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Jakki Shorrock

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my expertise in the industry

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This is not a case of those who ‘knowingly overstretched themselves’ Kate, this is people that 2/3 years ago when they took out their fixed rate at 1.79% were working on stress testing at maybe 4% to 5% (myself included) but we are way beyond that now and getting worse ! and Andy, we’ll said on all counts - I am one of those ‘Section 24 will mean that some Landlord's will be paying a tax on a loss’ to the point that I gave my tenant notice to leave in April and the property now stands empty as that is a cheaper option for me - rent £1500 pm, mortgage increasing to well over £2000 pm, plus top rate tax hit - it was okay ish on the fixed rate figure as whilst I was paying extra tax it was workable but just not worth doing on the new rate, so yet another rental property off the market and no income on it at all for the government. (sorry I’m wrong, they do still tax me on it being empty!!) I have voted conservative all my life but over the last few years they have been - like labour have always been - totally incapable of grasping the absolute basics of economics. So wound up are they in their own narcissistic ‘he said she said’ under bus throwing, children’s playground antics, they are killing an economy that anyone with half an ounce of savvy would be able to sort. If they would stop all their petty finger pointing bickering, work together and listen to the people who know how to run quality profitable businesses, we just might end up with a country - and an economy- that won’t end up on its knees and that we can be proud of. But alas I believe all bar a very few of them to be way too self centred for that to ever happen.

From: Jakki Shorrock 24 June 2023 16:16 PM

A Residential Mortgage is a debt reliant solely on the property owners income to ensure mortgage payments are made. A BTL mortgage is funding an asset that is generating an income from a rent payment, with a safety net of the landlord paying the mortgage regardless of the tenants ability to pay, so two steps of payment options to cover it. The likelihood of a landlord defaulting on a new mortgage in the first six months, especially if they have taken the mortgage on since lockdown, is remote by which time this covid issue is likely to be over, the landlord has an asset he is paying for, a tenant who is paying him, a mortgage company who is receiving mortgage payments that they would not otherwise have received, and a landlord who will undoubtedly take on more mortgages moving forward and will most likely use that mortgage company to do so. Making BTL mortgages easier right now is good business for mortgage companies and good for the economy both now and in the long term.

From: Jakki Shorrock 19 April 2020 09:14 AM

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