The Wilsons are going under.

HammerSmashedFace

It's been a long time coming for this pair, but it looks like they are finally going down. What gave me a rye smile is that Fergus says the 'cheque is in the post' on the arrears of his properties and his late payment was caused by the postal strike.

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

brit1234

Great spot. The sooner the better they go so families can get homes again.:j

djclare

I just hope the general public read the article. Only last week someone was telling me they wished they'd bought a couple of buy-to-let homes because "did you know about those teachers in Kent who made a fortune" I hope their fall gets as much coverage as their rise!

dopester

A final warning letter. :rotfl:

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

He insisted recently: 'We are not a penny behind on our loan payments.'

This week, he admitted receiving letters threatening repossession, but said: 'There are still a lot of cheques in the post. This takes time to process on the bank's side and this can come up as being in arrears when we are not.'

What a strange system. Paying hundreds of mortgages by cheque.

A source at Bradford & Bingley said that they had scheduled a meeting with Mr Wilson to discuss the repayments next week.

From what I read the mortgages were all in his wife's name. This article says his daughter's as well, where a previous a news-piece said she wasn't going to go into the "business". Fergus sure acts like he runs a lot of the business.

Enjoy your meeting next week at the bank Fergus. It may be different from the boom times when they'd look upon you with awe, as though you were a super-maths head genius who could surely do no wrong, as you continued to borrow their money to buy first time buyer type homes.

Reap the whirlwind Fergus. Reap it.

dopester

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

£34.4m / 177 = £194,350

amcluesent

>The pair, who have two daughters, live in a £2million home in Boughton Monchelsea, near Maidstone<

I wonder if their accountant is smart and the house is owned by an offshore concern? Legally Mr Wilson is a pauper...

poppy10_2

Haven't visited this subforum for months - but on hearing this fantastic news I just had to drop by to say:

Emy1501

Not these 2 prats! I remember back in 2004 last time the market was difficult, they screwed desperate sellers and were really smug about it. For maths teachers they were not to bright as they believed prices would double every 7 years and therefore a 3 bed terrace in Ashford would be worth 1m by 2025!

By the summer of last year they must have realised that the plan was not going to work as they were on radio 5 live bragging how they were going to sell up and make a killing. When it was pointed out to them that prices were falling they claimed it was only flats that were falling and that houses prices were stable. They got pretty heated when the presenter poured scorn on the comments.

What I do not understand is with 0.5% interest rates, they must have seen their mortgaes drop by up to £600 a month on their average property. Also they must have been able to sell off a reasonable amount of the properties at the turn of year if they tried. I suspect they are still waiting for the big Russain investor to buy them out and give them £180m profit:rotfl:

dopester

The Wilsons story gets a place on the front page of the Daily Mail's website today.

Good work by the Mail getting some of the numbers involved for arrears and debt outstanding, info about final warning letter, repossession threats. Well done to the source as well. Last thing I want is some secret B&B deal where taxpayers bail out the Wilsons.

Despite claiming they are "ordinary", they've lived a super life of pure HPI fuelled mega-rewards, with their £2m house, race-horses, buying and owning their own farms, £100K bets on horses, all the press attention and semi-fame they absolutely loved ect. Much cushier than actually teaching for a living, when you can buy hundreds of FTB houses instead on credit.

I said the press was "readying to get their sharp claws stuck in" the Wilsons, after the Mail began to disguisedly ridicule them in an article in October.

http://www.dailymail.co.uk/news/article-1219390/Meet-retired-teachers-richer-Beckhams-180m-buy-let-empire.html?ITO=1490

mortgage_adviser_2

http://www.housepricecrash.co.uk/forum/index.php?showtopic=59091

http://www.housepricecrash.co.uk/forum/index.php?showtopic=130261

the_ash_and_the_oak

Emy1501 wrote: »

What I do not understand is with 0.5% interest rates, they must have seen their mortgaes drop by up to £600 a month on their average property.

Only if they were on trackers? Their fixes prob didnt change?

Also they must have been able to sell off a reasonable amount of the properties at the turn of year if they tried.

Really? Transaction figures pretty low imo. Current scenario good for maintaining prices but not good for actually selling (esp if you've got a lot to get rid of? even more so if they're all in the same place?)