Yesterday- 28.04.08- I was offered by the Bank of Ireland a BTL mortgage, 15% LTV at 5.99% with a 100% BTL multiple. Arrangement fees of £1,250.
This is my first BTL property so I'm no pro.
I don't think that 5.99% is too expensive- approx .75% more than last year.
You need a good broker/packager.

phil, Bristol, UK

To Graham from Woking, well said, my friend, well said. I know it's frustrating for those who have been priced out of the market but I can't believe how many people are gleefully longing for the mother of all crashes which would put possibly millions of people in severe negative equity.

Paulie, Loughborough, England

As a BTL landlord i am finding this a great opportunity to increase my portfolio. The media has created so much fear that sum sellers are taking way below market value which is more than helping to cover morgage costs.

Most of my tenants find renting right for them and their needs.

paul, lincoln,

To the sanctimonious who wish for a 'crash' so that they will be able to profit personally - at what point after they buy would they wish for property to start rising again? Hmm, that's a difficult one...

Graham, Woking, UK

Market speculation on residential housing should be banned. Housing is to live in, not to be traded like stocks and bonds. If you want to be a landlord then buy a building with one or more units, live in one and rent the others. There will still be plenty of comercial properties to speculate.

dt, Vancouver,BC, Canada

spare a thought for the poor tenants who will end up paying for the landlords increased costs making saving for a deposit even harder while they rent. As a single parent my rent has gone up and up but i have no chance of buying anywhere with only one adult income in the household

fc, newcastle upon tyne, uk

The market is not as bad as the media is making out. Buy to let is not dead. There are still good mortgage products out there.Birmingham midshires have a 3 year fix @ 5.79%, 75% LTV and 2% arrangement fee.

The market will recover in 4 years time when wages rise and property becomes affordable.

William Morgan, bristol, uk

And now the lie to buy mortgage fraud investigations begin initiated by the banks. ...... Oh things are going to hit BTL hard

Amanda, Lancaster, Lancashire

Less BTLs and more BLTs!

Now, can i have your votes please?

Hugh Szymonowski, London, UK

Here's a notion - the entire UK middle class is guilty of market abuse - driving up property prices artificially driven solely by debt secured against the rises and dinner-party based collusion! Seven years of fat - seven years of lean - biblical and about what you could get if taken to court!

Graham, Reading, UK

Good luck to all the BTL folks who made tons on money in the last 10 years. But equally, please don't EVER think about squealing to the government and asking for a taxpayer-funded bailout now that the bubble has burst.

AA, New York,

I'm a "landlord", with five small houses. If I have to sell them, where are my tenants going to go? There certainly isn't enough govern[m]ent funded housing in this are[a] for them.

Sheila, somerset, UK

Are these houses going to disappear if you sell them?

Trevor, Romsey,

I feel sympathy for those who sought to have a decent pension from their BTL houses nevertheless as a FTB (or someone hoping to be) I'm delighted.

Through the generosity of my parents I can wait patiently in their home saving up a deposit and wait for the prices to start falling. It's about time!

Kat, UK,

To all those who defend BTL, and those who advise "saving more": If you are earning UK avg salary and UK avg house price is about 8 times more than that, how can you ever save enough to buy a home? And when high demand vs low supply is causing this, how can we condone people buying multiple homes?

Clive, London,

don't get mad at BTL the many good ones provide a useful service. However alot of the johnny come latelys have chased an asset bubble and will lose a lot of wealth.

Brian Roberts - did you have the presence of mind to work out that this has been a massive investment driven asset bubble?

Howard, London,

Why is it that everyone concentrates on the greed of the landlords and not on the one of the banks??? It just amazes me how sometimes the English can be so blind to the obvious!!!!

Joe, Phoenix, USA

I own 7 BTL properties. I pride myself on being the best there is with repairs done immediately, Chrismas hampers and a bottle or wine if I visit my tenants. Due to repairs of 15000 pounds in the last few months there is NO profit this year. I bought my first flat by working three jobs. You can too.

John McKay, Sheffield , UK.

I'm a "landlord", with five small houses. If I have to sell them, where are my tenants going to go?

Sheila, somerset, UK

The answer is into either into your house at the same mortgage as your rent or similar property (with prices to match this mortgage level)!

Austin Tassletine , Bristol, UK

It is about time this happened. The Government should go further and outlaw BTL in this country. The underlying principle to BTL is greed (Nick, Bristol),

It is greed, but remember the change in sentiment after "Cathy Come Home" and the following Rent Act 1977 protected tenancy....

Austin Tassletine , Bristol, UK

Unfortunately Sam you exhibit the qualities that are wrong with Britain these days. I'm very comfortable, and trust me when I tell you that the reason people don't like you and your ilk isn't because of your 4x4 or portfolio of property. It is because you are damaging the land our children live in.

Neil, Birmingham, U.K

The comments on here suggesting that the end of BTL means the end of private rented accommodation are absurd. There was plenty of private rented accommodation before this housing bubble and there will be plenty still when it bursts. I had no trouble renting back in the mid-1990s.

Paul, Coventry,

This creates an opportunity for banks and other lenders to offer an additional layer of debt of 15-20% on top of the mortgage, at a higher rates than the mortgage and over a shorter term. The net effect will be to increase rents so that buy-to-let returns remain attractive. Bad for renters.

Michael, London,

As a student who has spent far too long paying extortionate rent for small rooms in poorly maintained houses while watching the price of houses recede into the distance away from first time buyers can I just say the sooner house prices reduce the better.

Richard, Birmingham,

I would be delighted if the market drifts down by ten or fifteen per cent. This will help youngsters buy, in due course, albeit with larger deposits saved up or with family help, where possible.
The Banks ought to learn their lesson and lend no more than 66% to investors.

trevor leigh, harrow, uk

I'm a "landlord", with five small houses. If I have to sell them, where are my tenants going to go? There certainly isn't enough governent funded housing in this are for them.

Sheila, somerset, UK

The article doesn't say there'll be no more BTL, only that the lending criteria is to tighten. Property at very low prices still gets scooped up for investment by cash buyers. Fewer properties to let means rents may rise. Rents also rise when first time buyers can't get mortgages and stay renting.

Tom Moncrieff, London, England

For many people renting is the best option at certain times in their lives. BTL has been the main source of rented property - the institutions have on the whole not been interested in investing in the residential sector. If the BTL market dries up, where will these people find somewhere to rent?

Howard Jones, Macclesfield,

All of you here who wish for a property crash and for City workers to lose their jobs and bonuses are deluded. If you wish for the majority of our workers to return to manufacturing sector, tell me why they should earn more than Chinese or other emerging market workers on a few dollars a day?

John, Brighton,

This is more reflective of failure in the banking sector than that of the property market. As yet the drama of the media far outweighs the reality of the property market. It is by far not at its best but healthier than most would have us believe. A survey of landlords found only 2% about to sell up.

a norman, London, london

It's about time all these whingers moaning that they can't afford a house should stop spending on credit cards, start saving.

R Welstead, Twickenham, UK

What about the guy in the West Midlands who got into the BTL market 7 years ago.. he has amassed a portfolio of 104 properties in that time.. he's too the banks for £19m.. whose worried, him or the banks???

Adrian, Derby,

Rob, the answer is that those people who could not afford to buy will soon be able to. I am one of the many who have been forced in to renting because I was not prepared to throw myself on the altar of worthless property debt. There is now a prospect that I can afford a home (not an investment)

Kieron, London,

Neil, Birmingham. 'Government', in Britain, under Crash Gordon? Please be serious! It seems that the whole state machine is being turned into a giant election campaign to enable the current clowns to retain power. Hopeless in the long run, but likely to collapse the economy in the interim.

Clint, Brighton, UK

G Wilson, Northampton. RUBBISH! However 'good' the landlord, tenants still only have 6 months security. The only way to protect tenants is by means of strong protective legislation for tenure, rent control etc. Note to Crash Gordon - that would be a vote winner!

Clive, Chichester, UK

I'm a public worker (37-50+ hrs a week). I also worked 2 jobs concurrently in the past - I suspect fewer well paid private sector staff have to do that. I'm no parasite!

These problems have been caused by low IR, poor governance, risky debt and investors who have no clue what they are buying.

Angela, Peterborough, UK

Just a note to the sad people who watch as my Range Rover 4x4 wafts past, I've made over £1,000,000 in the past 5 years on property & thats from someone who used to work as an unqualified labourer! Get a life & stop winging about other peoples good fortune.

sam moran, Blackburn, UK

In some countries like France for example, there are good tax breaks for people who buy or build to let in the private sector, so that the government does not have to. These are just ordinary people, who like in the UK have worked and saved hard to have better incomes for their retirements.

Rita, Mulhouse,

To all those embittered souls pouring vitriol on BTL landlords, is this because YOU wished you'd made a profit when the going was good? or perhaps you just didn't have the guts to take a risk, or you simply didn't have the presence of mind to work it out!!

Brian Roberts , Plymouth, Devon

So much for putting your money into property in place of a pension. They're going to take everything you have whichever way it goes.

judy, Liverpool, England

Mike O Connor, plymouth,

You are Alastair Darling and I claim my five pounds

Jim, Exeter, Devon

Bring back protectionism, you say. With ideas like those expressed on this website, the reasons for the 1930s depression is starkly obvious. I suggest most commentators reserve their thinking to the performance of the England soccer team or the antics of one of your drug-fuelled celebrities.

John, Brighton,

Angela in Brighton, in most cities there is now a glut of rental accommodation and it is a tenants' market, so the BTLs are squeezed both ways. Rents can be bargained down while mortgages for the landlords are increasing. Hence a lot will sell up and this will accelerate house price falls.

Paul, Coventry,

Brown’s pension fund tax together with his policy of allowing unlimited borrowing resulted in over investment in property, the price bubble and the inevitable correction. Brown who has a gold plated pension paid for by the UK taxpayer is the the the personification of ultimate political incompetence

D Duggan, Dublin, Ireland

Plenty of 'I can't afford one let alone two house' moaners out there wishing for a house price crash. But beware of what you wish for, if it does happen it will cause a severe recession from which you will probably not be immune.

william terence stubbs, cheltenham, UK

Very sad news.

Goodbye to Buy-to-let. What sterling work you've done over the past few years, pricing young families out of home ownership.

Mark White, Guildford, UK

Isn't this a good thing? If BTL is too expensive, investors will go to the stock market; increased demand -> increased shareprices - good for the FTSE. Meanwhile, lower demand in the property mkt -> lower prices, so folk can afford homes, especially in comparison to higher rent b'cos of less BTL

Alison, Berowra, Australia

So, so easy for those in secure Government or public sector jobs who have guaranteed pensions paid for with our hard earned taxes to attack us for maximising what little this pathetic "Government " leave us with. I don`t particularly like Landlording but it is a legal and useful alternative pension.

GC, Albi, France

Can we get those awful daytime TV property programs removed, now that we have found out that the king has no clothes?

Jon, Expat,

As a recently retired Estate Agent, I can only say that I feel that this is just the beginning.

I remember, 1973, 1980, 1991, 2000. I belive in comparrison to the aforementioned we are in for a melt down.

I now have one house and no mortgage and I am so pleased I followed my instincs .

Barbara, Hereford,

this is the very best possible news I could have had. These are exactly the circumstances I have been waiting for to pick up a few "distress sale" rental properties in prime city-centre locations. I have no problem at all with cash for 60%LTV, even more so now in a falling market.

This is GREAT

bob, Egham, Surrey

This is just the start of it.

There is a huge wave of "ALT-A mortgages", just like the subprime resets of late, in the US due to reset in the next two years.

All the banks are bracing themselves for more losses - we in Britain are just a sideshow in the grand scheme of things.

Chris Bradshaw, London,

No Eric HBOS is not broke this is what banks do to rebiuld their margins and thus make more profit.
In the first six months of 2007 HBOS reported that it had 8% of the UK mortgage Norhtern Rock had 20% see the difference.

The latest reports indicate that HBOS presently has 20% of the market.

Dave, Mold, Flintshire

John from Brighton and Rob from Oxford, when are you going to get it it into your heads that without all the mad BTL speculation that we've had for last ten years, property prices wouldn't have trebled and more people could actually afford to buy their own home and so wouldn't need to rent ?

Peter Collins, Brighton, United Kingdom

To Paul Howell, Leamington Spa - i can afford my own sandwiches thanks, not too keen on BLT anyway... i much prefer Chicken Caesar, or Coronation Chicken and Bhajee.

Yum.

Dave Hall, Stafford, UK

I fail to understand the disillusionment with private pensions in this country. If your prepared to do a bit of work a low cost SIPP is fantastic, even after Crash Gordon's dividend raid. What has stocked me is the number of people who think 100% property as a pension is a smart idea. its insanity.

adam, southampton,

The underlying issue is that property prices have been inflated by cheap and easy credit. The availability of credit has been reduced; buyers can no longer afford inflated prices. Most people have priced in a 10% to 20% fall in property prices but sellers are resisting.

Costas , Cyprus,

"Is it any different to years gone by where a farmer / factory owner would own half the town to house his workers?"
adam, edinburgh

Listen to yourself. Do you wear a stovepipe hat? With that attitude, i hope you end up eating your words.

And the hat. Maybe Kirsty can help.

Your humbled servant...

Dave Hall, Stafford, UK

As a mortgage adviser, I've just looked through the latest (as of this morning) deals. Birmingham Midshires, part of HBOS group, offer an 80% BTL deal at 5.99 fixed for 3 years. The best 80% 3 year fixed deal for a normal house purchase is 5.89% with A&L. Fees on both are about the same.

nothimagain, Harrogate, England

A number of comments on here question the reasoning behind the anger focused against buy to let investors.
The simple reason for this is that they out bid young buyers for starter homes, and then cash in by renting the property back to them,
Maybe some think this is morally OK. Most don't.

Gareth Jones, Dusseldorf, Germany

Marcus, London - 5k pw, ie 250k pa PROFIT? At a (generous) 5% yield that means you own property currently worth 50m with NO mortgages. I suspect there are many BTL investors out there who lack the business brains to run a hot dog stand - hence the total delusion about how vulnerable they are.

George, Brighton, UK

To John Smith from Manchester,

I do not think that house prices would fall to 10-20,000 if it was illegal to lend money on them.
A house takes a lot of labour and materials and land to build - do you think you could build one for less than 20,000? Houses are never going to be really cheap.

Charles, Bath, UK

We need more rights for private tenants in the UK. Its wrong landlords are able to evict and increase rents at will

BTL is non existent in countries like Germany where tenants have proper rights. Banks wont lend due to the fear of sitting tenants. Whats been allow to occur here socially unjust.

A Hariis, Kettering, UK

I agree with Chis (London's) comments - rents are falling!
Last Sept I really struggled to rent a good quality flat in the City for around 400pw; 7 months on I can see the market is flooded with properties, and unbelievably estate agents are still trying to kid us that the market has not crashed.

Dean, London,

it is different this time. people always need places to live. look at all the immigration. Yeah, right! Too funny. I am laughing my arse off as the current set of BTL vultures go into bankruptcy. When did they ever think of the person paying the rent. Brown - bye!

Bob, London,

G Wilson wrote:
"Good Landlords work very hard to give their tenants a comfortable secure environment. "

Most tenants can be kicked out given 2 months notice. There is nothing safe or comfortable about that. Tenants either need better rights, or to be able to buy their own homes.

Mark White, Guildford, UK

If all the empty new build was rented out, then it'd bring rents down to a sensible level.

The UK economy needs low rents.

Edina, Oldham, UK

BTL is not over. It didn't start in 1997. Lending is rationed for ALL buyers: FTB/BTL and <50% LTV £1m+ mortgage people. FTB are stuffed just now. And when lending frees up and the market improves, BTL will still be on. Sane BTL investors have <75% LTV across the portfolio and are very happy :)

AndyG, London, UK

the UK is soo screwed.

Henrik, London, UK

Will the last person to leave England please switch the lights off...

Paulie, Loughborough, England

It is about time this happened. The Government should go further and outlaw BTL in this country. It simply makes speculators the new Landowners holding poorer people to ransom with high rents and forcing Property prices up. The underlying principle to BTL is greed

Nick, Bristol,

Property goes up and it comes down. Those that BTL in the last 3-4 years in the south should prepare for the worst.

Everything in this world is cyclic.

History has shown that a business built on debt does not flourish.

Peter Barret, Camden, UK

Look on the bright side of all this as it hopefully means an end to those awful TV programmes banging on about "original features".What they really mean is that the house needs modernising.Only estate agents could come up with this sort of spin.Can you imagine buying a car with bald tyres.

Mike, Dunstable, England

If the government (i.e. taxpayer) made it illegal for banks to lend money on property, and illegal for anyone to own more than one home houses would cost maybe £10-20,000. This isn't about BTL it is about unfettered bank userers intentionally creating a pyramid house finance ponzi/pyramid scheme.

John Smith, Manchester, UK

For many people the BTL market has bought wealth, The only thing certain about the property market is its uncertainty. I have a BTL property, aka my pension/nest egg/rainy day pot. If the price falls it falls, its rented, it pays for itself, I cant ask for more than that in this climate.

Rebecca, London, UK

I am in shardenfraude heaven. When you have some smug dad on a rece visit for unis, say unprompted, he is buying flat(s) for all his 3 children at uni to save money when he actually means his pension. BTL stoke the property market to make it harder for 1st timers.I hope his type get burned.

Gavin, Highnam, UK

Investing in property is nothing so new surely. Why all of the hatred and jealousy? Is it any different to years gone by where a farmer / factory owner would own half the town to house his workers?

I invest in edinburgh and am willing to bet all of my equity that I don't lose a penny of it!

adam, edinburgh, uk

Simon, London: If I had cash, I would (have) put it into a cash ISA @ 6%.

So lets see:- Housing will be -7% (at least in 2008). So my ISA will outperform property by 13% this year!

Jealous of BTL? Nope. Schadenfreude? Absolutely.
BTL a long term investment? Banks will be the judge of that.

Matt, Birmingham,

I am a BLT landlord. I work extremely hard and am trying to do whatever I can to secure some kind of pension so that I am not reliant on the state when I retire (we are always being told of a looming pensions crisis). I do not believe that I am a parasite or leech.

Paul Howell, Leamington Spa,

"I fail to understand the vitriol directed towards BTL landlords as opposed to other rich people." BTL Landlords are often not rich. If you are invesing your own capital, fine. If 80% or more of "your" investment belongs to someone else, you are attempting to bypass common sense. Hence vitriol.

STR, London, UK

"Renting shortage" Dont make me laugh, that was the same mantra used to fuel the property craze.

People will move back into the parental home, or houseshare, like they always have when money gets tight.

Rents are actually falling - what are you going to choose between - Rent Vs Food/Fuel/tax?

Chris Bradshaw, London,

Mike from Hertfordshire said "Thank God for that. It is the sign of an insane society that rewards people for simply buying property and selling it on."

So why is it ok for retailers to be rewarded simply for buying food, petrol etc and selling it on?

By the way, I am not a BTL owner.

Paul, Bristol,

I know a few landlords & they are all have day jobs. There are very few landlords in my experience who live just on the money from property. As one of the earlier writers indicated the property is mainly used as a pension. This is because of what MP's have done to pensions over the last 20 years.

Mike, Twickenham, UK

Steve - the East Europeans are fleeing the ship - Britannia. The pound is now so weak it is not worth them living in a BTL slum in the UK.

lesley, cambridge, england

To simon on London.

This is not the time to buy property.

If you had the cash, then you are better off in the bank and waiting for houseprices to fall and for rents to cover mortgage payments paying a real return, not speculating they will one day.

Chris Bradshaw, London,

Last time the interest rates went up most of the buy to let landlords in the area I live in just increased their rents. Unfortunately there are no winners as people renting are unlikely to be able to afford to buy with the restrictions on mortgages so they will just have to pay up or be homeless.

Angela, Brighton, England

Some people who bought-to-rent the wrong properties have had bad experiences. I count myself lucky because I'm still earning profits of £5000 a week (as of April 2008) in rents from my BTL properties in London and this has risen from £4000 this time last year; I didn't buy any new properties either.

Marcus, London, UK

"Buy to let is just another small business for many investors. Why should people not be allowed to invest their money the way they want? "

I am at present investing in arms manfacture. I particularly like the land mine variety as this brings maximum returns, but it does kill children...

Alistairs Solicitors, Bristol, UK

The Estate agents, banks and BTL'ters all use the legal framework. It is up to the government to create the rules. Increasing stamp duty to 5% for all 2nd homes/BTL, min 20% deposit and max borrowing 4 times household income would be enough to ensure the brown bubble never happened

john, bath, uk

Good Landlords work very hard to give their tenants a comfortable secure environment. If the B.T.L Landlord is squeezed out the "Big Boys "will move in who are only interested in getting the most profit ,I think this is a very sad day for tenants.
G W. Northampton

G Wilson, Northampton, Northamptonshire

Brilliant, Comrades. Keep up the good work. Let excessive house prices that exploit workers go over the cliff. Down viv' Capitalism!

Citizen Smith, Tooting PFHQ,

To Rob, Oxford.

Has it occured to you that the reason people can't afford to buy a house is actually BECAUSE of B.T.L. As for renting, there is a thing in some countries called government, where they actually govern, and build rental properties etc... unlike the financial cowboys we have!

Neil, Birmingham, U.K

What I can't work out is who is asking HBOS for a BTL mortgage at the moment! Now that the people in the property game have worked out that they will be declared insane if they keep trying to "talk it up", we're going to see massive declines in prices. Who would want to buy a place.

Mark, Birmingham,

This problem has been caused by our two tier society. The superannuated index linked public sector parasites. And the poor unfortunate fools who work for a living, who's only way to try and provide a pension was through property speculation.

John, York,

OK, I hear what you say, however, if we didn't have buy-to-let investors who were prepared to invest in property... where would those who either can't afford to buy, or don't want to commit to by, live?

Rob, Oxford,

'If HBOS are suddenly pricing themselves out of the market under all brands, it implies that they don’t want to part with their current available cash'.

Or those dastardly rumours spread by evil rogue traders a few weeks ago were right. HBOS is broke - as many of us have suspected for some time.

eric campbell, harrogate, uk

I see large losses for many landlords. They have been subsidising rents for years, whilst capital values rely on the so called "bigger idiot" coming along to buy for higher prices with more credit. Having run out of idiots, the "biggest idiots" will be those left holding property they can't sell.

Mike Livingstone, Reigate, UK

The mathematician guy who has 500 mortgages, you'll find him in the Sunday Times rich list this weekend!

ian, maidenhead,

Ahaha! Yes! Yes!

At last!

Rachel, Edinburgh,

Brilliant news. Now we can look forward to houses becoming somewhere to live in rather than being speculative investments that have led to people boring you to death about the value of their "property portfolio" and the TV schedules being filled with irritating property "experts" who want a slap.

Frank, Bristol, England

I look forward to the end of countless "reality TV" propoerty programmes based on the premise that the gormless can make pots of money putting a coat of paint on a crumbling wreck. Perhaps new series such as "Property Snake" and "Liquidation, Liquidation, Liquidation" will emerge.

Nick, Durham, UK

Home owners, estate agents, mortgage lenders all drive up prices. In my lifetime (58yrs) there has never been affordable housing. This crisis has arisen due to bank greed and incompetence. Banks have the power, we will all pay for their mistakes. Manufacturing=strong economy not the price of a house

Graham Ovens, Bristol,

How niave and jealous are all you people.
There is only one long term, relatively risk free, decent investment that people can make and that is property. It out performs, in real terms, all other areas including pensions.
If you had cash, where would you put it??

Simon, London,

If the influx of workers continues it will be interesting to see where they live.
Without the availability of rental accommodation through buy-to-let and the inability to get a mortgage to buy, this means the currently available supply is going to become oversubscribed.

Steve, Redhill, Surrey

To Michael of Edinburgh - the people you are refering to are the Wilsons who own about 800 buy to let properties in Kent.

Their activities are monitored and debated regularly at www.housepricecrash.co.uk

nmarks, Singapore,

More people will benefit from the death of BTL than will suffer.

What a surprise the 'perpetual motion money machine' works no better than previous attempts at 'money for nothing'

Tulip bulbs anyone?

Paul, Reading,

Mike from Plymouth, It's called making a profit at the expense of everybody else. The Government and FSA need to be looking at introducing heavy taxes on the banking sector if they announce record profits for the past few months

Jonathan, London, England

As a renter who, for a number of reasons, was unable to buy property in the UK, I am concerned about the pressure on the BTL market. We rented since we came back to the UK and without amateur BTL landlords, our choice of rental properties would have been severely limited, probably at higher rents.

John, Brighton,

I have always said that it is the buy to let investors that have disrupted the market for years making it impossible for the first time buyers to get on the ladder and so pushing up prices lets hope once this present crisis is over our young people can afford to buy their first home.

c baker, woodbridge, england

I fail to understand the vitriol directed towards BTL landlords as opposed to other rich people. I understand envy, although I personally have no wish for an Old Labour leveling or Leninist redistribution, but I cannot work out why BTL should have their own circle of hell reserved for them.

John, Brighton,

haahahhahahahhaha unlucky! did you really think this circus could go on forever? It amazes me the raw stupidity of the droves of armchair 'property investors'. I'm sorry, but this could be seen coming from a country mile.

Tom, San Francisco,

Dear Patrick, Taipei - love the idea of banks being there to 'help their customers'. There may be times when it pays them to do that, then they will - but if it doesn't pay, then they won't. Everyone likes to get paid, and that includes banks, you, and me.

Dean Hallett, Basingstoke, Hants UK

This is excellent news. Perhaps we will move towards a normal housing market again. One in which people buy houses to live in rather than as a "pension". A market where houses are affordable for first-time buyers. A market which does not suck capital away from productive areas of the economy!

Simon, Bangor, UK

I always wonder what happened to that mathematician guy who took out 500 mortgages?

Michael, Edinburgh,

The buy to let market was spawned when Gordon Brown destroyed our pensions. Those who could put what they had into property. The rest of us wished we could.
Now there are no pensions and no property investments for the little people.
Now we can all look forward to dying in a ditch.

thalia, london,

Buy to let is just another small business for many investors. Why should people not be allowed to invest their money the way they want? They are not parasites or leeches, they just provide a service for a profit just like any other business. Moseley and Mike, your jealousy is pathetic.

Ted, Edinburgh, UK

If BTL had never existed just think how good the UK ecomony would be in now.No NR or £50 billion bailout for the banks.House prices 30% lower,higher interest rates,stronger pound,lower inflation.No threat of negative equity,FTBs could afford to buy.Need I say more.It created a greed culture.

stephen hulton, Eure , France

Unemployment is set to rise as housing sectors (builders, estate agents etc) and finance sectors cut overheads. BTL has been relying on foreign workers, mostly from EEurope. Just noted the number of Polish coming to UK is less than leaving. Less tenants means better pricing power for tenants.

Watwungyi, London,

According to the FT last weekend, 25% of all London mortgages are buy to let. These mortgagees are going to be in big trouble over the next year.

I am very glad to have sold my UK property assets already, and if the BoE causes inflation by lowering interest rates then I'll take my cash abroad.

Massy, London,

What exactly are the money lenders playing at? Increasing service costs at such unsustainable rates to their captive customers is surely only compounding the problem by increasing overall debt, this coupled to the fact base point cuts are not being passed on is a recipe for tragedy.

Mike O Connor, plymouth,

*pop* goes the UK property bubble.

Tom, Chicago, USA

Thank God for that. It is the sign of an insane society that rewards people for simply buying property and selling it on. Other people have had to work for these parasites to make their money.

Mike, Hertfordshire, England

I'd like to know how this might affect me, living in a room in a buy-to-let flat belonging to my flatmate's parents. Is this likely to increase rents significantly, or will the numbers of professional landlords about keep the rents down in the near future?

Adam, London,

So the greedy banks are keeping the £50bn bailout to themselves and not helping their customers. Not surprising. They know that the Government will keep a sick system afloat and do not care of the knock-on effect of their decisions. They are now behaving like prostitutes. Money yes; no money no

Patrick, Taipei, t

Oh dear what a shame.
Maybe now they will have to consider working for a living, instead of leeching of those less fortunate than themselves.

R Moseley, Birmingham, UK

Sanity has been restored! Justice has been served!
No more BTL!

George, Richmond,

Fantastic news. Only 5 years too late.

andy, Brighton, UK

The demise of the amateur landlord / speculator is welcome news.

Ad , UK,