Some people are born idiots!

[Westbeef]

You've played it very well! Is that around the time of the big crash when a few banks went under? Interest only scares me though

[Six30]

Gets better the further north you come, I'm on a high% mortgage as it's 90% and it's still about £150/month cheaper than renting the same property.

This will probably make a few of you lot hate me, but I'll post it anyway...

I have a few rental properties in Southampton. A couple of them I bought back in 2007 with just a 15% deposit. I bought off plan and got a reduced price for buying two flats at the same time. Anyone could get mortgages back then, just needed to find a deposit and developed were working out deals for returning deposits on completion. It was the crazy days of buy to let which we will never see again - securing flats for £1 - that's unheard of these days.

I took a gamble on lifetime base rate tracker mortgages... I was predicting a rate reduction, but didn't ever imagine it would come down as far as it has. As the base rate came down, so did my mortgages but rental prices continued to rise steadily (I've never put anyone's rent up, I just increase when new tenants move in). Monthly mortgage payment is now about 170 per flat (interest only) but becaue I keep the flats in excellent condition I can charge top market rate. Suffice to say you certainly couldn't rent a flat of the same standard in the center of Southampton for 170pcm..

 

......

[Joeman]

You've played it very well! Is that around the time of the big crash when a few banks went under? Interest only scares me though

 

Interest only is fine and typical for buy to let.. I have all my properties on interest only.

My own home is on interest only because it needed to be gutted and completely renovated so rather than spending money paying off the mortgage, I spent money renovating and extending and buying furniture etc.. once the spending finished, can then use the spare cash to make regular overpayments on the mortgage.

But currently with mortgage rates so low, many people are better off not overpaying and instead investing the spare money for a better return. So long as the interest on the investment is higher than the mortgage interest you're quids in!

[Liveware Problem]

I would imaging part of the reason defaults were lower was people didn't have the same "credit card culture" as we do today and didn't have the need for expensive luxuries like brand new iPhones etc. so less likely to get into debt and less likely to miss a payment on their mortgage.

It would be a brave bank that offered 110% mortgages to today's society..

 

Banks have helped create today's society. It is seen as a good thing, essential in fact, that we have an ever-expanding economy, which needs ever increasing consumption.. So of course people are encouraged to spend regardless of whether they actually have the money - don't worry just take out a loan.. The 'need' is to carry on with the current economic model

[RantMachine]

Banks have helped create today's society. It is seen as a good thing, essential in fact, that we have an ever-expanding economy, which needs ever increasing consumption.

And yet we don't have the sodding increase in supply to meet the demand when it comes to housing

 

Gets better the further north you come

Possibly the only context in which that sentence would ever ring true

[Joeman]

Banks have helped create today's society. It is seen as a good thing, essential in fact, that we have an ever-expanding economy, which needs ever increasing consumption.

And yet we don't have the sodding increase in supply to meet the demand when it comes to housing

 

Gets better the further north you come

Possibly the only context in which that sentence would ever ring true

What we need is more imigrants and less Brits. Imigrants are happy to pile loads of themselves into one house whereas all the jobless British benefits scroungers seem to think they are entitled to an entire house each and moan when they get taxed for empty bedrooms!

[RantMachine]

Banks have helped create today's society. It is seen as a good thing, essential in fact, that we have an ever-expanding economy, which needs ever increasing consumption.

And yet we don't have the sodding increase in supply to meet the demand when it comes to housing

 

Gets better the further north you come

Possibly the only context in which that sentence would ever ring true

What we need is more imigrants and less Brits. Imigrants are happy to pile loads of themselves into one house whereas all the jobless British benefits scroungers seem to think they are entitled to an entire house each and moan when they get taxed for empty bedrooms!

Oh, look at the scheming private landlord trying to work out how he can cram even more tenants in

[Lateralus]

Banks have helped create today's society. It is seen as a good thing, essential in fact, that we have an ever-expanding economy, which needs ever increasing consumption.

And yet we don't have the sodding increase in supply to meet the demand when it comes to housing

 

As a planning consultant who's main job is trying to get planning consent for housing, I couldn't agree more. The extent to which NIMBYism has progressed into BANANA is massively stifling politicians' willingness to do anything substantial to address the issue, especially in respect of the Green Belt which is decades past needing a national review. A potential can of worms, I know, but it's something I will [strikeout]angrily[/strikeout] happily debate all day long!

[RantMachine]

Banks have helped create today's society. It is seen as a good thing, essential in fact, that we have an ever-expanding economy, which needs ever increasing consumption.

And yet we don't have the sodding increase in supply to meet the demand when it comes to housing

 

As a planning consultant who's main job is trying to get planning consent for housing, I couldn't agree more. The extent to which NIMBYism has progressed into BANANA is massively stifling politicians' willingness to do anything substantial to address the issue, especially in respect of the Green Belt which is decades past needing a national review. A potential can of worms, I know, but it's something I will [strikeout]angrily[/strikeout] happily debate all day long!

Every time my mother starts another sodding campaign against more houses being built in the area where my parents live, I remind her that she is the reason I can't afford a house

[Gin]

This thread is brilliant

And Joe I don't hate you at all for playing the game well and coming out well.. You're not the dick student landlords that charge Horrific prices for awful dive houses that don't even meet regulations (Equally try taking these bast*rds to court or having them brought up on their awful properties in anyway.. Nightmare and will never amount to anything.. )

[Throttled]

......

Shame then that Gates puts billions into his trust fund with his wife that helps all those people in Africa. And has stated he plans to put into charity about 99% of his wealth.

Need to stop reading the bullshit Oxfam reports I think. And Oxfam actually should get on with their charity work than creating such rubbish.

 

Bill gates is worth $84.1 billion. He has donated $28 billion, but that is over 13 years, so each year he donates $2.15 billion, or 2.6% of his wealth. I would prefer to see him pay tax at say 40%. I would also prefer not to have to wait till he is dead to see the rest redistributed via an incredibly wealthy charity.

[MR_W]

......

Shame then that Gates puts billions into his trust fund with his wife that helps all those people in Africa. And has stated he plans to put into charity about 99% of his wealth.

Need to stop reading the bullshit Oxfam reports I think. And Oxfam actually should get on with their charity work than creating such rubbish.

 

Bill gates is worth $84.1 billion. He has donated $28 billion, but that is over 13 years, so each year he donates $2.15 billion, or 2.6% of his wealth. I would prefer to see him pay tax at say 40%. I would also prefer not to have to wait till he is dead to see the rest redistributed via an incredibly wealthy charity.

My initial response was probably more curt than needed. Been suffering a concussion so like a bear with a sore head and was more pissed with Oxfam than you.

[TC1474]

This thread is brilliant

And Joe I don't hate you at all for playing the game well and coming out well.. You're not the dick student landlords that charge Horrific prices for awful dive houses that don't even meet regulations (Equally try taking these bast*rds to court or having them brought up on their awful properties in anyway.. Nightmare and will never amount to anything.. )

 

I agree with you 100% . I always wish I had invested in property when I was younger. I had a Sgt who had a load of property and every Friday he would go out collecting his rent. It was so funny seeing him park up the patrol car which might be an XJ6 Jag, SD1 Rover or 2.8 Granada, change his anorack for a brown rain coat and then go knocking on doors with the rent books I saw him at a funeral a few weeks ago and he lives in a palace and looks too healthy for hos own good obviously caused by living the good life on the proceeds of the properties he brought and then probably sold for a very handsome profit. Am I jealous? Not at all but I do refer to him as Ex Sgt B@stard when we meet up (Just joking I hasten to add)

On a more serious note, I totally agree with your comments regarding student and landlords. My daughter is in such accomodation at a University on the south coast and the landlord is just one greedy ignorant b@stard fuelled by the equally b@stard agents.

I know that there are certain rules governing rented accomodation, but it seems that these greedy twats can charge a fortune for sub standard accomodation and then withhold the deposit for months after they move out whilst trying to fabricate false evidence of damage and so on. Don't get me started on them, but I am with you all the way

[Joeman]

See I'm too nice to be a landlord. Recently I had a single guy move out who had to return to his home country in a hurry leaving his furniture behind. Rather than charge him disposal costs as most landlords would, I paid him 300quid for all his furniture. Everyone was a winner.

Next a lady moved in who didn't like the very masculine furniture left by the previous l tenant. I told her to sell it and buy some stuff she liked and take the difference off the rent money. Again another very happy tenant who I think will remain a long time.

I've never had problems tenants and the only time I ever withheld a deposit was when a Russian lady moved out and left the place in a complete state... She wouldn't miss the money, it was all paid 6months in advance from a Swiss bank account by her daddy's PA. I don't even think she would have missed the 18 carat white gold Tiffany earring she left behind - she certainly never asked for them back!!

[RantMachine]

I don't think that being a landlord would suit me. But I reckon I'd be pretty good at running a trailer park.

http://i.imgur.com/CX1c6Ko.gif' alt='IMGUR>'>

[NearOn]

I do agree they made the wrong decisions but I can see how it happens. I had 3k compensation claim about 9 years ago when a telecoms cable took me off my push bike by my neck!! I should have saved it towards a mortgage deposit but spent the lot on a holiday and a motorbike. Then the misses last year inherited 75k and although we now have a house to show for it, I do see how you can suddenly start spending it and it decrease quickly.

Saying that we did pay off all our debt, put a large wod down on a house and bought a new bike. But for those initial few months whilst it sat there waiting for the house we did live without counting the pennies which was nice. They should have thought about the long term way more though.

[Liveware Problem]

This thread is brilliant

And Joe I don't hate you at all for playing the game well and coming out well.. You're not the dick student landlords that charge Horrific prices for awful dive houses that don't even meet regulations (Equally try taking these bast*rds to court or having them brought up on their awful properties in anyway.. Nightmare and will never amount to anything.. )

 

I agree with you 100% . I always wish I had invested in property when I was younger. I had a Sgt who had a load of property and every Friday he would go out collecting his rent. It was so funny seeing him park up the patrol car which might be an XJ6 Jag, SD1 Rover or 2.8 Granada, change his anorack for a brown rain coat and then go knocking on doors with the rent books I saw him at a funeral a few weeks ago and he lives in a palace and looks too healthy for hos own good obviously caused by living the good life on the proceeds of the properties he brought and then probably sold for a very handsome profit. Am I jealous? Not at all but I do refer to him as Ex Sgt B@stard when we meet up (Just joking I hasten to add)

On a more serious note, I totally agree with your comments regarding student and landlords. My daughter is in such accomodation at a University on the south coast and the landlord is just one greedy ignorant b@stard fuelled by the equally b@stard agents.

I know that there are certain rules governing rented accomodation, but it seems that these greedy twats can charge a fortune for sub standard accomodation and then withhold the deposit for months after they move out whilst trying to fabricate false evidence of damage and so on. Don't get me started on them, but I am with you all the way

 

The problem goes back to what has already been discussed I suppose, I.e. a huge housing shortage. So those who do own property hold all the cards - no matter how sub-standard their properties are someone can be found to rent because they're desperate and need somewhere to live!

Although Joeman your approach makes more sense in the long run, keep tenants happy and they'll stay longer and look after your property too

[Throttled]

I do agree they made the wrong decisions but I can see how it happens. I had 3k compensation claim about 9 years ago when a telecoms cable took me off my push bike by my neck!! I should have saved it towards a mortgage deposit but spent the lot on a holiday and a motorbike. Then the misses last year inherited 75k and although we now have a house to show for it, I do see how you can suddenly start spending it and it decrease quickly.

Saying that we did pay off all our debt, put a large wod down on a house and bought a new bike. But for those initial few months whilst it sat there waiting for the house we did live without counting the pennies which was nice. They should have thought about the long term way more though.

 

I think £3k is well spend on a holiday and a motorcycle. Life is also for living.

[Throttled]

There was an interesting piece on the news about some farmers are starting to struggle because to replace the immigrant labourers many are having to pay the living wage, which is higher than the living wage they could get the immigrants to work for. I hope that is repeated across the entire economy and everyone gets a windfall that lasts and is not going to encourage waste spending.

Waste spending is buying things that hardly get used.

[RantMachine]

I do agree they made the wrong decisions but I can see how it happens. I had 3k compensation claim about 9 years ago when a telecoms cable took me off my push bike by my neck!! I should have saved it towards a mortgage deposit but spent the lot on a holiday and a motorbike. Then the misses last year inherited 75k and although we now have a house to show for it, I do see how you can suddenly start spending it and it decrease quickly.

Saying that we did pay off all our debt, put a large wod down on a house and bought a new bike. But for those initial few months whilst it sat there waiting for the house we did live without counting the pennies which was nice. They should have thought about the long term way more though.

 

I think £3k is well spend on a holiday and a motorcycle. Life is also for living.

 

Amen to that. It's all well and good to talk about long term investment, but there's little point if you finally reach that future you've been investing in and realise you forgot to have fun along the way. And besides, the future rarely plays ball... never worth planning too far ahead in my books

[Mawsley]

[painkiller]

I always thought that making income + having fun should be one in the same or its not worth doing. Started off doing normal work and it was as fun as smearing your gentiles with fish paste and dunking them in a tank of hungry piranha. Moving on to places of authority ( health and safety inspector ) was fun for a little while but boring. Became a certified tech geek doing jobs all over, was ok and good pay until everyone you know wants freebie work, hours of work for nothing in return. But then I took my oldest passion of exotic pets that I have always been into since about 3 y.o and made it my business. Granted it only works for 5-8 months a year but its passion and pays bills. In feb I will be starting again for the year and my calculations estimate about 45-65k to come in from it over the year. The last year brought in 52k (before had a now born and had time) but this year is about the future of that child first before anything else. As soon as being responsible for a child they are your main financial responsibility, my family blood family is in so much debt my great great grandchild will be still paying it off i.e take my brother just turned 25 and owes roughly £108k in debts no student loans or anything - 10 different catalogues, every internet company ever, bills, people and so on. He spends all his money on himself more than likely 1.5k a month on games, camera's (brought and sold over 40 last year, not cheap ones either), drum sets, pets he never keeps more than a week and pi**es me off that too its not for me so why bother spending on a pet's needs (109 pets in 2016 and sold / released in the wild all of them cats,dogs snakes, gecko, turtles, tarantula's) i can rant about the idiot all day and dont get me started on my father who owes about 150k, mum 110k easy, sister with a child 45k also a selfish person. I cant see how people neglect the need for the want.

[Joeman]

I'd he's not looking after the animals, its your duty to say something and if he doesn't change his ways report him to the RSPCA.

Being a dick with money is one thing, but there are no excuses for mistreatment of animals.

[Mawsley]

Cats, dogs, snakes, geckos, turtles and tarantulas released into the wild?

Do you live in a desert?

[RantMachine]

Cats, dogs, snakes, geckos, turtles and tarantulas released into the wild?

Do you live in a desert?

Nah just a field full of dead animals