The Wilsons are going under.

HammerSmashedFace

Stay_tonight_in_a_lie wrote: »

Hi Mr.B !!

Sorry, no cigar. Although I guess my 'car quote' would have given that impression, those who know........know.

Mr.Brown_4

I feel sympathy for the Wilsons, they have been an inspiration for a decade of BTL investing, which has created a large amount of wealth, even if some of it is imaginary. I hope that in the worst case of having to dispose of their properties they have managed to retain matching toilet seats and cistern lids.

mbga9pgf

Well, surely old fergus found a multi million pound buyer for his "empire" a month ago...

At the time, it stank of desperation, to get someone to come in and try and beat their offer.

Greedy B*stards deserve the council flat they are now going to end up in. And his missus can get used to wearing primark and not burberry.

Shaudenfreude isnt in it. Let this be a lesson to all those greedy s*ds that thought they could leverage up on ill gotten house price gains and screw the next generation out of a house.

They cant afford the mortgages with rates at 0.5%. Losers.

nearlynew

Best news in ages, if true.

Let's hope their greed and stupidity is rewarded and they end up penniless and starving in some stinking gutter.

the_ash_and_the_oak

mbga9pgf wrote: »

They cant afford the mortgages with rates at 0.5%. Losers.

Pretty sure they could if the rates they were on actually were 0.5%

mbga9pgf

Ha ha ha! Good point.

I wonder if when they get repo'ed it will make a noticeable difference on their lenders quarterly results?

HammerSmashedFace

mbga9pgf wrote: »

Ha ha ha! Good point.

I wonder if when they get repo'ed it will make a noticeable difference on their lenders quarterly results?

What will be more interesting is what this may do to BTL in general, the publicity fall out could mean 60% max LTV on any future BTL business and if rates rise, possibly less than this. This kind of business has been ponzi in it's purest form for the last 6 years at least, yet it's legal........ amazing.

Generali

mbga9pgf wrote: »

Ha ha ha! Good point.

I wonder if when they get repo'ed it will make a noticeable difference on their lenders quarterly results?

As you own the debt (assuming you are UK taxpayer) then I don't think it's going to make much of a difference to the £200,000,000,000 being borrowed on your behalf this financial year.

chucknorris

I am no big fan of the Wilsons, in fact I think it's disgraceful how they have treated their tenants in the past, and no doubt (if this story is true) that would have been a major contributory factor in their forthcoming downfall. They made mistakes by investing too much in one business (no diversification), stayed in the market too long (at one point they had equity of 180m, why on earth did they not start slowly getting out at the 10m stage?) too many investment properties in one area and as I mentioned treated their tenants badly.

I'm sure their bad reputation for poor landlord/tenant relatonships would have put tenants off and increased their rental voids. I can't say I take any pleasure from their circumstances but at the same time it is difficult to feel sorry for them.

vikingaero

chucknorris wrote: »

I am no big fan of the Wilsons, in fact I think it's disgraceful how they have treated their tenants in the past, and no doubt (if this story is true) that would have been a major contributory factor in their forthcoming downfall. They made mistakes by investing too much in one business (no diversification), stayed in the market too long (at one point they had equity of 180m, why on earth did they not start slowly getting out at the 10m stage?) too many investment properties in one area and as I mentioned treated their tenants badly.

I'm sure their bad reputation for poor landlord/tenant relatonships would have put tenants off and increased their rental voids. I can't say I take any pleasure from their circumstances but at the same time it is difficult to feel sorry for them.

So true Chuck. If I were in the market for rental in Trashford, I would immediately discount any property owned by the Wilsons, because of their reputation.