Now Amber is pulling out of new lending

UK007BullDog

I think people thought they can live well over their means now and forever and use their property as cash cows or money trees. Then they planned that once reaching retirement they could use their property equity to downgrade and use the spare equity to live on until they pass on.

However that is a false economy as all the house prices fall and all rise, downgrading in the UK means moving into a less desireable area quite often.

Some people are so used to their "high" life style that they are going to go into a serious shock when retiring as all they did was spend, spend, spend, credit here and everywhere. Instead of saving (ISAs), Pension planning, paying off their mortgages and so forth.

It has started already and we will see a lot more of pensioners in serious money troubles with huge mortgages. Some so bad they cannot even go into equity release. As the council houses and flats have all been flogged off by the government where will these folks go? Under bridges?

UK007BullDog

Conrad what did you buy in Germany? New build flats in a large city? Been looking at Morocco but cannot make up my mind. A friend invited me to Bahrain, might buy there but have to look first how women are treated there.

Conrad

Land in Berlin, block of cheap flats outside Berlin. Hamburg is vert interesting.

Bahrain too extreme culturaly for me. Morocco is relaxed and funky and the unique part is that they set out deliberately to capture the middle to upper markets. This was planned with great presciosion and the developers currently building the mega resorts in the Med and Atlantic are very upper end.

This sets it in a unique space different form Spain, Bulgaria et al that have a broad mix of market spaces.

I would tip you towards the biggest government development called Saidia which is truly impressive, way beyond anything in Spain (on site biggest marina in theMed for example)

tomstickland

Conrad wrote: »

My other big bug bear is that technology defo does not enhance my business operation, indee it causes more work and delays, not to mention stress.

Indeed, poorly implemented or tested software can cause more hassle than none at all.
I spend a lot of my time building custom software for very special production processes and I can tell you, once the effort has been but into making something streamlined, efficient and robust it really does save a lot of time.

Conrad

UK007BullDog wrote: »

Instead of saving (ISAs), Pension planning, paying off their mortgages and so forth.

I was one of them in so far as borrowing to invest in property, but I did also use ISAs, but pensions did not attract me as they die with you (or 1/2 die with you then fully expire when your spouse dies).

It aint easy finding good soild property investments now that give a year round rent yield. Belive me I looked into virtually every deal out there from Albania to Fiji, The Philipinnes to Bulgaria.

tomstickland

Conrad wrote: »

I was one of those that preached on here back in 2005 that the crash was comming - hence when I sold my buy to lets. It felt very lonely back then as every other broker I knew told me properde onoly goes up, or "you cant going wrong with da properdee, init".

I remember telling the most vehement anti-crash posters that one day in the future we'd be digging their posts up to remind ourselves about how things change. The time must be nearing, but I don't know if I can be bothered TBH.

neverdespairgirl

Conrad wrote: »

I was one of them in so far as borrowing to invest in property, but I did also use ISAs, but pensions did not attract me as they die with you (or 1/2 die with you then fully expire when your spouse dies).
.

Not necessarily - it depends how it's set up and when you die.

brannyrhino_2

EdInvestor wrote: »

BTW Amber is a wholly owned subsidiary of the Skipton Building Society.A lot of people seem to think the building societies are not exposed to sub prime mortgages, and thus safer than the banks.

That's not so. However because they are mutually owned, not listed companies, they don't have to reveal their financial condition to the public.Which is not to say that they are in trouble: just that the idea they are squeaky clean and not involved in the securitisation/credit crunch mess is wrong.

Second post that gets you plank of the week award. Since when did Mutuals not have to reveal their financial conditions?

Bernard_Coleslaw

brannyrhino wrote: »

Second post that gets you plank of the week award. Since when did Mutuals not have to reveal their financial conditions?

I was wondering about that myself. My building society (and I assume all others) is actually obliged to send all its members a full financial statement every year. It's comprehensive and covers everything to full accounting standards.

I assume also that they have to reveal their condition to the City, rating agencies and the FSA.

UK007BullDog

Except for my yearly mortgage statement I have not received any such documentation. Now that I also have a current account with them should I get such information? When do the BS usually send this out?