Saturday, Aug 16, 2008
my bricks are my pension
Metro: Buy-to-let pensions facing trouble
Tens of thousands of buy-to-let investors who opted for property as their pension and bought at the top of the market could now be seriously out of pocket, according to new research. Almost 10,000 buy-to-let mortgages are now more than three months in arrears, but the real test of affordability is yet to come in 2009/10, when those who borrowed large sums at relatively cheap rates in 2007 come off their two and three year fixed deals. uh uh uh
Posted by confused76 @ 09:58 AM (304 views) Add Comment
1 Comment
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1. paul said...
I do feel that the banks should be held more responsible for how they lend in this country - the problem is that its always a one-way bet. In the US you can walk away from your debts and its the banks problem, effectively making them far more cautious regarding lending.
In the UK, if you want to walk away you can be pursued by the bank for any shortfall, which seems perverse.
This is the government being far too lenient on banks again, and giving them whatever they demand at the expense of the taxpayer.
Sorry, I know it's not that relevant but when i think of the dent in spending all of those buy-to-let landlords are going to face, it makes me feel ever so slightly resentful of the legislative environment in the UK.
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