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

HOMESWEETHOME

For someone who is not a property expert you have done well to amass a 1.5mill portfolio.

Im surprised a lender has been able to lend you money with your LTV so tight.

Again hopefully things work out - But if you want OUT and investors know this you won't be getting top dollar

Thrugelmir

Jimthefixer wrote: »

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.

And pay your arrears?

chanz4

oh well things like this come from greedy landlords who kill the housing market

Wh05apk

I have a client in a similar position, he had left it too late to be able to sell any of his properties, the lender had a repossession order, his only option was to arrange an expensive bridging to satisfy the lender, he could then sell in his own time and get a decent price, to later repay the bridging lender.

tvfreek

I don't know what I find most disturbing about this thread - the idea that someone has 10 or 15 properties and the tenants who are presumably about to lose the roof over their heads.

Or that his first port of call is this site!!!!!

Perhaps it would be better if they were sold onto someone who actually took their responsibility of being a landlord a little more seriously, saying nothing of their need to come here for advice.

Thrugelmir

tvfreek wrote: »

I don't know what I find most disturbing about this thread - the idea that someone has 10 or 15 properties and the tenants who are presumably about to lose the roof over their heads.

Or that his first port of call is this site!!!!!

Perhaps it would be better if they were sold onto someone who actually took their responsibility of being a landlord a little more seriously, saying nothing of their need to come here for advice.

At least threads such as this highlight the dangers of building a portfolio built on debt. As it's an aspiration that many hold.