Britain's BTL King & Queen about to lose it all?

So, they are the people that have been buying up all the properties in my area over the last few years making it even harder to get a foot on the property ladder than it normally is!!!
 
Typical British attitude on display here. (and usual Daily Mail doom and gloom)

They have found an opportunity and taken the risks to make the most of it. Well done I say.

Mr Wilson says the cheques in the post, no problems.
 
Jambo said:
Typical British attitude on display here. (and usual Daily Mail doom and gloom)

They have found an opportunity and taken the risks to make the most of it. Well done I say.

Mr Wilson says the cheques in the post, no problems.
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Funny how the cheques are in the post, held up by the strike, but the threat letters somehow got through!

Does he really write 900 mortgage cheques per month?

Why do people always fall back to this "Typical British" nonsense? They are greedy and ruthless, and a quick Google suggests they screw their tenants for money and do not treat them well. How British is that?
 
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Basically these are the type of people that lie at the very heart of sub prime mortgage disaster. Buy to let, especially on this scale, should never have been allowed.

I have no sympathy with these people because their greed has cost many innocent people very dearly, I hope all their property is repossessed, and sold on at auction to people who actually have deposits.
 
Jambo said:
Because it is typical. The British are generally very negative about success.
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The British are more cynical than Yanks etc. where 'success' is concerned and rightly so I think. We look behind this couple's 'success' and examine how they made their money, and in the final analysis it is by screwing other people over. Screwing people over is never deserving of respect.

It is the same with various 'fat cat' heads of industry / the banks etc. who made vast fortunes for themselves by running their businesses into the ground.
 
Having lived overseas, I would say our attitude is no different to other places, save the USA.

Also, success? why does it mean making lots of money? what service are The Wilsons providing? Who are they helping? No one but themselves. Watching the video he clearly has contempt for his tenants, and a google search reveals that there are people who are unhappy with they way The Wilsons treat tenants.

They have amassed a few million by taking out hundreds of millions in loans, of which they own a tiny fraction, exacerbating and epitomising the nationwide credit gorge we have suffered in the past few years. They have taken advantage of a desperate situation in many people's circumstances. That, is not success. That is greed.
 
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Bes said:
Having lived overseas, I would say our attitude is no different to other places, save the USA.

Also, success? why does it mean making lots of money? what service are The Wilsons providing? Who are they helping? No one but themselves. Watching the video he clearly has contempt for his tenants, and a google search reveals that there are people who are unhappy with they way The Wilsons treat tenants.

They have amassed a few million by taking out hundreds of millions in loans, of which they own a tiny fraction, exacerbating and epitomising the nationwide credit gorge we have suffered in the past few years. Theyhave taken advantage of a desperate situation in many people's situations. That, is not success. That is greed.
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Most people would consider making money a form of success. Lots of people who make millions borrow millions. What's the problem?

They are providing rental property. I watched the video and don't think he does have contempt for his tenants.

It's not like there are no houses available to buy, it's just people can't afford deposits. Blame the banks for that.

I am renting by the way so its not like that has swayed my opinion.
 
Jambo said:
It's not like there are no houses available to buy, it's just people can't afford deposits. Blame the banks for that.
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People buying more than one property are also to blame for decreasing supply which inevitably pushes up prices higher than they would have been otherwise. If prices were lower then people would need smaller deposits to get on the ladder.
 
Jambo said:
Most people would consider making money a form of success. Lots of people who make millions borrow millions. What's the problem?

They are providing rental property. I watched the video and don't think he does have contempt for his tenants.

It's not like there are no houses available to buy, it's just people can't afford deposits. Blame the banks for that.

I am renting by the way so its not like that has swayed my opinion.
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Really? No contempt? This is pretty low.

Why is it the bank's fault people cannot afford deposits? He has mortgages on these properties. Save for the fact that you need a deposit, he must be charging equal or more than the mortgage payments as rent to make this worthwhile, therefore constricting the housing supply. What about the people who want to buy in that area who do have the deposits, but cannot find anything within their price range because 900 houses within a 30 mile radius are owned by this couple?
 
dirtydog said:
People buying more than one property are also to blame for decreasing supply which inevitably pushes up prices higher than they would have been otherwise. If prices were lower then people would need smaller deposits to get on the ladder.
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Not everyone wants to buy a property, but still needs a roof over their head. Who would you propose owns those properties?
 
drunkenmaster said:
As others have said, they've got 900 houses, they have FAR more in assets than what they own, even if they get a few houses, hell a few dozen houses repossesed, they'll still have millions and millions in assets. Utter non story, I also watched very little of the video, other than the attitude of the interviewer who seemed to dislike the guy before starting and pulled a face anytime he said anything, the guy seemed ok. He said poor people live in flats and given the choice at the same price, they'd live in houses. Thats true for pretty much anyone, poorer people do live in flats, thats life. You might have a great job but when you start out even with a great job you have smeg all assets and can't afford a house instantly.

Theres nothing rude, or politically incorrect about the truth, maybe he said other things further in which I couldn't be bothered waiting for.

people get hung up, its like people who can't fathom AMD's debts and think they are screwed, 4 billion debt is massive to a company with 200million turn over a year. But 4 billion in debt for AMD who till recently have been spending maybe 4 billion every two years just on new equipment for fabs lets you realise, 4 billion isn't actually that much to a company that has a turnover of a billion or two a year.

Likewise 350k in debt for a investor with 3-4 houses would be massive and maybe insurmountable. but 350k debt for an investor with 900 houses is really nothing at all. Its all relative and in this situation 350k is probably, I dunno if they had 700 of those houses rented at £500 a week, there houses are pulling in 350k, a week. Its nothing, that could literally as he said be one months mortgage payments late in the mail and nothing more.
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Its not as simple as that they are highly geared, and if they sold one or 2 homes it could effect other mortgages on other properties.
 
Gepetto said:
Not everyone wants to buy a property, but still needs a roof over their head. Who would you propose owns those properties?
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The council and housing associations.

I expect everyone would rather own their home than rent, and only the cost prevents everyone from doing so.
 
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