Time to sell for UK's largest amateur landlord

Time to sell for UK's largest amateur landlord 

Fergus Wilson one the UK's largest landlords with 900 rented homes and £45 million in mortgages is now selling his property portfolio for around £250 million and expects to pay off his mortgages and walk away from the hassle with £200 million in the bank.

Mr Wilson and his wife Judith first publicised their plans last December, saying that they plan to sell to a consortium of overseas investors. 

 In a Financial Times interview they confirmed that they have already successfully sold half of the properties and that teh Brexit effect has made it easier for him to sell his portfolio because the pound has fallen to 30-year lows against the US dollar and therefore made it cheaper for overseas investors.

"I think foreign buyers are saying at the moment that Brexit helps as it is cheaper (to buy UK property) in their money. Many... are trophy hunters — they want to impress their friends with a photo of the house they own in Britain," he told the FT.

He also explained that it is the optimal time to sell up because prices are high and the era of the amateur buy-to-let landlord is "over."

"If you were an amateur landlord in those days, as long as you could spell your name, you would get a mortgage. No one appeared to check anything. I wouldn’t say it is impossible but it is much tougher. Some (banks) are offering loan-to-value of only 60 per cent," he said to the FT.