Can't get mortgage due to age?

Thrugelmir

Conrad wrote: »

No disrespect thruge, but your advice is very much textbook style.

In the current enviroment macro factors are very likely to have a major impact on some types of "businessesses" more than others. Novices will be the people to get their fingers burnt I fear.

Thrugelmir

Conrad wrote: »

And thier simple logic is thus;

1) I don't trust city slicker to provide for my pension

2) I want to leave my wealth to my kids (pensions die with you once in retirment)

3) I understand bricks and mortar

4) I underststand prices and rents rise and fall, but history is on the side of me probably doing ok in 25 years

5) Times are tough now, and Banks cautious on lending, but I'm picturing the world in 20 years time when this is a dim distant memory

1. That's fair enough as a general observation and wouldn't disagree.
2. Many people will have to realise their property investments in order to fund their retirement. So tax will be an issue. Capital gains is unlikell to remain at 28%. Expect a further rise in next years budget.
3. Agree with you. So simple what could go wrong?
4. Are you sure? Many have no idea as to how and why property prices were able to grow at above wage inflation rates for a number of years. This is the understanding of the macro market and how the impact of changes that have yet to happen will impact the market.
5. The lending boom we have experienced will never be seen again. The regulatory capital requirements that will placed on the banks will see to that. The banks are too weak to absorb the shock at the moment. So this is going to take a number of years just to get back to a ground zero situation.