Thought it would be good to have a specific thread about the housing market, and its impact.
Anyway, low deposit scheme being rolled out by the Conservatives, will see more low income families and hopefully this who rent to be able to get out of the spiral and purchase their own homes.
Well we want to buy? After cleaning all our debts of £40k by selling up in the south east and moving north we now have £50k in the bank, so a pretty big deposit.
The problem we have is we cannot get a mortgage because of our credit scores. Of course this will take time, but the way credit scoring is ‘marked’ has changed last month which after seeing our scores increase over the last 3 months, dropped by 300 points!
Very frustrating as we have 20% deposit on the value of the property that we want.
I guess it’s just a waiting game for you then - Draft make sure you pay everything off in full, every month, and you should start to claw that back. Do you know what score you have to get to?
It will be interesting to see what sort of changes the buy to let stamp duty rates will have. I suspect it will have an initially negative effect on some tenants by way of an increase in rent to cover this (obviously appleis to new purchases only), because the supply is still so limited. The change in taxation coming next year will “hit” landlords profits, but this is actually something that is long overdue, although it will have no benefit for tenants.
On a wider note, it strikes me as being a bit silly to be a landlord and expect an instant profit on rental income. Surely the bigger piicture is the long term view of realising the asset value by paying off the loan and hoping for a rise is property value during the time of the tenancy?
So, will it just take the suckers out of the market and make it a fairer market for the tenant or will the small time landlords dispose of their portfolio to larger, more ruthless landlords? Either way, the Treasury get’s a few more bob and I fear tenants will be beaten with the shitty end of the stick once more.
Yes we want to get to excellent so we have the favourable rates. We are in no hurry as we are in the house of our dreams at the moment, but will never be able to afford it! On the market for £380k in Carlisle! Victorian house with open fire places and so many great features.
I worked as a credit manager for 12 years, so no what is required. We will have no problem doing this, but will be a couple of years for sure.
Fergus Wilson sells buy to let empire to foreign consortium. Yay capitalism.
Council tenancies to be limited to five years, local authority needs to review after this point.
Another plank of security for the poor removed.
Might find it has dropped in price and comes with a nice view of the lakes now.
Interesting article on the BBC about BTL landlords
But behind the economics, there is probably something more basic - our need for a home. And when someone appears to be exploiting that need, it causes widespread anger. As Dan Wilson Craw, from campaign group Generation Rent, which speaks for young tenants, says: “Most people just want a place to live, whereas buy-to-let landlords want a place to make money.” Landlords are fundamentally abusing what housing is, he claims.
Kinsey agrees. “A home is really vital to your mental health and there are times when I’ve nearly gone under with the pressure and instability of it all,” she says. “The law puts all the power in the hands of landlords. It’s just wrong. It’s immoral.”
Originally posted by @BTripz
Interesting article on the BBC about BTL landlords
Why do people resent buy-to-letters so much?
But behind the economics, there is probably something more basic - our need for a home. And when someone appears to be exploiting that need, it causes widespread anger. As Dan Wilson Craw, from campaign group Generation Rent, which speaks for young tenants, says: “Most people just want a place to live, whereas buy-to-let landlords want a place to make money.” Landlords are fundamentally abusing what housing is, he claims.
Kinsey agrees. “A home is really vital to your mental health and there are times when I’ve nearly gone under with the pressure and instability of it all,” she says. “The law puts all the power in the hands of landlords. It’s just wrong. It’s immoral.”
…and is there a difference between owning and letting a past property, and buying with the sole purpose of letting?
Originally posted by @pap
Council tenancies to be limited to five years, local authority needs to review after this point.
Another plank of security for the poor removed.
How do you balance that with working people living in council properties with a combined income of in excess of 50K…surely that’s depriving a family on substantially low income of housing?