PROPERTY: Monthly Broker Call With Marc Champ – Tax Cuts, Rate Increases, Stamp Duty Cuts And More
In this episode, Rob once again sits down with Marc Champ of Wharf Financials to discuss the mini-budget and the impact they think it is likely to have. Particularly on property purchases and those who are involved in the sector.
The Property Nomads Podcast · Rob Smallbone & Aaron Devoy
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Show Notes
In this episode, Rob once again sits down with Marc Champ of Wharf Financials to discuss the mini-budget and the impact they think it is likely to have. Particularly on property purchases and those who are involved in the sector.
KEY TAKEAWAYS
- Marc believes two different strategies are being played out, which contradict each other.
- The Bank of England is trying to leave people with less spare cash to spend to bring down inflation. But tax cuts do the opposite, they give people more money to spend.
- There will be a lot of repossessions, which will create opportunities for others.
- Supply issues need to be addressed.
- There will be a lot more foreign investors buying property in the UK.
- The fact demand for mortgages is so high is slowing things down.
- Brokers have to be even more careful to package things properly to secure the loan.
- The rate is going to go up.
- If you need a bridging loan, be extra careful about borrowing from a stable lender that has good funding lines.
- Don't overleveraged. Right now, it is particularly dangerous to do so.
BEST MOMENTS
‘The Bank of England's job is to make borrowing more expensive and that will bring down inflation.’
‘In times of low confidence that is when the real problems occur.’
‘Bridging lenders will probably have increased finance costs.’
‘Never question the cost of a shovel when you are digging for gold.’
ABOUT THE HOST
Rob Smallbone, the host of The Property Nomads Podcast, is on a global mission to guide your success. Success can happen in many ways, shapes, and forms. Think about what success means to you. More properties? More clients? Financial freedom? Time freedom?
Rob wants to make a huge difference to people around the world. He is here to guide your success in property, business, and life and to inspire you to achieve your goals, dreams, and visions. He's travelled, explored, and invested. And he's not planning on stopping these activities anytime soon.
Buckle up, sit tight, and enjoy the ride that is life.
EPISODE RESOURCES
Marc Champ @ Wharf Financial
E-mail = [email protected]
Phone = 0208 895 6677
Social Media = @wharffinancials
Website = https://www.wharffinancial.co.uk
Money Weekly = https://moneyweek.com/
Donations for Wharf Financial charity cycle challenge: https://www.justgiving.com/fundraising/wharffinancialn2challenge
BOOKS
Buy To Let: How to Get Started = https://amzn.to/3genjle
101 Top Property Tips = https://amzn.to/2NxuAQL
Property FAQs = https://amzn.to/3MWfcL4
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