Bruce Banner Posted January 6, 2014 Share Posted January 6, 2014 He's on the telly now! BBC News! Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted January 6, 2014 Share Posted January 6, 2014 He's on the telly now! BBC News! Hopefully the oxygen of publicity will focus the public's attention on exactly where the proceeds of ZIRP disproportionately end up. The best advert possible for raising rates is, I imagine, listening to the Wilsons on the telly. Quote Link to comment Share on other sites More sharing options...
THE BALD MAN Posted January 6, 2014 Share Posted January 6, 2014 DROP THE ****ING RENTS. These people are unreal. We (the taxpayer) have subsidised their rental income plus kept them afloat by bailing out banks and allowing them to have low interest rates. Plus they get 100% tax relief on their interest paid. What more do they want! Quote Link to comment Share on other sites More sharing options...
koala_bear Posted January 6, 2014 Share Posted January 6, 2014 (edited) Every time a politico espouses the prosperous nature of a ZIRP, a picture of these cretins should loom large. Talk about unintended consequences. Ashford could have been freed from the excesses of this pair over five years ago. koala_bear unearthed some plausible sounding reasons for the Wilsons to be offloading/re-mortgaging, mostly centred around UKAR winding down the rump of the B&B portfolio. Given UKAR wrote down the value of the loan portfolio by circa 50% they have a very good chance of the loans still being worth more than 100% as the properties are in Kent. Therefore the Wilson may be the last customers UKAR ditch because they still pay up every month (till IRs rise) or may be the easier to sell on to another lender. UKAR will have plenty of properties where they will only get 60% back if it all goes wrong and they may want to shift those first. Or may be they are just doing some early marketing before trying to offload later in the year to other "investors"? Edited January 6, 2014 by koala_bear Quote Link to comment Share on other sites More sharing options...
slacker Posted January 6, 2014 Share Posted January 6, 2014 DROP THE ****ING RENTS. These kind of businesses get more uneconomical with scale. A person with 3 properties can do most of it herself - maybe with some bookkeeping help. When you scale to 100s you start getting in to complex accountancy, cash management, material auditing fees etc. Then you have to start hiring your own workforce to deal with new business and constant service-level demand - along with all the HR costs associated with that (payroll, compliance, sickness, pregnancy, disputes). That's before you start on debt collection, maintenance etc. And your competition is the amateur BTLer who doesn't even want a yield if there is some HPI. So you start looking to cherry-pick where you compete - reducing your potential market share - but the competition doesn't go away. The bigger companies then start trying to make it hard for the upstarts - lobbying politicians for state help or legislating against the smallfish - but it doesn't work. You can't scale a business with low barrier to entry. It just ends in debt and tears. Quote Link to comment Share on other sites More sharing options...
keef Posted January 6, 2014 Share Posted January 6, 2014 Fergus is on C4 News right now ... I don't think he's trying to make any friends there Quote Link to comment Share on other sites More sharing options...
long time lurking Posted January 6, 2014 Share Posted January 6, 2014 (edited) May be the Wilsons are going to attempt to re-mortgage away from MEx and any likely condition of any new loans (given the Wilsons wouldn't be able to borrow like this if starting again given single digit limits on the number of props) is no HB claimants? We don't know if this is the Wilson re-mortgaging voluntarily before being pushed or if they are being pushed. May be the insurance is needed to stop MEx making a move on them for a while? Or complete wild card - is MEx may be trying to sell bundles of prime BTL mortgages on to other lenders in bulk and the insurance and no benefits is needed to help achieve the prime status (MEx being one of the least prime BTL lenders). [MEx was the "late" Bradford and Bingley's sub prime - self cert/liar loan and BTL mortgage division (some times combining all 3!) now run by UKAR along with the remains the mortgage remains of NR.] IIRC somwhere in the MEX threads on the property tribes /propertey118 forums, it was stated that there`s a no HB tenants clause in the T&C`s of MEX mortgages EDIT: to add RE: Mortgage Express getting tough (10-09-2013 12:17 AM)pete Wrote: http://www.propertytribes.com/showthread.php?pid=101375#pid101375' rel="external nofollow">Thanks Vivien and Angela for clarifying the rent back situation. Now, I only have one concern left, namely the HB tenants. I do not recall it being an issue back in the good days (2005-2006) and many fellow MX landlords took HB tenants on. Even big gurus with MX mortgages promoting it night and day. Was this always in the T&C that HB tenants are not allowed? further, what should someone do if took on HB tenants, or existing tenants applied for HB? immediate eviction and replacing? or is there any other solution? wondering what is your take on it Paul? Thanks, Pete Hi Pete, We have more properties with other lenders who are ok with HB than with MX, so we take HB in the properties where lenders are ok with it. If an MX tenant goes onto HB we can move them to another property if it suits. Cheers, Angela Edited January 7, 2014 by long time lurking Quote Link to comment Share on other sites More sharing options...
Eddie_George Posted January 6, 2014 Share Posted January 6, 2014 Fergus is on C4 News right now ... I don't think he's trying to make any friends there Led Dawson lives! But he's not as funny as he used to be. Quote Link to comment Share on other sites More sharing options...
RentingForever Posted January 6, 2014 Share Posted January 6, 2014 Fergus is on C4 News right now ... I don't think he's trying to make any friends there What an odious little creep he comes across as. Quote Link to comment Share on other sites More sharing options...
@contradevian Posted January 6, 2014 Share Posted January 6, 2014 (edited) These kind of businesses get more uneconomical with scale. A person with 3 properties can do most of it herself - maybe with some bookkeeping help. When you scale to 100s you start getting in to complex accountancy, cash management, material auditing fees etc. Then you have to start hiring your own workforce to deal with new business and constant service-level demand - along with all the HR costs associated with that (payroll, compliance, sickness, pregnancy, disputes). That's before you start on debt collection, maintenance etc. And your competition is the amateur BTLer who doesn't even want a yield if there is some HPI. So you start looking to cherry-pick where you compete - reducing your potential market share - but the competition doesn't go away. The bigger companies then start trying to make it hard for the upstarts - lobbying politicians for state help or legislating against the smallfish - but it doesn't work. You can't scale a business with low barrier to entry. It just ends in debt and tears. I was looking for some kind of web portal that the Wilsons might have. You know this is a substantial BTL empire worth millions and I thought they would have some kind of helpdesk / ticket system for tenants to login and raise repair tickets. After all most Councils and Housing Associations have this. Anyway all I could find was this: Judith Wilson's simple guide to property investment The other thing is that they seem to have bought mainly new properties http://www.jwipb.co.uk/prop.asp Which in some respects is a good thing, so less to go wrong, but now these properties are getting old, guarantee's are starting to run out. I would think what you need is a system where you farm off older properties and replace with newer ones to keep repair costs down ( a bit like fleet operators do with cars) but one suspects they are not doing this and repair costs will continue to mount. Edited January 6, 2014 by aSecureTenant Quote Link to comment Share on other sites More sharing options...
Billy soy Posted January 6, 2014 Share Posted January 6, 2014 Fergus on c4 and now," if house prices rise by 8% rents are going up 8%" He is just positioning himself to jack the rents up on all his properties due to this artificial mini boom the nasty party have engineered. uggh and now sajid javid, what a feckwit. Quote Link to comment Share on other sites More sharing options...
cybernoid Posted January 6, 2014 Share Posted January 6, 2014 Led Dawson lives! But he's not as funny as he used to be. Oh I don't know, it certainly made me laugh. What an idiot. Again made the claim that when house prices rise by x% so must rents rise by the same x%, he called it common sense. Its plainly nonsense… if only because your purchase price paid doesn't change once its paid does it..! it isn't retroactively added to the mortgage! What a nutter. Plus of course rents haven't risen much whereas prices have so its demonstrably false rabid nonsense. He also utterly inexplicably bought up HIMSELF an as yet unidentified likely tiny problem that in evicting some of his tenants he is sending BEATEN WIVES BACK TO THEIR HUSBANDS WHERE THEY WILL BE BEATEN AGAIN !! He said that himself. Bought it up as a subject himself. What the hell. A poster boy for an EXTREME misallocation of wealth. How can a man who is demonstrably unable to dress himself and come out with such crazy self defeating nonsense accumulate a fortune of any size, never mind one in the millions. Is the whole of UK a secret hidden camera game show? Have we all been punked for the last 10 years? Hilarious stuff. Quote Link to comment Share on other sites More sharing options...
THE BALD MAN Posted January 6, 2014 Share Posted January 6, 2014 What an odious little creep he comes across as. Not liked anywhere in Kent. Quote Link to comment Share on other sites More sharing options...
MattW Posted January 6, 2014 Share Posted January 6, 2014 Fergus certainly didn't look like a fine figure of fitness. I think I'll nominate him for the senior candidate for the 'celebrity' death sweepstake in 2015. With his stricter letting criteria, he may find his properties are harder to let. This may increase his stress levels over the next 12-23 months. Quote Link to comment Share on other sites More sharing options...
winkie Posted January 6, 2014 Share Posted January 6, 2014 ....does he look like a man full of happiness, health and contentment? Quote Link to comment Share on other sites More sharing options...
R K Posted January 6, 2014 Share Posted January 6, 2014 Fergus on c4 and now," if house prices rise by 8% rents are going up 8%" He is just positioning himself to jack the rents up on all his properties due to this artificial mini boom the nasty party have engineered. uggh and now sajid javid, what a feckwit. Yep. Also positioning the Tories as responsible for forcing him to evict HB tenants due to their cuts and thus making clear it's Osborne/Javid who are responsible for beaten wives being sent back to their husbands for another beating due to 50% arrears. He's correct that it's not up to him to make social policy - Javid has f*cked that up all on his own. Javid had no response to Wilson's interview on the grounds that 'It's the first time I've heard it'. i.e. he hasn't been told by Osborne/Shapps what to say yet. Pathetic clown. Quote Link to comment Share on other sites More sharing options...
dryrot Posted January 6, 2014 Share Posted January 6, 2014 Caught this too. Very weird an in some ways Mr Wilson's appearance was reassuring - just deserts and all that. C4 gave him an easy ride and no-one seemed to challenge a LL who wants HB rates to march ever upward. Methinks he was trying blackmail... Quote Link to comment Share on other sites More sharing options...
LiveinHope Posted January 6, 2014 Author Share Posted January 6, 2014 (edited) From the Telegraph article, already posted above But Judith Wilson, who works with her husband and also oversees the farm on which the couple the live Is this a real working farm ? I confess don't know much about the Wilson''s Because the Telegraph quote goes on: "We're seeing employers becoming more open about [preferring] immigrant workers and I think we have to be more realistic about this, and talk about attitude to work. The truth is immigrants don't mind hard work." So if the Wilson's are farmers and are employing immigrants because they have a good work ethic, I presume all the labour is here legally. Edited January 6, 2014 by LiveinHope Quote Link to comment Share on other sites More sharing options...
ticket2ride Posted January 6, 2014 Share Posted January 6, 2014 Great graphic. So the secret of their mathematical genius is Primary level ratio. Nice. Quote Link to comment Share on other sites More sharing options...
Ah-so Posted January 6, 2014 Share Posted January 6, 2014 Great graphic. So the secret of their mathematical genius is Primary level ratio. Nice. The number of properties keeps multiplying until suddenly they all disappear, replaced by a pile of debt. Quote Link to comment Share on other sites More sharing options...
Ash4781 Posted January 6, 2014 Share Posted January 6, 2014 (edited) Wow just watching on ch4 news+1. Deleted. Edit: only caught end Edited January 6, 2014 by Ash4781 Quote Link to comment Share on other sites More sharing options...
Si1 Posted January 6, 2014 Share Posted January 6, 2014 Wow just watching on ch4 news+1. Portfolio in trouble arrears rocketing. Edit: only caught end Specifically the Wilsons? Quote Link to comment Share on other sites More sharing options...
Ash4781 Posted January 6, 2014 Share Posted January 6, 2014 (edited) Specifically the Wilsons? I'd have to watch it again. I thought I heard him mention 50% were in arrears. Edit I think he is referring to those on benefits are 50% in arrears? http://www.channel4.com/news/housing-benefit-landlord-fergus-wilson-eviction Edited January 6, 2014 by Ash4781 Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted January 6, 2014 Share Posted January 6, 2014 I'd have to watch it again. I thought I heard him mention 50% were in arrears. Edit I think he is referring to those on benefits are 50% in arrears? http://www.channel4.com/news/housing-benefit-landlord-fergus-wilson-eviction He said, on BBC News, backed up by a noddy from the landlord's association, that 50% of tenants on benefits were in arrears. "It might not be their fault, but I'm not the DSS". Quote Link to comment Share on other sites More sharing options...
@contradevian Posted January 6, 2014 Share Posted January 6, 2014 (edited) I distinctly heard him say "its not a pack of cards" Other gems, "each property has to stand on its own feet" (do houses have feet?) and something like "if the rents are not paid the mortgages don't get paid." Yet so far, no one has come forward with an actual eviction notice. I still can't believe I heard the 'battered wives" comment. Went without comment amazingly Edited January 6, 2014 by aSecureTenant Quote Link to comment Share on other sites More sharing options...
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