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About nicholas_b

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  1. I'm in your boat too mate. As will many others. Namely there are only so many properties... and then there was no way of knowing the prices would go through the roof... keep your eyes peeled for one where numbers stack up.... and failing that you have the cash to fall back on like you say.... that's the sentiments of many I suspect.
  2. Hi, Apologies I know this will have been asked before but I can't find the thread. If I own a home but I'm wanting to move and effectively let the one I currently live in (residential) can I just get another residential mortgage and move the current one to a BTL at the point of the mortgage product expiring with a consent to let in the mean time? Or would I be refused another residential until I have transferred the current one to a BTL?
  3. I'm aware people have different strategies, it isn't a case of being unaware, it's a case of going off the information to hand. The post stated they were happy with the rent being received which to me, implies they are already happy with the yield. I'm not sure I'm particularly "keen' to address the commercial aspect because I dont have an invested interest in the situation; accounting for inflation is important but the pragmatics of potentially losing a tenant for 25pcm has the potential to be a distant memory, not to mention the post also states the tenant does things to improve the house which I imagine is more valuable than 25pcm in it's own right.
  4. You don't need to be a Housing Association to have a morale perspective. If they want to increase it they can, if they dont want to then they dont. It was asking for opinions and I stated my opinion. Not sure why you seem so offended. Some landlords are happy their homes are looked after, give them a nice income stream and allow them to benefit from CV growth with little problem. Commercially, 25pcm seems a big risk to that.
  5. If you have the opportunity to not to do this I would steer away from doing it. A bird in the hand is worth two in the nest from a commercial perspective. From a moral perspective if you have a good relationship theres no point raising it. As we know it isnt just about making money it's also about helping people. That change could potentially make a big disruption to their life and if they have to leave you will have no idea who you will be getting in. Just my opinion.
  6. Thanks Stuart. That's a wonderful response. It's very interesting to hear. I had no doubts we were just as bent as they were previously. Greed will always rear its head. I've heard about London being an epicentre if money laundering too. I'm sorry I dont understand the point around the banks (I'm blonde) were they cash rich or cash poor? I'm assuming poor, so how did they have so much money to lend out, was it because of those bond schemes? With regards to unemployment, do you think the majority of these will be renters opposed to home buyers? This is my thinking, previously people had to sell, lots of unemployment, negative equity etc... equals motivated sellers. Did the banks not begin to deem these people as high risk after 2008, effectively strongest testing, refusing unrealistic valuations for remortgaging etc to prevent over leveraging? I know before mortgages could be 125% where as recently the highest is 90%isnt it Resi and 80% BTL, now changed to 85 and 75? Also dont the banks have to keep so much in reserves now too? Or have I imagined that? If the interest rate goes from 1.5 to 3 wouldn't this be factored in to affordability testing? I guess if you're unemployed it's a big jump, but for most it will still be cheap (esp compared to renting)? Unemployment will rise for certain...I'm just not sure as to the extent. As for automation and AI...true, but like rob and rob say I think this will complement what we have and jobs will be created elsewhere, after all this isnt new, and it isnt in the govts interest to allow AI to replace jobs is it? I'm a bit of a dreamer so maybe I'm naive here. I'm quietly wondering if the opposite to The Big Short is going to happen. I think a lot of people cash rich are waiting, the economy will definitely suffer, the media are banging the drum about negative this and negative that... I'm wondering if prices might go up? I dont see as much stock coming on the market because I dont think there will be mass defaults due to stricter testing and lower interest rates, there are really good yields to be had, home ownership never reached pre 2008 levels, the bailout money came before the crash, the buyers will outweigh sellers this time... I'm definitely not trying to convince myself, I'm only small time, and the houses I look at only change by a few thousand in peaks and troughs opposed to hundreds like down south.. I'm just curious if the reverse might happen (in respect of housing only...not the economy).
  7. Yesterday a fellow hubber recommended a film called The Big Short and it was absolutely fascinating. It basically centres on the sub prime mortgage lending in America in the 00s. Effectively showing how greed, corruption, deceit and ultimately giving unaffordable mortgages to people caused the crash. I appreciate this was based in America but I imagine similar practices went off in England. I'm curious from people who work have worked in mortgages a long time; have the practices different post 2008 to pre 2008? To me it appears mortgage lending became and remained stricter since the crash, meaning those given out should be to people who can afford it. I imagine homeowners will also have savings to fall back on to see them through tough times. Perhaps not in all cases, but in most. This coupled again with continuous low interest rates for the last 13 years mean adjustable mortgages are now winning over fixed, opposed to before where the percentages went crazy. It leads me to think the home ownership bubble wont burst to the same extent. I also think a lot of savvy landlords expanded over the last ten years and they're unlikely to default on their low interest only mortgages. It's likely to be renters who suffer. Would you agree on this? I'd be interested to hear from those who are brokers or work in the field. Thank you.
  8. Read the previous posts. There have been lots of these types of questions and answers which may help you.
  9. That was absolute class. I love anything like that. I learnt so much from it. It has made me hate bankers even more. The left in me is feeling rather angry. And also..it has made my brain hurt a little. Surely the way mortgages have been regulated in England since the crash mean that cant happen to the same extent can it??
  10. I've just seen the above on BBC catch up. Very, very interesting programme. Really focussed on the mortgage industry. Its incredibly interesting. It shows you the tip of the iceberg in respect of sub prime lending but also the level of fraud. I know sometimes we are partial to the odd bit of belly aching on here when it comes to mortgages but it is clear why the testing is there and the procedures in place to avoid this happening again. It doesn't show anything about QE but seeing it done after instead of before (like now) is interesting. Definitely worth a watch if you have an hour guys. If anyone has seen it I'd be interested just to hear their thoughts.
  11. Hi, I think its probably impossible to pre empt market conditions, but if we did dip couldn't you rent them out and wait for an increase? Alternatively couldn't you strike up a deal with the local authority or a housing association to take them off you either as a purchase or as a lease deal?
  12. Hi, Has anyone noticed a serious lack of supply in their areas? I'm mindful a lack of supply has contributed to an increase in prices, but there is probably only a fifth, maybe even a sixth of stock coming on to the market in comparison to previous levels. I appreciate most sellers are sitting and waiting, but I just wondered if others had experienced the same issue in their respective areas?
  13. I've used Howdens historically, good quality, you do have to haggle though. This time I'm opting for B and Q. I know two people who have used them and they're really happy. They were for their own residential properties too. Its getting fitted in Nov so I can't comment personally yet. The design process is good though so I'm looking forward to it. They are a bit cheaper than otherd for the same thing.
  14. Just listened to it. I thought it was funny when he asked if Rob had heard of Warren Buffet... It was pretty much what I expected. I was surprised there was no hard sell though, judging by the comments I think everyone was. I still think bricks and mortar are the most secure investments, I think space in places where people want to live is finite, so should be easy to maintain inflation as a return on investment. I don't buy that technology will replace everything and everyone... the economy would collapse and it wouldn't be in anyone's interest... at all. It will come and it will create new jobs... as it always has. As a man with 8,000 rental properties I can't help think property must be a good investment in his opinion too. Interesting what people have said about gold and crypto... I dont get crypto...how is it different to online banking? (Genuine question). Also I cant help but feel putting a few grand in to Gold is worth a go. Has anyone bought gold and what are the practicalities in terms of buying it and storing it?