CH1
"Red Guard"(NLYL)
I'm intrigued by this in the other direction. I am nearly 67 and my £4,000 pension pot is useless - due to low interest rates. Royal London add about £1 a year to it. If I turn it into an Annuity it would probably buy me a copy of "The Sun on Sunday" once a week.Because this particular one is an entitled twat who wants the world to love him and his pension pot - ‘I’m 72 you know’ etc.
On the other hand I do own my own house - so my outgoings are low and manageable on my state pension..
But I know two people into the property game. One has a flat in Valencia or somewhere - and lives six months here, whilst renting it out and six months there.
Another started by buying his bedsit flat on the Weir Estate from Lambeth Council under right to buy and now has a mini-empire of six flats - so he says. Only two are ex right-to-buy he reassured me.
I guess if I was not so paranoid about debt (I paid off my mortgage early) I could have become a buy to let landlord too, if I'd wanted to. This didn't attract me, I was satisfied with the jobs I was doing and the last thing I wanted was business worries on top.
But effectively the last 20 years have funneled people who want to get a return on their savings into things like buy-to-let. When the CEO of Yorkshire Building Society states on TV he doesn't need savers, the Bank of England is supplying all his monetary requirements and savings rates are 0.1% there is a problem.
The Nationwide Building Society has a whole section of it's website devote to "How to become a landlord"
Buy to let mortgages | Nationwide
In other words don't lend us your money - borrow more to become a landlord.