Should Buy to Let Landlords be worried about Scottish Independence?

Hi Neil

You and your family must also be worried that just because you live in England you can't vote but some 16 year old EU National who happens to be living in Scotland can vote!

Scary times indeed for any landlords with property and mortgages in Scotland.
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I am mostly worried that the Press and Politicians are not brave enough to lay out the economic facts for fear of being seen as anti Scottish some how.

When I first discussed this over 3 months ago with anonymous but well placed sources independence was dismissed as an economic impossibility. Now they think it might just happen because a percentage of people just don't care if they are worse off.

Neil,
You have only touched on the matter very lightly. Alex Salmond's referendum is a worse disaster for Scotland than the ill fated Darien Venture which bankrupted the country in 1700. Whatever the outcome in September there will be a large dissatisfied minority.
Of course the banks would move. There will be no shared £. So will Scottish mortgages be in Scottish currency or UK currency? Of course shipbuilding would move, and the call centers and the UK government centers. England would not support Scottish business. Frankly, if I were the English PM post a Scottish independence vote I would put tolls on the M6 at Carlisle and the A1 at Berwick. And a few other connecting roads too. Can you imagine England allowing Scotland into the EU when it intends to continue to discriminate against English students, but not other EU students?
A simple example: What will happen to all the car registration plates, registered in Swansea? Anyone in Scotland with a special number plate? NES51E?
Salmond has made one big mistake. He is holding the vote in Scotland. He should have held it in England. Then he would be sure to win. The English are fed up with Scots who winge all the time!
Please don't wind me up any more!!

Reply to the comment left by "Mike W" at "11/06/2014 - 16:45":

Excellent History knowledge Mike.

I doubt Scotland will be Sieged by Spain again though !

I'm hoping for a YES vote as it will severely reduce the chances of a Labour government ever being elected again!

I have no properties in Scotland but have sympathy for anyone who does, wasting their money on ineffective landlord registration and the general anti-business rhetoric coming from the SNP. The invective and bullying attitudes that SNP supporters display towards anyone who dares question that independence will be a success is deeply unpleasant and not promising for the future. If Scotland does go independent, the English will of course be blamed for anything that goes wrong.

Assuming the remainder of the UK is given a choice, I would never, ever vote for a political party that allows Scotland to share the pound: it would be an utter disaster. I don't trust Scottish Labour, let alone the SNP, to control its spending - they would always blame the English and demand ever-increasing resources to prop up their economy.

My take on Scottish Independence is that it 's a romantic fantasy which us Scots like to sing about from the terraces ,imagine and moan about from the working class pubs full of folk with little ambition, motivation and labourite dependance on state handouts either via meaningless council job creation for inspectors looking over the shoulders of those who actually produce products and services.,or those 'entitled to' hand outs to feed their kids and bad habits.

The reality is that we have a marriage with the rest of the UK that works well regardless of healthy 'family squabbles' over 'who gets more on their plate'.

Should we vote for divorce I can imagine that as like the vast majority of divorces, it will result in bitterness and separation and its the kids that suffer( generations to come) however should we not be daft enough to vote with our hearts instead of our heads ,
then a NO vote will confirm our marriage and thus result in ever closer ties of business between us as oppose to the separation that divorce will inevitably cause

I am fearful that the SNP will have their day. and if so i hope I can sell up my portfolio before it falls apart,and head to a more mature and stable economy south of the border, should I pass the immigration controls, and that the English will have me.

Reply to the comment left by "Alastair Lygate" at "11/06/2014 - 22:19":

As the owner of a BTL in Scotland I wish I'd never bought and can't sell without taking a big hit I struggle on with rent just about covering mortgage & other outgoings. No capital value movement for years now.
So if there is a yes vote will I - can I? - be any worse off? Might a vote either way remove the ongoing uncertainty that prevails north of the border and produce some confidence misguided or otherwise? Might Salmond following a yes vote start chucking money around (that he has not got or certainly can't afford) to stimulate the economy? Might this be good for me in short term but lousy for Scotland I completely agree in medium to long.
Can someone tell me what will happen with interest rates in Scotland if there is a yes vote and when down south rates almost certainly will rise in 2015? With all the disagreement ongoing about linking to/keeping the pound if the yes campaign wins, can Salmond set interest rates in Scotland as he sees fit?
Meanwhile my mortgage is with an English lender who will continue to wish to be paid in pounds, and of course the loan is linked to BofE base rate so I guess any different Scottish base rate is immaterial to me? .

Reply to the comment left by "Richard Adams" at "11/06/2014 - 22:43":

Hi Richard,

In the extremely unlikely event that Scotland kept the pound after a Yes vote all monetary policy would have to be run by the Bank of England so rates would stay the same. However I have been told by sources that this would not happen.

Scotland's Credit rating would be downgraded and hence they would be forced to have higher interest rates to issue government stock that would be worth the risk buying. This is a pure guess but I would think their interest rates would need to be double the BofE rate at least.

It also takes years to qualify and align your economy sufficiently to be allowed into the Euro so I have no idea what currency they would use.

I can't believe that independence will happen as some of these facts must eventually get out to the population in a way that they can understand it is economic suicide.

Reply to the comment left by "Neil Patterson" at "12/06/2014 - 08:38":

Thanks Neil. So basically whatever happens I shall be no better or worse off in the short to medium term?

What prompted my initial post was a statement in this forum that investors in Scotland should be trembling at prospect of a yes vote. Can't see it worsening my already bad position while certainly holding out no hope of improving it for 100% sure.