Martin on TV

waningsleep
waningsleep Posts: 32 Forumite
edited 14 March 2017 at 5:12PM in Pensions, annuities & retirement planning
Congrats to Mr.Lewis on TV yesterday.Espicially for bringing the subject of Equity Release into focus and pointing out some of the inherent consequences that some people dont understand or are not made totally aware of before committing themselves and also their families too before taking out a Lifetime Mortgage.Get a 10 or 15 year forecast on what money you will owe in the future before you sign and look to other alternatives if you can.
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Comments

  • dunstonh
    dunstonh Posts: 116,316 Forumite
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    Given the usual short timescale he has, I am surprised anything of real value could be given regarding equity release other than a) use a solicitor and b) use an adviser.

    That is all you need to worry about as the adviser is required to look at all alternatives and cover the risks and the solicitor will cover the risks again.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • waningsleep
    waningsleep Posts: 32 Forumite
    Martin only replied to one caller but in that short time did say some significant things.To realise that with compounded interest the 15000 he wanted to release would increase to a repayment of 50,000 sometime in his future.He did add that he felt that the least anyone released and the later in life so much the better.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    Que ?
  • Malthusian
    Malthusian Posts: 10,931 Forumite
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    OP, you should have replied to your previous thread instead of posting what looks like a non-sequitur as a new thread.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    waningsleep wrote: »
    Martin only replied to one caller but in that short time did say some significant things.To realise that with compounded interest the 15000 he wanted to release would increase to a repayment of 50,000 sometime in his future.He did add that he felt that the least anyone released and the later in life so much the better.

    Did he say also to enjoy life while you can. Rather than worrying about how your dependents will waste their inheritance for you.
  • waningsleep
    waningsleep Posts: 32 Forumite
    Further to Martins TV apperance he did seem to sign off by indicating he was not happy with the concept of Equity Release.Given more time he maybe could have explained the implications of compound interest
    and that there s not much enjoyment in people having to stop spending as they see their families inheritance dwindle at an increased rate,i.e.thousands of pounds per year.
  • dunstonh
    dunstonh Posts: 116,316 Forumite
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    Further to Martins TV apperance he did seem to sign off by indicating he was not happy with the concept of Equity Release.

    Its a shame that his opinion is wrong in a number of areas but taken as gospel by so many. He slags off critical illness cover and we have seen posters say they wont take it out because of him.

    You will find it easier to click reply to the existing thread rather than press new thread. This keeps your posts on one thread rather than creating new threads with every reply.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • PeacefulWaters
    PeacefulWaters Posts: 8,495 Forumite
    dunstonh wrote: »
    He slags off critical illness cover and we have seen posters say they wont take it out because of him.

    Yes. I was quite pleased to receive £32,000 last month.
  • bigadaj
    bigadaj Posts: 11,531 Forumite
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    Any comments on the waspi support?

    He does back some strange horses.
  • waningsleep
    waningsleep Posts: 32 Forumite
    Congrats again to Martin.I have noticed to good affect his fav.word is Switch.Must have saved the public thousands Most swiching can be free but way not for Equity Release.Someone I know wanted to change providers and cut the compound interest being charged by a third.He was then informed he would have to pay an Early Repayment charge of 25% of his original loan by this particular provider About 18,000 in his case.
    Talking of changing your mind is there a legal cooling off period attached to these Lifetime Mortgages initially.
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