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dryrot

Daily Mail Btl-Winner Immediately Mews..

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Hi

She deserves some sort of medal for DM BTL perfection?

http://www.dailymail.co.uk/news/article-3141176/After-40-years-reader-finally-wins-buy-let-house-worth-260-000.html

Worth the wait! After 40 years of entering Daily Mail competitions, reader finally wins buy-to-let house worth £260,000

Veronica Clarke, 71, has been entering Daily Mail competitions for 40 years

Retired human resources manager from Caldicot, South Wales, finally won

Chosen from 112,230 competition entrants to win the luxurious property

She has taken out a mortgage on £260,000 property and is going on cruise

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She has taken out a mortgage on £260,000 property and is going on cruise

:lol:

Mrs Clarke was chosen from 112,230 competition entrants to win the luxurious property.

29FF415500000578-3141176-image-a-25_1435

:lol:

The two-bedroom prize is on housebuilder Taylor Wimpey’s Atrium at Great Western Park development in Didcot, Oxfordshire, which is scheduled for completion this autumn.

Not even finished yet.

:lol:

Edited by Eddie_George

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And when it is finished, it'll be miniscule. It's the Canford - ground floor: Kitchen 3.02m x 1.85m / 9'11" x 6'1", Living Room/Dining Area 4.73m x 3.98m / 15'6" x 13'1, + downstairs loo; 1st Floor: Master Bedroom 3.99m x 3.08m / 13'1" x 10'1" (though some of that 3.99m / 13'1" is taken up by the en-suite shower "room"), Bedroom 2 3.98m x 2.56m / 13'1" x 8'5 + bathroom between them with one wall the length of the bath and the other one at right angles a few inches longer.

That's luxurious? Then my (very modest) terrace is a veritable palace.

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That's great! Wins a property worth"£260,000" and the first instinct is to load up on debt.

Surely just sell the entire house, given you're 71, and blow the lot on cruises if you want.

There's now a theoretical risk that this prize could leave her losing her own house too.

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It's totally ridiculous behaviour, she could cash out of the house entirely by selling it and pocketing the £260k but apparently debt is wealth. When the market crashes I have a feeling that I'm going to end up making a lot of achingly bad jokes about mortgage equity withdrawal and the coefficient of friction as the reality of the situations that these people have freely put themselves into finally sinks in.

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How is it a btl property? Does she have to rent it out or something?

Maybe it came tenanted? Although if it didn't come with a pre-existing mortgage then it's not really a buy-to-let property, it's just a rental property.

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Truth be known she probably went to an EA with the intention of selling it and they suggested she let it out with them managing it.

Heh, yes we could sell it for £260,000 but it will take like 50 years, how about you rent it out as house prices only ever go up. It will be an investment, an investment in the future misery of all those who follow you, and we can take only 10% of the rent. Just sign here ......... Job done!

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This is a bizarre story. The Daily Mail gave away a house as a prize advertising it as a buy to let? I'm confused. How can they make the winner let it out? Why didn't the winner just sell it if she wanted to go on a cruise?

I couldn't leave without pointing out how c**p the house is. Tiny box rooms all round. Lets hope the tenant doesn't have a car, they get on well with their neighbors (since they are living virtually on top of them) and aren't interested in gardening. I'd rather have 260K in the bank any day,

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I saw this and thought that of course it had to be won by some old lady who has already benefited massively. It's pretty disgusting that they are advertising BTL but I guess the Daily Mail's target audience is pensioners and boomers. Sign of our times when instead of "win a home" it's "win a BTL".

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Agree with comments, and she could cash in and sell but no, she must have a little rent serf installed paying her mortgage

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A 100% mortgage for someone who's 71??

Confuzzled me too. :blink: Any mortgage for that matter, not just the fact it's a 100% one. Besides, I thought 100% mortgages were outlawed since the credit crunch? :unsure: Thought 95% was the max.

This woman must have an excellent pension if they let her take out a mortgage at age 71. <_<

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How is it a btl property? Does she have to rent it out or something?

My guess is that the T&C for the competition say that you can't resell the property within x years.

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This is so bizarre, from the competiton T&Cs here:

The prize is one buy to let property and has an advertised purchase price of up to £260,000 in the Great Western Park development in Didcot, Oxfordshire.


I think that she just won a house, and that they are calling it a buy-to-let house. I guess it's just a way of promoting new build to potential buy-to-let investors and anchoring the price that Taylor Wimpey want to sell at. Surely a toppy indicator? Superficial inspection of the new properties entering the rental market local to me suggests that a significant number of new build slave boxes are being bought up by buy-to-let investors. Fools and their money, etc.

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I saw this and thought that of course it had to be won by some old lady who has already benefited massively. It's pretty disgusting that they are advertising BTL but I guess the Daily Mail's target audience is pensioners and boomers. Sign of our times when instead of "win a home" it's "win a BTL".

"Win someone else's home!"

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How can a house be sold specifically as a BTL? She obviously can't sell it yet, it's not finished. Surely she can sell it once it is - though not for £260,000, I'll be bound.

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This is so bizarre, from the competiton T&Cs here:

I think that she just won a house, and that they are calling it a buy-to-let house. I guess it's just a way of promoting new build to potential buy-to-let investors and anchoring the price that Taylor Wimpey want to sell at. Surely a toppy indicator? Superficial inspection of the new properties entering the rental market local to me suggests that a significant number of new build slave boxes are being bought up by buy-to-let investors. Fools and their money, etc.

So it is a BTL promotion exercise? To raise awareness of BTL? With the prize donated by the builder?

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So it is a BTL promotion exercise? To raise awareness of BTL? With the prize donated by the builder?

It started when the DM had a week-long BTL feature. (Not much difference, then, to its normal stance :)) This "house" prize was launched then.

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