The Wilsons are going under.

dopester

PasturesNew wrote: »

Nobody knows.

There are signs they are feeling a bit rattled.

Firing off a letter to editor of DM.

Possibly having a law firm posturing to get heavy with the FTBs at HPC.

poppy10_2

RDB wrote: »

Whats the latest?

http://www.kentonline.co.uk/kentonline/news/2009/november/20/wilson_mortgage.aspx
Property tycoon Fergus Wilson denies 'mortgage arrears' claim

Property tycoon Fergus Wilson has denied claims in a national newspaper that he is in mortgage arrears. The 61-year-old, with a personal fortune of about £70 million, denies claims in the Daily Mail that he and his wife are up to £350,000 in arrears on mortgage payments and that three of his properties in Park Farm are now worth only £160,000.

“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.

“I’ve written a very pleasant letter to the editor because this is about journalistic standards and it’s not correct. It doesn’t do the residents of Ashford any favours either because it’s saying all their properties have gone down.

“I’ve said to him if you can find a three-bed, detached property in Park Farm for £160,000, as they’re claiming, then I’ll give them a £5,000 finder’s fee. However, if they can’t find one, they can give £5,000 to a charity of my nomination.”Mr Wilson also extended his offer to Kentish Express readers.

As to the claim that he and his wife Judith, who began snapping up property in 1990, are up to £350,000 in arrears on their monthly mortgage payments, Mr Wilson said the figure had come from the fact that 30 of his 700 properties are mortgaged at a higher rate, meaning he is £350,000 out of pocket than had he taken a lower interest rate.

_bankrupted

RDB wrote: »

Whats the latest?

What will be the situation in 1 year?

1 year the game will be up!

Higher default on rents as unemployment peaks
Property prices at best stagnant, likely 5% down, work case 10% down
Interest rates 0.25% ~ 0.5% higher
Increased business costs to the Wilsons as they pursue defaulters.
Increase in postage stamps will be the nail in the coffin:rotfl:

Generali

poppy10 wrote: »

...As to the claim that he and his wife Judith, who began snapping up property in 1990, are up to £350,000 in arrears on their monthly mortgage payments, Mr Wilson said the figure had come from the fact that 30 of his 700 properties are mortgaged at a higher rate, meaning he is £350,000 out of pocket than had he taken a lower interest rate.

So about £12,000 out of pocket per property.

Let's assume that is over the last year and again that the mortgages are £148,500.

On that basis, they are being 'overcharged' by 8%, ie are paying a mortgage rate of around 12%. How the hell did they manage to find a deal that bad? The only thing I can think is that they have a 'reverse tracker', that is as base rates fall the mortgage rate rises and vice versa.

That or he's lying of course.

RDB

This is a good thread about repossessions

http://forums.moneysavingexpert.com/showthread.html?p=27122523#post27122523

fc123

Have I already written this thought?
I guess it's the horses and related expenses that were the Achilles Heel...the high life.

I am owed £££ at the mo by someone who did a similar thing...thought it would last forever and ever and that it was their skill that created the 'wealth', when, it was just random 'bit of luck' right time, right place.

LIR knows about racehorses and how much they cost to own. He made the cash..and spent the 'spare' on horses....now he needs the spare but it's gone.

dopester

Generali wrote: »

That or he's lying of course.

The Times reported this in September just gone.

At £80,000, the monthly bill on their hundreds of interest-only mortgages is still enough, says Fergus, “to give many people a heart attack” — but, thanks to the sharp fall in the Bank rate over the past 12 months, it is a fraction of what it was a year ago, and covered several times over by gross rents of £600,000.

I've not had anything good to feed on since the Wilsons arrears story broke. Good in the sense of any real signals of house prices resuming a correction towards value. Even bears who I thought were tough are thinking of buying. Miserable market rigging news all over.

I'm starting to think maybe I should consider my Plan B Hamish thread options more seriously (which don't involve buying at these levels, but other stuff) instead of expecting unconditional surrender of the housing market.

fc123

dopester wrote: »

The Times reported this in September just gone.

I've not had anything good to feed on since the Wilsons arrears story broke. Good in the sense of any real signals of house prices resuming a correction towards value. Even bears who I thought were tough are thinking of buying. Miserable market rigging news all over.

I'm starting to think maybe I should consider my Plan B Hamish thread options more seriously (which don't involve buying at these levels, but other stuff) instead of expecting unconditional surrender of the housing market.

OK.....things described as 'Hamish Plan B ' options sound a bit...ummm.....scary.

I am about to go offline to eat a very late roast dinner....but I am intrigued....

I am with Cleaver on prices. Owning ' A home of your own' was always a struggle and always expensive.. Low rates (I know they are just for now) are propping up prices as it's all down to monthly payments for the majority.

We paid 60k for our 1st house and it nearly killed us. Now, seems not so much...but it was huge at the time.

It wil always be pricey....for different reasons.

Dam..GTG...Back @ 11pm...:o

mbga9pgf

They have mortgages with multiple lenders, right?

Surely, this is like one of those dirty harry movies, with lender facing lender in a three way shoot out for devaluing assets...Mortgage express have just asked the other two... "Do ya feel lucky, well do ya punks?"

Of course, it will end just like it did in reservoir dogs, with everyone shot and lying dead on the floor.

bo_drinker

mbga9pgf wrote: »

They have mortgages with multiple lenders, right?

Of course, it will end just like it did in reservoir dogs, with everyone shot and lying dead on the floor.

They should have been shot before now for the fashion sense, or lack of.....