Mortgage rates

I see your point but I also see it locking out many more people from being able to buy their own affordable home.

 

It definitely does serve its place but I wish it was better regulated.

 

If these people can’t walk , they are disabled , you’ve got no idea about their circumstances the same with the probable alcoholics . I’ve met a lot of intelligent professional people who’ve fallen on hard times because of disability and alcoholism

 

Good for them. Far better security and investment than the cash laying in a bank gathering little interest.

 

Their disability will contribute to their weight gain. When someone can’t walk or exercise then it’s more difficult to not put weight on.

 

I wholeheartedly agree, majority on this thread appear not to though

 

Fair enough if they owned loads of places to rent our and upped rent regularly and had people evicted like when you hear negative landlord stories in the media.

One extra property to build up a nest egg when banks are useless, I don't see the problem.

 

See Labour have just dropped the pledge to replace the HOL. And stated that they would ignore public sector pay bodies recommendations if they were around 6% .

however **** the tories are Labour are clueless

 

Labour going back on pledges? Nah, not with Starmer in charge. You must be mistaken

 

The thing with BTL is that a 10k investment could get the rewards from a 100k property whereas 10k in a cash ISA for the last 5 years wouldn't have gained you £100 per year. Hardly surprising that loads of normal hardworking self employed people chose the Btl route.
It would be interesting to know what people on heres employment status is regarding sick pay/ pensions job security etc.

 

Nobody is arguing that it's a good investment, just that it's unethical. The £90k in your example comes from other normal hardworking people, many of which would much rather buy a house than rent, but are unable to, in part because of people buying to let.

 

To be fair the £90k comes from a bank. I work with loads of self employed people and this has been a sensible way to be able to eventually retire
People I know that own BTL wouldn't have wanted to get into any bidding war for a property so don't see why it stops anyone with a deposit from buying.
Far more social housing should be built to ease the pressure on renters

 

The 90k comes from a bank initially, then your tenant(s) pay off the bank for you, pay your other fees, your insurance and give you some profit on top of that (which pays off the 10k initial investment), then at the end of the mortgage you have a property that they essentially bought for you that you can sell. It's unethical in every way.

Again, nobody is saying it's not a good investment, it is. It's just unethical to do it, in my opinion and people that do so should feel bad about it.

 

Fair do's but I still don't see what stops someone with a sufficient deposit from buying a house . People that rinse local government or NHS sick pay are the ones that should feel bad, I know loads of examples where someone is unfit for work on full pay for 6months but miraculously feel better when their pay is about to be cut to 50%. Self employed people could only dream about this.
Don't want to get into a ding dong BR because it's obviously all about personal perspective.

 

My best mate is a landlord, if they see an house they’d like to buy they make an offer, it gets rejected cos there’s a bidding war they walk away, more often than not its first time buyer vs first time buyer bidding against each other

 

Because it's nigh on impossible for most people to save a deposit while living in BTL rented accommodation.

 

So where should they live while they're saving up for their own deposit?

 

Isn't this the point of the discussion? Less/no BTL means more housing stock available ergo lower prices, deposits and affordable mortgages.

 

But people still need time to save for a deposit. Without BTL, where do they live during that time?

 

With parents. Or social housing.

I managed to save enough money while living at home to put a deposit down. If my kids stay at home until they're 35-40 they're going to struggle to achieve that.