My heart goes out to all those buy to let landlords , shame that loads of those properties are laying empty now and no one is paying for there pension.
Why, because they managed to build a business out of buying property and letting it out? It's just good business sense.
Because they chose to invest their money, or at least some of it, and ultimately their pension, in property rather than shares? Well their money is a lot safer than those whose entire retirement fund is tied up in shares at the moment.
Do you think they did it out of greed or something? If so, you're right, they did - but no more greedy than anyone else on the face of this planet. Everyone wants more money, more success, an expansion in their business or a promotion in their job, a more luxurious and stress free life.
Or is it just jealousy?
Christ, it's not as though buy to let landlords held a gun to someone's head and said "sell me your house" and then grabbed someone else and held the gun to their head and shouted "rent my house or I'll kill you". On the whole it's a legitimate, legal business for many.
There may be some buy to let landlords out there who are in trouble but there are also a hell of a lot who are sitting on a fortune, property downturn or no property downturn. The majority bought their properties long before the peak and can easily ride out a big drop in property prices.
Personally, I really feel for those families and individuals who have been affected by this so called credit crunch, those who have maybe struggled to save for a house, finally managed to buy one, and can no longer afford to maintain their repayments or their bills. There will be a lot of people in a really uncomfortable position over the next few months.
Just my tuppence.
