Ianc66 Ianc66

Registered with Property118.com
Tuesday 1st September 2015


Latest Comments

Total Number of Property118 Comments: 2

Ianc66 Ianc66

3:39 AM, 15th November 2017, About 5 years ago

Will you be hit by the Budget?

Patrick,

Sorry I'm not likely to signup an example landlord but I do have some points.

Possibly I'm near unique in this arena - I'm a Guardian Readers , and indeed supporter.

I have a total of 4 buy-to lets:-

Two two bed properties in the South East which I have had for 15 years each, I've never sought to achieve maximum rent but to minimise voids, between the two the total voids are less than 10 weeks. These are not benefit tenants.
The problem is the agents they seek to churn tenants to gain the fees £330 each to new tenants and landlord and increase the rents on each change of tenant, also all sorts of extra fees and wheezes keep appearing, an article which explored the murky world of 'reputable' agents would be revealing.

I also had bought more recently two student pods in a larger 200+ room building, this has only recently become profitable, when I took a more hands on approach. There may however be an upcoming weakness here. T. May as home secretary consistently classed students as 'immigrants'. Stupid they are sources of wealth to the UK if we celebrate £10,000 income from the sale of a car abroad should we not celebrate larger sums for each year of undergraduate study? BREXIT may increase weakness here but the much weakened pound may help. The outlook is of course very rocky until sensible terms are agreed, or BREXIT abandoned.... Read More

Ianc66 Ianc66

10:49 AM, 15th January 2013, About 9 years ago

Uproar as Mortgage Express spokesman reveals their Exit Strategies

Some advice would be welcome.

I live abroad (Thailand, the Sun is shining an temperature 30C , thanks for asking.) in a property I own. I don't work, have little capital, my only income is rental income and modest private pensions. I will receive a UK NI pension which will be frozen at the rate at which I take it if I remain in Thailand, so Intend not take it until I'm 66. Though the new consolidation proposals may change my thinking on this.

I have two buy to let properties both bought in late 2002 in both my equity is high about 40%. They are managed by a good agent. over ten years I've had a total of 42 days of voids. They provide £1,300 month after costs.

One mortgage is with MX at base +1.75%.

The other with another lender at base+2%

My payment record is spotless but I due dread the inevitable but likely long delayed rise in mortgage rates.

Since October I've been overpaying MX at the maximum monthly rate available in Choices of £1000 (1% of loan).

I'm now 60 and so both mortgages are due for repayment in 14.5 years time as they expire on my 75th birthday.

I have an endowment ending in March which is likely to provide £73,000.

My intention had been to earmark about £10-13,000 to continue building my Choices balance up at £1,000 month to £16-20,000 so as to provide some easy to get at capital. then continue paying off at some lower rate of say £1-300 month. This money would be rainy day money for say repairs or voids. But I'm worried by reports of them not honouring the terms and returning money when asked - which would be absurd at my LTV.

Some £2-3000 as savings necessarily at almost zero interest.

And the balance of £58,000 to pay of what is 50% of the, other higher cost, mortgage, there is no Choices scheme once it has been paid it is gone. I would also do some continuing over-payment again at £100-300 month,

It seems an absurd to be spending so much capital to save what will be about £125 month in mortgage, but this worked very well through my working life and I do not feel able or willing to try to build a portfolio.

At 75 if the lenders insist on repayment I will sell one of the properties and pay off the remaining mortgage, if the lenders insist. Does anybody have any experience of mortgages being allowed to continue beyond 75?

Does the strategy above seem sensible? Mark I know you say never pay down debt but currently find your reasoning not wholly convincing.... Read More