The Wilsons are going under.

PasturesNew

All it needs now is for their tenants to all delay the next rent by one week ....

leveller2911

PasturesNew wrote: »

All it needs now is for their tenants to all delay the next rent by one week ....

Imagine the "rush" the tenants would get,just knowing the power they could weald.:D

Boot-other-foot........

As parents would we really want them teaching our kids again, knowing their "history"???

QUOTE:"If we go under ,everyone goes under" Don't you just love it..............Just hope its all true....will put the bubbly on ice till its signed and sealed..

PasturesNew

leveller2911 wrote: »

Imagine the "rush" the tenants would get,just knowing the power they could weald.:D

Boot-other-foot........

They could do it for a number of months too... en masse.
Each rent payment 5 weeks after the last one.

trumpton

I was surprised at some of the comments on the Mail web site along the lines of, "We should be supporting entrepreneurs like these", etc etc.

Well, in my view the Wilson's missed an opportunity - they coud have used the fact that they owned so many houses to raise the standard of rented accomodation in Kent; refurb the houses, been model landlords, improved the quality of life of a large number of people. They could have used their money so that the name Wilson would have been the bench-mark for quality, fair priced rental properties.

Instead they spend it suing some girl over a cracked bog lid. Class act.

bo_drinker

trumpton wrote: »

Instead they spend it suing some girl over a cracked bog lid. Class act.

And of course purchasing all that classy clobber,

Thrugelmir

Emy1501 wrote: »

I remember Mr Wilson saying recently that he wanted to get out as he believed interest rates would rise soon. I therefore suspect many of the properties were sitting on SVR's you could be right though.

As for the other point I suspect your right to be honest whilst selling handful of properties early this year would not have been a problem I suspect trying to 900 in one area would have been problem

The standard SVR is 4.59%. So the rate the Wilsons is paying is at least this if not higher. They may be on commercial terms a 1% higher.

Thrugelmir

trumpton wrote: »

I was surprised at some of the comments on the Mail web site along the lines of, "We should be supporting entrepreneurs like these", etc etc.

Maybe when ordinary people realise that they will be the ones paying off the debt they won't feel the same way.

Emy1501

Thrugelmir wrote: »

The standard SVR is 4.59%. So the rate the Wilsons is paying is at least this if not higher. They may be on commercial terms a 1% higher.

I have a BTL with Mortgage express and it 2.5% at the moment. Their trackers of fixed mortgagaes reverted to 2% over base rate once the period finished.

I would suspect a fair few of their mortgages will have gone this way. I suspect the question is how many of their properties were on SVR's before interest rates dropped and how many have reverted to SVR's since rates drops. If they fixed lots of them just before the drops and for long periods then many of the properties could be on high rates.

Thrugelmir

Emy1501 wrote: »

I have a BTL with Mortgage express and it 2.5% at the moment. Their trackers of fixed mortgagaes reverted to 2% over base rate once the period finished.

I would suspect a fair few of their mortgages will have gone this way. I suspect the question is how many of their properties were on SVR's before interest rates dropped and how many have reverted to SVR's since rates drops. If they fixed lots of them just before the drops and for long periods then many of the properties could be on high rates.

In view of their borrowing I doubt that they would have standard mortgage products. Quite possibly they completed on several properties at the same time under one facility.

bo_drinker

Doesn't really matter if the mortgages are with the bank of toytown if the houses are empty.