20 Feb 2015, 10:21pm


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  • BTL

    Buy To Let

    A phenomenon in the UK where rich old geezers buy houses that young first time buyers used to buy, so they can rent them out to the young wannabe first time buyers and turn a profit. Before the late 1990s landlords used to own their properties outright or were on a large enough scale to use commercial loans, but the enactment of the AST in 1997 paved the way for the ranks of Britain’s amateur landlords to rush into the field using BTL mortgages designed specifically for this practice, now that the AST meant they could the sure of getting their tenants out at short notice.

    Disclaimer – I don’t have a dog in this race. I could afford to do it but I was so badly hurt by stupidly buying a house at a 5 times income multiple in my late 20s that I don’t touch the residential property asset class. Don’t blame me for the ills of the UK housing market, I took the property sucker punch years ago. I’m still sore about it.

    Every other man jack in the UK thinks residential housing = money tree. For all I know they are dead right. Not. Going. There.

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