trends because the whole system didn't change and virus is not affecting banking/properties.
  3. There are limited mortgage options but surely you will get decent offers. Once you get your BTL as your first property you may expect higher interest rates but they should go down once you will get to the end of fixed rate period and have your second property sorted out. Best to speak with mortgage adviser
  4. Nice one. Thanks. I shall contact HMRC then.
  5. Understood. I was lending money as an individual and I'm in a base tax rate bracket. Should I then pay 20% income tax or is it tax-free due to personal savings allowance?
  6. Hi ! Few months ago I lent money to an investor on fixed percentage. I think this is called a peer-to-peer (?). Now borrowed money was returned together with interests gained. What tax should I pay on gained interest rates? Interests are only £600.
  7. With today's lockdown announcement near future isn't so bright...
  8. https://www.gov.uk/government/news/complete-ban-on-evictions-and-additional-protection-for-renters?fbclid=IwAR1LOJmj33HkBWR6iyrqypPKTMGFFrHrMtFEXwOgGqHMv_8WeHZxJRi08oE
  9. I reckon Q4 or Q1 2021 property market will take a plunge. In the same time proving the whole 18-y cycle concept, which I'm not big fan of, is just another myth.
  10. I think what we can see right now it's just the beginning. Holiday lets and serviced accommodation is already suffering from the crisis. I think we should buckle up because the best is yet to come.
  11. Isn't it more about Banks and financial system rather than providing people a place to live? Of course people will always need a shelter to live in but what big banks are going to do with the mortgages is the question.
  12. Coronavirus with Crude Oil crash strikes in. All major indices are plummeting like in 2008, gold is picking up in value. UK Oil is almost rock bottom. UK goverment is trying to stimulate the economy, again! Should we be worried already? Is recession coming? Is 18-year cycle a MYTH? Major politics and public people are getting infected by the Coronavirus. What one of major politics will die due to Covid-19? Will this cause a panic? Will this whole uncertainty bring UK property market down in post-brexit era? Is there enough toilet paper for us in the world? None was scared about financial crash early 2008, but the tension is building up now and I am a bit worried... You can click on the image to zoom in. each line - green or red - represents 1 month period.
  13. I've sent you the email. Have you got it?
  14. Whenever I try to open links mentioned in the propertyhub magazine, very often, I end up with smiling Rob&Rob. In August 2019 magazine they mentioned Propertyhub.net/services/mortgages in the article and when I tried to open up the link his website (as well as many others) seems be taken off. The same story is with podcast show notes. Am I going mad here or is PropertyHub taking off their websites before they're even released? Perhaps I don't know where to look?
  15. Thanks a lot for a response. emails were sent
  16. I'm looking for a mortgage broker in East Anglia (Cambridgeshire, Suffolk, Norfolk, Bury St Edmunds, etc) who will help me with limited company BTL mortgages. Any recommendations? Thanks
  17. Yep, I've got similar question. WOuld be good if someone shared a bit of knowledge here.
  18. Thanks! Conrad, budget of £800-1100pcm, I'm considering rather outskirts and quiet neighborhood. I will check your suggested locations then!
  19. Thank you for prompt reply. I will take a precaution and speak with local authority for sure. I was just wondering if any of forum members have some ideas or thoughts about it. Thanks!
  20. Hi everyone! I'm considering purchasing a residential property with the garage (semi-detached or detached). The garage is crucial here because I would like to open a business in the garage (car repairs, garage). Perhaps extending the garage by sacrificing bigger portion of the garden to have more space. I'm thinking about having LTD company for my business and renting the garage space for commercial purposes from myself. I'm not sure whether this is possible... Hopefully you might bring some light into this topic. Thanks!
  21. Hi there! I currently live in the south of UK but recently I've got a attractive job offer between Sheffield/Doncaster area. I would like to ask you about the areas to avoid and areas to look for when it comes to my own accommodation. Yes, my own, not BTL areas. So could you please give me an advice on: The safest, most convenient, 'good neighborhood' areas/zones to live in Sheffield/Doncaster. The worst, the ugliest, dodgy places to avoid in both of these cities. Where the local authority estate is located and where the 'upper class' reside? Again I mean the place for my own where I could possibly rent a house or buy it myself. I'm not familiar Sheffield/Doncaster topography and It would be a blindly guessing for me. Cheers!
  22. Hi Hubers! I'm not sure about the right sub-forum for this topic so please move it if it suits better other place. As per topic, one of the investors (I know them in person) have LTD company which is now finishing the HMO investment. The building is pretty much finished and now I would like to lend them funds for furniture and equipment at given interest rate. How should I secure myself? What are the key points to cover by agreement? What happens if during the loan agreement their LTD company gets busted? What are the chances of getting the funds back? I appreciate your advice!