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http://www.telegraph.co.uk/finance/p...ing-empty.html
Let me explain the game here:-
In UK when Labour came to office the 1ST thing they did was TAX private pensions. With VERY low rates & very little returns people decied that owning a few rented appartments was the way.
Buy to let or BTL was born, this was a handy home loan........100% or more.........you state your income.........couldn't go wrong.........as safe as houses..........you get the picture.
Normaly if you do something like this you put atlest 75% in as cash and loan VERY little money. Lots & lots jumped in........crazy prices+lex lending standards.......total lack of knowege of the subject= Total Fuck up!
The main lender "Bradford & bingley" is now safly bankupt & owned by H M Goverment!
Mike
Let me explain the game here:-
In UK when Labour came to office the 1ST thing they did was TAX private pensions. With VERY low rates & very little returns people decied that owning a few rented appartments was the way.
Buy to let or BTL was born, this was a handy home loan........100% or more.........you state your income.........couldn't go wrong.........as safe as houses..........you get the picture.
Normaly if you do something like this you put atlest 75% in as cash and loan VERY little money. Lots & lots jumped in........crazy prices+lex lending standards.......total lack of knowege of the subject= Total Fuck up!
The main lender "Bradford & bingley" is now safly bankupt & owned by H M Goverment!
Mike
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