User Power
Value/Post Ratio
53%
- May 7, 2015
- 91
- 48
- 33
Hi,
I'm wondering if anyone is investing in UK property on this forum? I'm considering getting involved.
I think property is fastlane based on the fastlane commandments although scale is difficult. My only issue in researching property is that it seems that banks are really really reluctant to lend to anyone who doesn't meet their criteria which as it happens is an obedient slowlaner who has a £25k per year job and is a homeowner. Any deviation from this criteria seems to lead to higher interest rates and reduced yields which could particularly become a problem when interest rates go back up.
Obviously this creates indentured servitude which is the antithesis of the fastlane and due to the difficulty in scaling a portfolio (while on a slowlane wage) to an income level worth living on, it isn't just indentured servitude for a short period of time, you're talking years and years. Banks just don't seem to be interested in lending to people who don't have a 25k+ per year stable job.
I have considered saving up to buy in cash, I earn money on the side at the moment which I have been putting away every month but this would take a while too. It would also reduce yield and would not allow the benefits of the capital gains you would get on a leveraged portfolio, although it would allow for other opportunities such as generating bridging finance against the value of any unencumbered properties in order to buy, refurbish, and flip other properties.
Not sure where I'm going with this thread, I'm hoping someone a little more experienced in UK property may be able to chime in?
I'm wondering if anyone is investing in UK property on this forum? I'm considering getting involved.
I think property is fastlane based on the fastlane commandments although scale is difficult. My only issue in researching property is that it seems that banks are really really reluctant to lend to anyone who doesn't meet their criteria which as it happens is an obedient slowlaner who has a £25k per year job and is a homeowner. Any deviation from this criteria seems to lead to higher interest rates and reduced yields which could particularly become a problem when interest rates go back up.
Obviously this creates indentured servitude which is the antithesis of the fastlane and due to the difficulty in scaling a portfolio (while on a slowlane wage) to an income level worth living on, it isn't just indentured servitude for a short period of time, you're talking years and years. Banks just don't seem to be interested in lending to people who don't have a 25k+ per year stable job.
I have considered saving up to buy in cash, I earn money on the side at the moment which I have been putting away every month but this would take a while too. It would also reduce yield and would not allow the benefits of the capital gains you would get on a leveraged portfolio, although it would allow for other opportunities such as generating bridging finance against the value of any unencumbered properties in order to buy, refurbish, and flip other properties.
Not sure where I'm going with this thread, I'm hoping someone a little more experienced in UK property may be able to chime in?
Dislike ads? Remove them and support the forum:
Subscribe to Fastlane Insiders.