Buy-to-let investors who fear they may be left homeless

They face personal ruin after losing the properties they thought would be their pension. As Tony Levene reports, their story is far from unique.

Tony Levene, The Guardian, Saturday March 22 2008

Buy-to-let investors are facing their hardest times since amateur landlords first hit the scene in force a decade ago. Property values are falling, rents are static, and interest rates are on the way up - assuming buy-to-letters can find mortgages now that many lenders have toughened up their criteria.

But for many investors - including Chris Miller and Geoff Morris - it’s more than belt-tightening that’s needed. Unless they can pull out a last-minute rabbit, 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 and other assets.

Their stories are far from unique. Thousands of would-be amateur landlords are in a similar position.

The two men are not after sympathy. While both say they were deceived by developers, lenders, lawyers and, above all, valuers, they accept that ultimately they have only themselves to blame - full article