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whistle7

Another Big Rat Leaves The Property Ship

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I thought readers may be interested in the contents of a letter I received this morning from Abbey National with whom I hold a life plan. I'm sure many of Abbey's current and prospective mortgage customers would be interested in the level of confidence they display in the future of the property market. The letter is as follows;

UPDATE FOR ABBEY NATIONAL LIFE WITH PROFITS POLICYHOLDERS

I am writing to inform you of some changes to the way we manage our With Profits Fund.

To comply with Financial Services Authority (FSA) regulations we are required to advise our customers of any changes that take place regarding how we manage the With Profits Fund. Therefore, I have enclosed a note on the changes to our latest Principles and Practices of Financial Management (PPFM), which describe how we manage the fund. Some of the changes outlined were effective from June 30th together with further amendments planned for December this year.

One of the key areas affected relates to the fund's property investments. We recently made the decision to sell off the entire portion of the fund that was directly invested in property, giving us the opportunity to take advantage of current high property prices and reinvest this back into the fund. Depending on future developments in the property market, we may decide to reinvest in property indirectly (for example, buying shares in a property fund rather than buying real property).

...

Yours sincerely,

Paul Bradshaw

Chief Executive

Insurance and Asset Management Division

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So on one hand they happily talk up lend over and above the odds to FTBers so that they can get on the ladder whilst back handedly pull out of the market themselves.

Bankers! :angry:

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Guest horace

>>> shakerbaby

Bankers! :angry:

Tut, tut you spelt Bankers incorrectly. I`ll give you a clue so that you may remember in future...

it begins with the letter W.

horace

Edited by horace

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So on one hand they happily talk up lend over and above the odds to FTBers so that they can get on the ladder whilst back handedly pull out of the market themselves.

Bankers! :angry:

Nobody forces the FTBers to mortgage themselves to the grave!! But I agree on the talking up bit!

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>>> shakerbaby

Bankers! :angry:

Tut, tut you spelt Bankers incorrectly. I`ll give you a clue so that you may remember in future...

it begins with the letter W.

horace

Youre talking Wollocks mate. :huh:

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The collective noun for a group of bankers: a 'wunch'

I knew of someone involved in a long and complex legal action concerning two finance houses. At the end of the trial the judge began his summing up as follows: "This case concerns - and I must choose my words carefully here - a parcel of warring bankers".

Boom Boom!

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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