Help! My buy-to-let portfolio is being repossessed!!

desperate_times

Yes if possible sell the one with the most equity as quickly as you can even if at a reduced price. Depending on urgency and equity available might even be worth considering auction so can get a very quick completion. Use the equity released to reduce arrears, avoid receivers and buy yourself some time. Then try to sell the others at more sensible prices. If you are lucky might come out of it with some equity or flat as opposed to significantly negative if receivers get involved.

aldershot

Jimthefixer wrote: »

Hi all,

I am not really a property expert

Sorry for jumping in here, but how do you get a £1,400,000 business loan when you confess you are not an expert? Why is any lender allowing this sort of leverage? It really does make me think the market may be on pretty shaky foundations if this is common round the country. What sort of rate stress test is being done? There are going to be a lot of pretty distressed sellers if rates are forced up after the next election.....

Jimthefixer

Well I had a meeting with them and they told me they could either take their fees from me directly or from the properties themselves. They would then negotiate with the lender about a repayment process that would meet my budget and satisfy my bank manager and pay my monthly mortgage for me whilst negotiating sales.

Off the initial meeting I would say it looks pretty good, as they would take away the emotional hassle and stress out of managing my portfolio. And they could then negotiate the sales of my properties but I'm a little worried as people here seemed to be quite concerned with cowboys and rogues etc.

somethingcorporate

You're a business owner, it should be YOU having those conversations. You're going to get fleeced here by these guys paying for something you should be doing.

Dave_Ham

Do you make monthly income from the rent - mortgage repayments?

If not, I cannot see how/why they are getting involved?

vectistim

As in my earlier post, who is the lender?
Is it Mortgage Express/UKAR - if so they are being about as ruthless as can be.

Jimthefixer

Yes of course but lately income has slowed and as rates are going up soon I'm thinking i need to speed the whole thing up. I think I will sign on actually because it might allow me more free time to deal with things I wouldn't normally do.

Glennn

I may be wrong so apologies if so.

But it just seems like a clever spammer to me.

Off the initial meeting I would say it looks pretty good, as they would take away the emotional hassle and stress out of managing my portfolio. And they could then negotiate the sales of my properties but I'm a little worried as people here seemed to be quite concerned with cowboys and rogues etc.

All seems a bit sales talk for me...... Now waiting for the "I am not connected to the company in any way" post.....

amnblog

Did a 'company' help you build the portfolio in the first place Jim?

regprentice

Glennn wrote: »

I may be wrong so apologies if so. But it just seems like a clever spammer to me. All seems a bit sales talk for me......

Like half the posts by newbies on this board...still...entertaining enough.

Assume the company in question expect people to google 'buy to let being repossessed' etc and then find glowing recommendations for the company associated with the Moneysaving expert site in the google results. Most probably wont even click through to the forum from google and will search immediately for the company instead. Sounds silly but there are plenty of desperate/gullible people in the world in financial trouble, only need to read the first few boards here for evidence daily....