The Wilsons are going under.

MissMoneypenny

kriss_boy wrote: »

surely selling up will still leave them multiillionaires?

That will depend on which years they bought the bulk of their houses and to what year the house prices might fall to after the election as Gordon's still acting as a crutch for house prices. Then add to that all the defaulters on rent they may have had due to job losses, those behind with their rent (benefits pay in arrears) and how many of their houses have no tenant, as those mortgages still have to be paid on time.

They may have had some temporary relief if they are on trackers, but the rate is only going to go one way now and their Russian buyer that Fergus has been talking about for a few years, doesn't seemed to have appeared. They bought all their houses in same areas, Park Farm Ashford, Hawkinge and some in Maidstone. Trying to offload 900 houses in that confined area is going to drive down prices. Even trying to sell in groups of 10 properties, is going to take time and those landlords will be aware of the market situation and will want to buy the houses cheap, perhaps less than the mortgage?

I guess only the Wilsons and the mortgage lenders will know how deep in the do do they are and nobody knows for sure how much worse it might get for them (or rather the tax payer) in the near future. I should imagine they are having a few sleepless nights.

MissMoneypenny

PayDay wrote: »

Those that invested in property and have to use finance (mortgages, credit cards, loans, MEWing) to finance those properties, have taken a massive financial risk. I'm guessing that most didn't (some still don't) realise what a huge financial gamble they have taken. So I repeat, debt is not wealth.

I haven't seen any evidence that the Wilsons hedged. They seem to have put all their eggs in one basket....just lots of property (debt).........in the same area of the UK. They gambled. Will it pay out? Time will tell.

anamenottaken

sarkin1 wrote: »

The reason they are so disliked is because they are obnoxious vermin

http://www.youtube.com/watch?v=x9lrqXLVw-E

off topic but is Jack Dee moonlighting as Ross Ashcroft?

MissMoneypenny

mystic_trev wrote: »

Prices in Ashford seem to be heading South. I'm quite surprised bearing in mind they've now got the high speed rail link to London.Perhaps it's only the likes of the Wilsons who can afford it!

Ebbsfleet stole the rail service at the last minute, that Ashford thought they had been promised. Even before Ebbsfleet's victory, anyone working in docklands or around Cannon Street, are going to take just as long by using the high speed trains then having to tube it back down again to work, than those who use the slower trains to London Bridge. Plus you have to pay more to use the high speed trains. Even an estate agent realised that when I spoke to him in about 2003/4.

MissMoneypenny

Harry_Powell wrote: »

As long as you play fair, your pension is safe from bankruptcy.

Lets hope that law gets changed.

MissMoneypenny

chucky wrote: »

the banks patience seems to be ok as they're still there after all that's gone on - i don't think they're great people but they will do well what ever happens to property.

Is a large part of their debt owed to the government owned B&B?

The same government that is still trying to hold up the house prices?

chucky

MissMoneypenny wrote: »

Is a large part of their debt owed to the government owned B&B?

The same government that is still trying to hold up the house prices?

it's with mortgage express who was owned by B&B - the same people who are offering people on fixes redemptions free with no fees

they're also offering selected customers who have weighed them down 'discounts' off their BTL mortgages if the move to another lender effectively 10% or 20% off your mortgage for free.

We are pleased to announce the relaunch of our Early Repayment Charge waiver from 1st February 2010.
An Early Repayment Charge (ERC) could represent a significant cost that you would need to pay, if you were to pay off some or all of your Lifetime mortgage, during the period that any Early Repayment Charge applies

http://www.mortgage-express.co.uk/en/sitecore/content/B/Bradford-And-Bingley-Consumer/Homepage/lifetime-borrowers/erc-waiver.aspx

MissMoneypenny wrote: »

That will depend on which years they bought the bulk of their houses

according to one of the interviews linked on here they started buying in the mid 1990s but that only tells us so much. they've definitely struggled at some point in the past 24 months but i don't think these guys will ever have issues to the extent that some would like them to have or is commented on here.

PasturesNew

There's a big piece on them in today's MoS, page 85.

They've entered into "arrangements" with the mortgage companies ... http://www.dailymail.co.uk/money/article-1250821/The-buy-let-gurus-empire-crumbles.html

Mr.Brown_4

PasturesNew wrote: »

There's a big piece on them in today's MoS, page 85.

They've entered into "arrangements" with the mortgage companies ... http://www.dailymail.co.uk/money/article-1250821/The-buy-let-gurus-empire-crumbles.html

Thye may need to hire a more upmarket publicist than Chucky.

Emy1501

chucky wrote: »

it's with mortgage express who was owned by B&B - the same people who are offering people on fixes redemptions free with no fees

they're also offering selected customers who have weighed them down 'discounts' off their BTL mortgages if the move to another lender effectively 10% or 20% off your mortgage for free.



http://www.mortgage-express.co.uk/en/sitecore/content/B/Bradford-And-Bingley-Consumer/Homepage/lifetime-borrowers/erc-waiver.aspx

according to one of the interviews linked on here they started buying in the mid 1990s but that only tells us so much. they've definitely struggled at some point in the past 24 months but i don't think these guys will ever have issues to the extent that some would like them to have or is commented on here.

Come on. They bought most of their properties between 2003-2007. Some articles suggest they bought anything up to 350 in 2003 and at the beginning of 2007 they had 700 and therefor they bought about 200 in 2007. I highly doubt the sorts of properties they own are worth anymore now than in 2004 so its high unlikely these houses are worth anymore today than in 2004.

This is money also suggest that they managed to convince BB to allow then to change their fixed rate mortgages from 5% to 2.25%. I sure that only because they are in so much trouble