BTL - That's the future

[DimPrawn]

WHS

Property tycoon Fergus Wilson denies 'mortgage arrears' claim

If somehow they can sell 700 identikit houses all in the same place at peak prices.

Anyone here want to snap them up?

[TimberWolf]

I'd have thought it was a non-story ...

WHS

Property tycoon Fergus Wilson denies 'mortgage arrears' claim

“The long and the short of it is someone has got the wrong end of the stick,” he said after Saturday’s article.

The former maths teacher continued: “They should have researched that article an awful lot better than they did.
Earlier this year, the self-made millionaires were ranked 793rd in The Sunday Times Rich List and are now planning to sell their entire portfolio, standing to make about £70 million in profit.

[Clippy]

I wonder how the 'mechanics' of their portfolio work.

I mean, I would have thought with such a large number of properties, they would have some form of company structure which means they would have to take out commercial loans and not high st mortgages.

However, the article alludes to the fact that a lot of the properties in arrears are owned by Mrs Wilson and her daughter which suggests there is no company structure in place.

[DimPrawn]

The couple announced in September they planned to sell off their property empire of up to 900 homes as 'the time is right for us to go'.

They value the 177 properties with Mortgage Express at £34.4million, but independent valuations say this is on the high side.


So they own 900 homes, 177 are mortgaged, 723 presumably owned outright? The Mail is unclear on this.

.

No, I think the 177 are mortgaged with the provider they are in arrears with. I believe they have many others mortgaged with other lenders.

They started with nothing and I believe they have mortgaged almost every property to the hilt.

[thunderlizard]

Meanwhile, anti-capitalist militant CWU members probably say he is a guilty victim of the postal strike.

[Pondlife]

Racehorse fanatic Mr Wilson, 61, says he is an innocent victim of the postal strike.

Unusually, he pays his mortgage by cheque - and says the money has been delayed in the post.

Not much of an imagination though. He could at least have said his dog ate the cheques.

I also notice his mrs is wearing a burburry dress FFS. You can't buy class even with £180M

[Iron Condor]

I'd have thought it was a non-story considering they started buying properties back in 1985.

Yeah but they have been extracting equity to buy more and more all the way until 2008.
And they have fixed rate mortgages so probably havent been helped much by the recent interest rate cuts.

[George Parr]

The couple announced in September they planned to sell off their property empire of up to 900 homes as 'the time is right for us to go'.

They value the 177 properties with Mortgage Express at £34.4million, but independent valuations say this is on the high side.


So they own 900 homes, 177 are mortgaged, 723 presumably owned outright? The Mail is unclear on this.

If so, the worst case is they sell all the mortgaged houses, if some of these are in negative equity then sell a few more of their owned houses. This leaves them a stock of over 700 houses with no debt attached.

I'd happily trade places with them.

[TimberWolf]

I'd have thought it was a non-story considering they started buying properties back in 1985.

I once rented a bedsit in Maidstone and the landlord had a bit of a property empire, but it wasn't the couple in that news article. The house was full of people speaking foreign, even way back then.

[Iron Condor]

This couple were very good at the 'maths' bit and spotting the potential of BTL properties but not so good at reading the market and knowing when to sell.

They bought alot in the 90s which was good as prices were below the long term trend line (undervalued). Then in the early 2000s prices became over valued and they should have stopped adding to the portfolio then.
They were just too greedy and believed that prices only ever go up.

[Clippy]

This couple were very good at the 'maths' bit and spotting the potential of BTL properties but not so good at reading the market and knowing when to sell.

[NoddY]

• Interest rates historically very, very low
• Whole financial apparatus of the State geared towards propping up property values
• Bank of England printing money
• Poor tenancy laws and the primacy of ownership (landlordship) in English law

and...

they still fail.

End of an era.

[thunderlizard]

A heroic misrepresentation of the facts.

Best bit is:

Just weeks ago Mr Wilson issued a bleak warning to his fellow landlords: 'We are reasonably safe, I think."

[DimPrawn]

http://www.dailymail.co.uk/news/arti...d-350-000.html

Oh Dear ™

There's me thinking the economy is sorted.