The Wilsons - 875 buy to let property empire

pbouk

dopester wrote: »

Even that photo annoys the hell out of me.. a "power-photo" where they are pictured looking down as though you are beneath them like a child.

"Please sirs, can I have somewhere to live?"

is the little one a man also?

PasturesNew

They've probably been gagged (should be), by their lenders, as they quietly move into damage limitation and offload properties 1 by 1.

brit1234

There hasn't been an update on Judith Wilson's website since 2009. I know they were in trouble a couple of years ago and the interest rate cuts bailed them out big time. However the banks were taking chunks of their portfolios.

The big danger they had was re mortgaging on 1000 highly geared buy to lets that all had fallen in value. I'm sure you need a lot more equity say 25% in each property to get a decent rate these days. There mortgage costs must be high.

Graham_Devon

brit1234 wrote: »

There hasn't been an update on Judith Wilson's website since 2009. I know they were in trouble a couple of years ago and the interest rate cuts bailed them out big time. However the banks were taking chunks of their portfolios.

The big danger they had was re mortgaging on 1000 highly geared buy to lets that all had fallen in value. I'm sure you need a lot more equity say 25% in each property to get a decent rate these days. There mortgage costs must be high.

They are on a special deal with the mortgage company.

The mortgage company would have gone under as the wilsons were struggling, or indeed, couldn't pay the mortgages. So the lender reduced their rate and took them off fixed and onto a tracker, which is marginally above base rate. This stopped not only the wilsons going under, but also the lender. I therefore doubt the wilsons will ever be allowed to go under and will get special treatment.

brit1234

Have a look at their link to their website prices bought and current value.

http://www.jwipb.co.uk/prop.asp

Then compare it with searches on rightmove for Maidstone on 2-3 bedroom houses. There is about a 35% difference in price. Then if you think of all the gearing of this paper money I would say they are in a very bad way even before rates rise.

LisbonLaura

Graham_Devon wrote: »

The mortgage company would have gone under as the wilsons were struggling, or indeed, couldn't pay the mortgages.

Our Empire - Your Problem (peasants).
The Wilsons - Too Big to Fail
Cuddly Hamish - Too Big to ****

Where would you be without them?

I seem to recall dear Fergus announcing they were willing to talk to prospective buyers of their empire, but in a 'no hurry, so no riff-raff if you please', manner. Wasn't a Russian supposed to be interested? (for about five minutes).

DervProf

LisbonLaura wrote: »

Wasn't a Russian supposed to be interested? (for about five minutes).

I would have thought that even if the Russian didn't buy the Wilson's empire, then someone would. After all, Fergus did state that house prices double every 7 years, did he not ?

chucky

Graham_Devon wrote: »

The mortgage company would have gone under as the wilsons were struggling, or indeed, couldn't pay the mortgages. So the lender reduced their rate and took them off fixed and onto a tracker, which is marginally above base rate. This stopped not only the wilsons going under, but also the lender. I therefore doubt the wilsons will ever be allowed to go under and will get special treatment.

that is not true and 100% incorrect. there was no lender that would have gone under.

the mortgage company they were with is Mortgage Express who are owned by Bradford & Bingley.

the Mortgage Express part of the business had been nationalised so making up that they could have gone under is typical jackanory froth.

Graham_Devon

chucky wrote: »

that is not true and 100% incorrect. there was no lender that would have gone under.

the mortgage company they were with is Mortgage Express who are owned by Bradford & Bingley.

the Mortgage Express part of the business had been nationalised so making up that they could have gone under is typical jackanory froth.

Why did they offer a special deal then? You tell me.

'How else would you manage a situation where two out of three homes in an estate were repossessed asked one lettings agent. This view is supported by the fact that at least one lender - the failed Bradford & Bingley, now supported by taxpayers - has renegotiated the Wilsons' mortgage terms.

In April 2009, B&B, to whom the couple paid a staggering £350,000 in monthly mortgage interest, allowed them to swap a fixed mortgage rate of 5.24%, maturing in 2012, for a variable rate of 2.25%. Ordinary borrowers in difficulty could only dream of similar assistance.

Such action is 'unheard of', according to Lee Grandin, a mortgage broker for landlords and an authority on mortgage lending to the private rented sector. 'If there is no problem with cash flow, it is hard to see why landlords would want to enter into management arrangements,' he says.

'In cases like this, you would expect lenders to want to work closely with landlords, as it would be difficult to shift so many properties in a small area.'

The bank of Ireland is also involved.

chucky

Graham_Devon wrote: »

Why did they offer a special deal then? You tell me.

no idea, i've never studied risk analysis or worked as an underwriter. you're the one claiming that the lender was going under, why don't you tell us?

Mortgage Express, owned by Bradford & Bingley, has sent a final warning letter to the couple, who are believed to have 177 of their properties mortgaged with the bank

http://www.dailymail.co.uk/news/article-1227624/Mortgage-arrears-couple-rode-buy-let-boom-estimated-350-000.html#ixzz1KqwY2THu