Buy To Let. Tories Deserve Some Credit Here

[Stuart Dickson]

I'm sure you get by without any further contributions from Div. With the amount of money you have earned you must surely have exceeded the LTA by now.

I think I'm right in saying that a personal pension fund would need to top £4m before that became a concern. I've got a bit to go yet

[Stuart Dickson]

Once again...

Don't worry, I've never assumed you were intelligent....

[Stuart Dickson]

LTA currently stands at £1.25M. Likely to be reduced further to £1M by Osbourne.

And there was me thinking you were an expert in EVERYTHING.

I used to have a good knowledge of Pensions. I have an FPC 1, 2 and 3 qualification that I did as a hobby to stop myself being ripped off by financial advisors back in the late 90's. I haven't kept as up to date as I should with current pension legislation but my reading of the LTA was that it was the pension benefit that was limited to £1m per annum. To draw down a tax free lump sum from your personal pension of £1m you would need to have a pension fund of £4m. I'm happy to stand corrected if I misread that though.

Edited March 3, 2016 by Stuart Dickson

[Guest TPAFKATS]

*sigh*

It's amazing the level of "knowledge" Herr Dickson has on every subject under discussion on the forum.

Classic attention seeking troll

*sigh*

[Lord Pityme]

Who would buy the homes?

The people who are only renting because they cant afford to buy for a start.

The generation of young people priced out of the market right now due to the price bubble directly caused by the BTL scandal.

I would have thought that was so obvious it didnt need pointing out.

Oh dear..... The old when i have totally pooped myself in an argument lets throw in that desperation line "I WOULD HAVE THOUGHT THAT's obvious"...

So it wasn't the bigest banking crash in history that caused those self same banks to now only lend to people who can afford the repayments that caused the housing price bubble....mit was actually people who were getting hee-haw interest on their savings who decided to invest in property instead..?

Funny that i could have swire the tories were taking all the credit for people being able to BTL..?

[oaksoft]

Oh dear..... The old when i have totally pooped myself in an argument lets throw in that desperation line "I WOULD HAVE THOUGHT THAT's obvious"...

So it wasn't the bigest banking crash in history that caused those self same banks to now only lend to people who can afford the repayments that caused the housing price bubble....mit was actually people who were getting hee-haw interest on their savings who decided to invest in property instead..?

Funny that i could have swire the tories were taking all the credit for people being able to BTL..?

wtf is this mess of a post all about?

[oaksoft]

As I said several posts ago to Tony Soprano everyone with half a clue knows that no consumer pays the Bank of England Base Rate. There has to be a profit margin for the banks. Once again you've proved yourself clueless. We'll done.

You made a mistake when you said 0.5%

Admit it.

Move on.

[Stuart Dickson]

You made a mistake when you said 0.5%

Admit it.

Move on.

Nope - unlike you I understand mortgages.

The Bank Of England base rate is 0.5% - that isn't debatable. Not one mortgage product on the market would offer a consumer repayments at the Bank of England base rate. Only a real dafty would think they would

[Stuart Dickson]

Still no reply to this, I see. Why would that be?

Cause it's of no relevance.

[Stuart Dickson]

Must have forgot to post my reply to this before I left work.

When I do a search on that site for first time buyer interest only £35,000 mortgage I get what I stated. I'll post the screenshot tomorrow.

Are we supposed to take your word for it that your results cane from the proper input. The only mention of first time buyer in your screenshot only states that HSBC was voted as best for it, not that the rate showing was that.

With all mortgage products the lower the LTV the better the rate. I think I was using an example of £35k against a £45k home to get the £42 per month rate. An even lower LTV gets it down to £36.17 per month. If you are borrowing at 90% LTV your figures are right.

[oaksoft]

.

Edited March 4, 2016 by oaksoft

[Kombi Buddie]

You beautifully neglect what happens after the fixed rate has finished.

Or are you suggesting that we are entering a period where interest rates can be predicted 25 years in advance?

Yes but to what rate though?

Nobody can be certain what the interest rate will be then.

Luckily, from last time, less this time around hence the saving.

I cannot imagine getting any better a deal next time as the current 0.5% base rate is the lowest I can ever recall.

[Stuart Dickson]

.

f**king hell. Its Oaksofts most sensible post on this thread.

[Stuart Dickson]

Luckily, from last time, less this time around hence the saving.

I cannot imagine getting any better a deal next time as the current 0.5% base rate is the lowest I can ever recall.

0.5% is the lowest it's ever been in the UK. It's unlikely to get lower but I think instability in the world economy might mean we continue at this level for a while yet - certainly whilst we have the Conservatives in power. It certainly would not have been at that rate had Gordon Brown won another term in office, or if the Natsis had won their independence. Had either of those events happened kids really would have been priced out of house buying completely Edited March 4, 2016 by Stuart Dickson

[oaksoft]

Luckily, from last time, less this time around hence the saving.

I cannot imagine getting any better a deal next time as the current 0.5% base rate is the lowest I can ever recall.

Yep as a home owner I am about to move onto a much better rate soon but that is luck.

In 5 years time I couldn't begin to predict where rates will be.

An EU exit might make things interesting for example.

Especially if that leads to another independence referendum and a subsequent Yes vote.

Edited March 4, 2016 by oaksoft

[Stuart Dickson]

Yep as a home owner I am about to move onto a much better rate soon but that is luck.

In 5 years time I couldn't begin to predict where rates will be.

An EU exit might make things interesting for example.

Especially if that leads to another independence referendum and a subsequent Yes vote.

"As a home owner" Aye right. A home owner who hadn't a clue about mortgages; who thought you paid the Bank of England Base Rate on mortgage products; and who clearly didn't have a clue that you could simply switch to a new mortgage product once your redemption period had expired. Even if it was true it's not "luck" that he's moving to a "much better rate" - it's thanks to the excellent free financial advice he's managed to pick up from a stupid pipefitter on a football forum.

What a cringeworthy week Oaksoft has had. Next he'll be claiming turkeys will vote for Christmas.

[Stuart Dickson]

I put in £35,000 for each since you said that you got talked into taking a 100% mortgage and that you had used the same criteria when checking money supermarket. It wouldn't offer a 100% mortgage so I believe that my figure is closer to the truth than yours is seeing as you were working on a 78% mortgage and mine defaulted to 90% (I think).

And here we have the award for the individual liar of the week.....

Here's what happens when you submit figures for a 100% mortgage for £35,000 on an interest only basis.

Interestingly though there is actually a product available offering 100% mortgages to first time buyers on a Capital and Interest basis.

I've no idea what your figures were based on but they were clearly a load of shite.

[Guest TPAFKATS]

Nope - unlike you I understand mortgages.

The Bank Of England base rate is 0.5% - that isn't debatable. Not one mortgage product on the market would offer a consumer repayments at the Bank of England base rate. Only a real dafty would think they would

You keep referring to this, can you actually show where anyone on this thread has stated that mortgage repayments are at the BoE Base Rate?

[Stuart Dickson]

You keep referring to this, can you actually show where anyone on this thread has stated that mortgage repayments are at the BoE Base Rate?

Oaksoft did it two pages back. Have you not read the thread?

[Stuart Dickson]

You're quite right, it is coming up with that today. It wasn't yesterday. As you had seemed to accept your error yesterday when you admitted that, contrary to your original claim, that you hadn't used the same criteria for the search, I didn't save the screenshot that was still showing on my screen this morning.

Even if it was a lie, which it wasn't, it would still be nowhere near your claim of earning at least £2,600 per week in your first months of being a time served wannabe welder in 1990.

I have never claimed I was earning a wage of £2,600 per week in my first months of being a time served pipefitter. Your attempts to rationalise it were full of incorrect assumptions. It's not relevant to this thread however, and infact it's not really relevant to anything.

I also hadn't claimed to have used any criteria for the search on Money Supermarket. I had simply said you could borrow £35,000 for £42 per month today. That is factual. The figures you posted work for a 90% LTV - not the 100% LTV you were claiming - and that is what I presume you did yesterday. The same mortgage products are still available. The website does not default the search down to the maximum LTV as the first image clearly shows. Therefore you have lied and your credibility lies in the toilet. I hope IoBS starts a new thread expressing his disappointment in the lying atheists on this website.

[Guest TPAFKATS]

Oaksoft did it two pages back. Have you not read the thread?

Of course I have.

Strictly speaking, he didn't.

[Guest TPAFKATS]

0.5% is the lowest it's ever been in the UK. It's unlikely to get lower but I think instability in the world economy might mean we continue at this level for a while yet - certainly whilst we have the Conservatives in power. It certainly would not have been at that rate had Gordon Brown won another term in office, or if the Natsis had won their independence. Had either of those events happened kids really would have been priced out of house buying completely

I'm pretty sure it was 0.25% for a few years before it was raised to 0.5%.

[Stuart Dickson]

I've deleted the non-relevant parts above.

Let's go through it. From your posts ...

In 1989 you were earning £90 per week.

In 1990 your P60 showed that you had earned around £60,000.

In 1990 you bought your first house within 2 months of being time served.

Now, if you had finished serving your time after April 1990, then you would still have been on about £90 per week and so your P60 would not have shown £60,000. Therefore you must have finished serving your time before then. If you bought a house in 1990 and within 2 months of being time server then you must have finished serving your time after the end of October 1989. So, according to you, you finished serving your time between 01/11/89 and 05/04/90. In fact, if I was being 100% accurate I could shave another few days off each end of that.

Now, what have I assumed incorrectly? I'm only using the details that you have claimed. I have assumed absolutely nothing (apart from taking you at your word).

My post shows accurate calculations working from your claims. Therefore, you implicitly claimed to be earning that.

The problem is that you tell so many lies that you can't keep things straight ... and you don't do numbers.

Also ...

You claim that, in 1990, you got a 100% interest only mortgage for £35,000 for your first house purchase.

You claim to have done a search "on similar terms".

You claim that you never stated any criteria for the search you did.

What were the "similar terms" you used for the search you did if they weren't "first time buyer", "100%", "interest only" and "£35,000"?

EDIT (for clarification): The 1990 P60 would be for the tax year from April 1989 to April 1990.

Stalkerish.... I guess that's what happens when you get caught out lying and you have to try and score a point back.

You've got to an awfy lot of effort and at the end of the day all you've proved is that I got the year of the P60 wrong - it was April 1991. Well done.

As it said it's not in the least bit relevant to this topic, or to anything else. I started as an apprentice in September 1986. I got my time served papers in July 1990. I bought my house in August 1990 and moved in on at the end of September 1990 As I said though it has zero relevance to this thread or to anything else. .

[Stuart Dickson]

I'm pretty sure it was 0.25% for a few years before it was raised to 0.5%.

Well you're wrong.

http://www.telegraph.co.uk/finance/bank-of-england/12139680/Bank-of-England-update-interest-rates-to-stay-low-for-even-longer-live.html

Any more Natsis want to prove their stupidity on this thread......I'm waiting.....

Edited March 4, 2016 by Stuart Dickson

[Guest TPAFKATS]

Well you're wrong.

http://www.telegraph.co.uk/finance/bank-of-england/12139680/Bank-of-England-update-interest-rates-to-stay-low-for-even-longer-live.html

Any more Natsis want to prove their stupidity on this thread......I'm waiting.....

Prove their stupidity...really?