Saturday, March 22, 2008
Absolute must-read – great bear food!
For many investors, it's game over and personal ruin.They have already lost the properties they believed would provide them with riches. Now they also risk their own homes Chris Miller, 52, bought 31 new-build 2-bed flats, which he was told were worth £7.5m. Through the use of gifted deposits from the developers, he did not have to put any of his own money down. Optimistic valuers told him to expect £850 rental income (exactly the amount of an interest-only mortgage) for a flat that only ever made £4-500."My monthly interest was £29,252 but all I ever cleared a month was £15,000." Now 2 of the flats have been sold and the remaining 29 have been repossessed.He still owes £3.5m. Geoff Morris, 62, now has a repossession order on his own home and is living on £157 a week benefits.