Covid-19 – Which BTL Lenders Are Playing Ball?

Covid-19 – Which BTL Lenders Are Playing Ball?

15:51 PM, 26th March 2020, About 2 years ago 44

Text Size

In my opinion, this short video is the most helpful for landlords so far in the Covid-19 crisis.

Comments from readers, in regards to their personal experiences, are very much necessary.

Those of you who leave a comment will be able to subscribe to receive email notifications as soon as other Property118 Members leave their comments too. You need to be a Property118 Member for this. Both services are FREE!

Stay safe!



Comments

Richard Adams

11:34 AM, 28th March 2020, About 2 years ago

I got a communication from Rosinca saying briefly they are up for hearing from borrowers who want/need a holiday.

Jerry Jones

12:34 PM, 28th March 2020, About 2 years ago

Aldermore being proactive, having sent me an email and a text message, directing to this page: https://www.aldermore.co.uk/help-centre/coronavirus/coronavirus-information-for-mortgage-customers/
Not needed yet, as I have not been notified of any shortfalls.

JC

21:00 PM, 28th March 2020, About 2 years ago

Reply to the comment left by Mark Alexander at 26/03/2020 - 15:54Cash is king in this current climate. The mortgage lenders I have all reassured me that credit file will NOT be affected. You cannot be too safe with your finances at this current state of affairs, and most things will be a fraction of the price for the next few months.

Mark Alexander - Founder of Property118 View Profile

21:03 PM, 28th March 2020, About 2 years ago

Reply to the comment left by JC at 28/03/2020 - 21:00
I’ve decided to contact all my lenders to request a three month payment holiday.

As you say, cash is King. If I don’t need the money when all this ends I can repay it, or reinvest it for a better return. I’m sure there will be plenty of opportunities to do that!

With interest rates being as low as they are, it seems a bit daft to pass up in this opportunity.

Monty Bodkin

21:32 PM, 28th March 2020, About 2 years ago

Reply to the comment left by Mark Alexander at 28/03/2020 - 21:03What interest rate will they charge?
What fees?
What conditions?

Seems daft unless you're desperate, the finance has always been available .

David Lawrenson

11:01 AM, 29th March 2020, About 2 years ago

I actually think Mark is onto something here.
In the future, interest rates, mortgage fees all likely to be higher and mortgages will be v scarce indeed, so if one has cash, one will be in a position to buy assets at knock down prices.
Some would say that's immoral. Discuss.
But think about it. A big beneficiary of this shut down will be the very big multinationals, because smaller and mid and even mid-large businesses will be closed or financially emasculated. They will then be in a position to clean up with even less competition.
There are some people who think they may be behind the measures that have been put in place, in the first place.
For an alt view, read this by Peter Hitchens. I'm not usually a fan of his at all, but he is a free thinker, prepared to question the narrative.
Sadly, he appears to have been shut out of main TV media recently, because they seem to not like anyone questioning the whole shut down policy. Still, the Daily Mail (no I'm not generally a fan of that either) gave him this platform.
https://www.dailymail.co.uk/debate/article-8163587/PETER-HITCHENS-Great-Panic-foolish-freedom-broken-economy-crippled.html

Mick Roberts

16:49 PM, 29th March 2020, About 2 years ago

Reply to the comment left by Monty Bodkin at 26/03/2020 - 17:17
Well said Monty.
We only gonna' have to pay it back later with possible interest.

Mick Roberts

16:52 PM, 29th March 2020, About 2 years ago

Reply to the comment left by Mark Alexander at 28/03/2020 - 21:03
Yes Mark, if u brave, now would be a good time to invest it in Whole of market balanced tracker funds/bonds. If market goes up in 3 months, sell' em'. If down, then leave for a few years, u may do 20-40% in a few years.

Mark Alexander - Founder of Property118 View Profile

16:58 PM, 29th March 2020, About 2 years ago

Reply to the comment left by Mick Roberts at 29/03/2020 - 16:52
I take the view that cash is King right now Mick. I have never considered myself to be a risk taker, but others see this very differently

Mick Roberts

17:04 PM, 29th March 2020, About 2 years ago

Reply to the comment left by Mark Alexander at 29/03/2020 - 16:58
Yes u right. Cash is King, for whatever u want.
I'd only suggest the funds if can leave 5 to 10 years just in case.
I'm not a financial advisor by the way.

Leave Comments

In order to post comments you will need to Sign In or Sign Up for a FREE Membership

or

Don't have an account? Sign Up

Landlord Tax Planning Book Now