King of buy-to-let throws down the gauntlet to the Daily Mail

Landords may have seen the latest rumours that even the King of Buy to let, Fergus Wilson was struggling with his mortgage payments.

Well after speaking with Fergus Property Hawk can put you in the picture.

Apparently, it seems to be a case of the Daily Mail not wanting the truth to get in the way of a good story.

Fergus confirms that yes he does pay his mortgages by cheque. This is regular practice by most portfolio landlords. The reason being that many of his tenants are returning retirees who have come back to the UK because of the devaluation of the pound against the Euro. Many of these new tenants are not able to pass a credit check because of the fact the have been living abroad. They therefore pay their rent upfront, some times as much as 6 months in advance. Because of the 3rd party rights act Fergus as the landlord has then a duty to make equal number of mortgage payments. Something I must admit I didn't realise.

The result of this is that Fergus like many large portfolio landlords finds it easier with over 30 million in mortgages with one lender, Mortgage Express to settle up each month with a single cheque.

Fergus is still a little peeved that the DM have not taken him up on his challenge. That is to find a new 3 bedroomed detached property in Ashford in Kent for the £160,000 they quoted in their article. He states this type of property is worth more like £250,000.

He has layed down a wager of 5 grand to the reporters of the Daily Mail to find a three bed detached property for the value quoted quoted in their article. So far no takers. Come on boys - put your money where your mouth is!

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