I keep getting mailshots aimed at a person with the same name as me in the same area - Southampton.

He is a platinum rogue, who is being chased by debt collectors for cash he owes the brewery whose pub he ran.
There are also a slew of BTL lenders with CCJs against him.

So I rang back the latest financial "ambulance chaser" ( www.freshstarthomebuyers.co.uk ) and had a chat with the proprietor to verify the reason why he had my name / address. His company offers one of the usual sell to rent schemes.

He said the banks are starting re-possession orders very very quickly. After only 3 missed payments. He said this is because they want to get the house auctioned off before they lose any more value.

So the lenders are definitely running scared of a falling market.

Anyway, I shall be removing myself from the public electoral register and re-subscribing to one of the credit check alert services.

Margin calls. They are coming soon to a BTL borrower near you!

Nice anecdote, cheers.

agreed,thanks.

I got evicted recently from a new built flat. My LL only missed 3 payments as well. I think household name banks would be a bit kinder than these subprime types.

My ex-LL is now in a real pickle - flat will be sold at a loss, there are around 6 months of arrears by now, and I walked away without paying a lot of rent! There are some very naive people around - he didn't even attend the repo hearing and it was left to me to tell him the seriousness of his situation.

Let all the LLs burn. Death to BTLers. Death to property investors. Trash their properties. I loved that line from Saving Private Ryan when they set fire to a few hun with a flame thrower. "Let them burn". It was so funny

Here ya go, 3rd Wav down:

http://www.moviesoundclips.net/sound.php?id=91

Disagree with that one, I think the all banks will view BTL mortgages as business loans and foreclose at the first opportunity. They don’t carry the same moral stigma as OO mortgages.

Damo

Forgot to add reply.

At the repo day in the country court last December, the court schedule read:

subprime lender
subprime lender
subprime lender
Northern Rock
subprime lender
subprime lender
household name bank
subprime lender
Northern Rock

Of course, there could be two factors at work:

1. Subprime lenders lend to people more likely to default
2. Subprime lenders more likely to repossess at first sign of default.

I don't know what percentage of court hearings were BTL.