Meet the Wilsons Part2 - Fergus goes mad on Radio 5

Bootski

160 posts, at least on this couple???

So what??

What's the obsession with them?

There success or Is it thier downfall that's kicking up all the fuss?

You all seem sooooooooooooooooo delighted.

There are worse landlords

dopester

There are few other landlords who own so many starter-type homes.

There are few other landlords who soaked up all the press attention, or championed BTL as positively as they did.

"The literal translation of Fergus is fearless," he says, jabbing a meaty forefinger into my arm.

"To anyone dithering about buying a second property to rent, my advice is this: 'Don't mess around. Get stuck in and buy it!'"

Mrs Wilson concurs, albeit in more measured tones befitting a former deputy headmistress. "You've got to say to yourself: 'What's the worst that can happen?'" she says. "The worst thing is that you'll have to sell the second house. But so what? You'll still have the one you live in.

And they aren't just 'simple folk' as they try and make out. They are hard spenders, with a fancy house of their own, two more built on the grounds, stable block... pretty heavy involvement in racing + big betting.

The bankers who enabled them should be forced to pay back their bonuses, stripped of their pensions, and kicked out the country.

Bootski

dopester wrote: »

There are few other landlords who own so many starter-type homes.

There are few other landlords who soaked up all the press attention, or championed BTL as positively as they did.

And they aren't just 'simple folk' as they try and make out. They are hard spenders, with a fancy house of their own, two more built on the grounds, stable block... pretty heavy involvement in racing + big betting.

The bankers who enabled them should be forced to pay back their bonuses, stripped of their pensions, and kicked out the country.

Hmm, so maybe all the vitriol and attention toward these 2 should be diverted to those that enabled them to become cash rish cows!

From what I know of them, the did pretty well and were enabled to.:T

bo_drinker

They've been going t1ts up for a long time now. The Brits love to big em up and knock em down. Looks like the debt is so big they will be safe. Are they still into the Burberry ??

Bootski

bo_drinker wrote: »

They've been going t1ts up for a long time now. The Brits love to big em up and knock em down. Looks like the debt is so big they will be safe. Are they still into the Burberry ??

They'll be OK, but I should hope they realise that Burberry is so chav and there's nothing wrong with Primark:T

brit1234

Bootski wrote: »

They'll be OK, but I should hope they realise that Burberry is so chav and there's nothing wrong with Primark:T

I dont think so. They are so horribly geared that the house price falls have put them in a vulnerable postion. Now with house prices about to fall again I cant see them surviving. They know this, that why they are selling up.

At least it will be 900 homes returned for first time buyers.:j

Bootski

brit1234 wrote: »

I dont think so. They are so horribly geared that the house price falls have put them in a vulnerable postion. Now with house prices about to fall again I cant see them surviving. They know this, that why they are selling up.

At least it will be 900 homes returned for first time buyers.:j

I doubt they are as vulnerable Brit as you thing they are, nor that they are geared towards any massive loss, ie, less than the've gained.

Yes more of their properties will be sold off but not to the benefit of FTB'ers, more likely they'll be bought to BTL'er as an ongoing concern with sitting tennants

There is a vast amount of money and income to be had by this transaction in the medium to long term and they'll probably be bought out by some russian or foreigner with money in the bank ie, cash.

So don't have any high hopes for FTB'er to get in there with their downfall, they'll be alright Jack, and so will their investors be.

brit1234

Bootski wrote: »

I doubt they are as vulnerable Brit as you thing they are, nor that they are geared towards any massive loss, ie, less than the've gained.

Yes more of their properties will be sold off but not to the benefit of FTB'ers, more likely they'll be bought to BTL'er as an ongoing concern with sitting tennants

There is a vast amount of money and income to be had by this transaction in the medium to long term and they'll probably be bought out by some russian or foreigner with money in the bank ie, cash.

So don't have any high hopes for FTB'er to get in there with their downfall, they'll be alright Jack, and so will their investors be.

Yes they are highly surceptable. You forget they used equity in their property to buy other property during the boom times. Each time releasing more equity in new properties. Now since then prices have fallen reducing equity further say 15-20%. Then there is the shortage of cash in the hands of lenders, so they prioritse the best and safest customers. Buy to let has one of the highest repossesion rates in the industry so their new mortgage conditions are a lot tougher than conventional homes. Thus you need about 25% equity to remortgage or face the svr. With 900 properties needing remortgaging he is going to have difficulty especially as SVR rates for buy to let are going up.

To keep it simple costs are going up on all 900 of his properties and more so when they start putting base rates up.

On top of that we have wage freezes, cuts and job loses, exposing him to more portential void periods. Remember he was still buying property at the very peak of the market with equity from other property.

I say he is over exposed especially when house prices start falling again as David Blanchard (former BOE member) is today predicting.

Bootski

brit1234 wrote: »

Yes they are highly surceptable. You forget they used equity in their property to buy other property during the boom times. Each time releasing more equity in new properties.

I don't forget, I know that what was it was all about.

Now since then prices have fallen reducing equity further say 15-20%. Then there is the shortage of cash in the hands of lenders, so they prioritse the best and safest customers. Buy to let has one of the highest repossesion rates in the industry so their new mortgage conditions are a lot tougher than conventional homes. Thus you need about 25% equity to remortgage or face the svr. With 900 properties needing remortgaging he is going to have difficulty especially as SVR rates for buy to let are going up.

I think you've not recognised, THEY'VE ALREADY MADE THEIR MONEY and so can sustain a loss.

To keep it simple costs are going up on all 900 of his properties and more so when they start putting base rates up.

On top of that we have wage freezes, cuts and job loses, exposing him to more portential void periods. Remember he was still buying property at the very peak of the market with equity from other property.

They didn't need to worry about wage freezes nor job losses, these guys earnt an income withoout having to get up in the mornings!!

I say he is over exposed especially when house prices start falling again as David Blanchard (former BOE member) is today predicting.

You don't get it do you, they've made their fortune. They've incurred losses, of course, but made more money than you or I could dream of through investing in property.

ie, invested £1000, made nearon a billion, lost a few hundred K in the down turn but are still cash rich- even after paying off their loans and mortgages.

THEY ARE NOT POOR, They took a risk and it, fundamentally, worked out well for them

Even if they were skint now they've had a good life off the back of thier investments

boomerangs

Bootski wrote: »

You don't get it do you, they've made their fortune. They've incurred losses, of course, but made more money than you or I could dream of through investing in property.

ie, invested £1000, made nearon a billion, lost a few hundred K in the down turn but are still cash rich- even after paying off their loans and mortgages.

THEY ARE NOT POOR, They took a risk and it, fundamentally, worked out well for them

Even if they were skint now they've had a good life off the back of thier investments.

I hope you're sober tonight. It'd make a pleasant change for all of us.