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I sense your frustration and most likely anger with the way you and the rest of us are being treated.
You have done your best and housed those who without you would have been homeless.
There is only so many times you can kick a man when he is down.
It comes to the point where enough is enough.
I sense you have reached that point.
My suggestion of not letting to the HB demographic has been right for me.
Increasingly this seems to be the thinking of many other LL.
Letting to a better class of tenant is a pragmatic response by LL to the existing and future issues with HB tenants
Nobody could blame you for abandoning the HB sector.
You've done your time!
You deserve less troublesome tenants.
I hate the idea of even contemplating doing so but I see deleveraging by any means as the only realistic way to defend income.
To have to sell property to reduce debt on others goes against all the normal BTL business norms.
But we are not in normal times.
It is clear society has it in for LL especially those less resilient mortgaged ones
How can can LL ignore this situation?
LL don't operate in isolation to society
The writing is on the wall
Ignore it at your peril
Circle those wagons and make yourself a thoroughly resilient LL.
If that means fewer and lower mortgaged properties then so be it.
If it means no more HB tenants then so be it
If that results in fewer rental properties and more homeless tenants then so be it.
LL are not and should not be used as a punchbag for society.
But that is what we are currently
So make yourself punch proof.
I believe your flight to better quality tenants and FHL is a more resilient strategy than the HB one that previously may have worked.
Well it certainly doesn't now! !
You owe society nothing.
You owe yourself everything.
Time to start ensuring you can achieve that.
The result will be a less geared; smaller LL but far more contented and ultimately with more monthly income.
The new business model for mortgaged LL I suggest
I met the Duke Of Westminster an number of times and we used to talk about property investment
His solicitors and Accountants challenged every thing to get time
But you have to remember the assets were all through a Company structure to start with and he could afford to have Solicitors working for him
and no body else
He used to call it a joust with HMRC his family did it for years and will still do the same
But he lost a few and won a few
Learn Change and Adapt ?????