Rent back deals 'need firm rules'

northeast1976

Almighty_Dollar wrote: »

Hi guys,

just wanted to say thanks for the entertainment, i had a good laugh reading your thread, hell...i even thought it was worth registering to say that!

northeast1976....you have the patience of a saint, i would not have bothered to type so much for someone who does not seem to be able to deal with the real world, or even basic facts like "the lady does NOT want to move."

The classic one for me....

GDB2222 "she could sell for £60,000"

northeast1976 "she does NOT want to leave her home." X 200 times lol!!

Some people might have the best intentions, but are unfortunately complete, uninformed, morons. I would never call anyone that of course....but only out of politeness.

Once again, thanks for the entertainment.

Ha ha ha :rotfl: ........ i was laughing all the way ............... but on a serious note hopefully some one gets help from the info from the posts
and as i said before SARB isnt right for every one ....thats where finding a good company comes in one that will tell you "we cant help you, you would be better to remortgage, auction or ....................." a good company will tell you everything they do and why they do it and they should work on a two or even three call basis ie 1st call gather the facts, 2nd present offer ......then ask if you want to think about it ........and if so arrange a third visit after a phone confirmation. I usally work on a two call as usally the second call is a good 3-4 days after the 1st so they have plenty of time to think about what they are doing and due to the fact we are so up front & straight and explain every detail ie why we can can offer 42k what the rent is xxxx etc etc, the client then has enough info at the second call to either say yes or say no............im not a double glazing sales man.......and i dont want them to say yes because they felt pressured .......simple reason why we dont put any pressure on clients we want a good relationship from the start not a bad tenant as we have upset them its in our best interests to have a happy tenant!!!!!!!!!!!!!!!!!!!!!!!!!!! pretty obvious really actually GDB222 may not get why !!

eightball_2

northeast1976 wrote: »

Ha ha ha :rotfl: ........ i was laughing all the way ............... but on a serious note hopefully some one gets help from the info from the posts
and as i said before SARB isnt right for every one ....thats where finding a good company comes in one that will tell you "we cant help you, you would be better to remortgage, auction or ....................." a good company will tell you everything they do and why they do it and they should work on a two or even three call basis ie 1st call gather the facts, 2nd present offer ......then ask if you want to think about it ........and if so arrange a third visit after a phone confirmation. I usally work on a two call as usally the second call is a good 3-4 days after the 1st so they have plenty of time to think about what they are doing and due to the fact we are so up front & straight and explain every detail ie why we can can offer 42k what the rent is xxxx etc etc, the client then has enough info at the second call to either say yes or say no............im not a double glazing sales man.......and i dont want them to say yes because they felt pressured .......simple reason why we dont put any pressure on clients we want a good relationship from the start not a bad tenant as we have upset them its in our best interests to have a happy tenant!!!!!!!!!!!!!!!!!!!!!!!!!!! pretty obvious really actually GDB222 may not get why !!

LMFAO i love these posts ............but GDB222 what part of "SHE DOSENT WANT TO MOVE DIDNT YOU GET"?

I THINK NORTHEAST1976 IS RIGHT HOPE NO ONE EVER TAKES ADVICE FROM GDB222 , GDB222 JUST SEEMS WRAPPED UP IN YOUR OWN WORLD AND NOT WHATS BEST FOR THE PERSON INVOLVED

AND FOR THE RECORD YOU WHERE TOTALLY WRONG ABOUT SHIP & HOME REVERSION PLANS/ EQUITY RELEASE IF ANY ONE READ THAT AND IS THINKING OF LOOKING IN TO EITHER A LIFE TIME MORTGAGE OR HOME REVERSION PLAN DISREGARD GDB222 COMMENTS AND SEEK PROFESSIONAL ADVICE
AS FROM WHAT GDB222 SAID I DONT BELEIVE HE/SHE KNOWS WHAT SHIP EVEN IS

GDB2222

eightball wrote: »

LMFAO i love these posts ............but GDB222 what part of "SHE DOSENT WANT TO MOVE DIDNT YOU GET"?

I THINK NORTHEAST1976 IS RIGHT HOPE NO ONE EVER TAKES ADVICE FROM GDB222 , GDB222 JUST SEEMS WRAPPED UP IN YOUR OWN WORLD AND NOT WHATS BEST FOR THE PERSON INVOLVED

AND FOR THE RECORD YOU WHERE TOTALLY WRONG ABOUT SHIP & HOME REVERSION PLANS/ EQUITY RELEASE IF ANY ONE READ THAT AND IS THINKING OF LOOKING IN TO EITHER A LIFE TIME MORTGAGE OR HOME REVERSION PLAN DISREGARD GDB222 COMMENTS AND SEEK PROFESSIONAL ADVICE
AS FROM WHAT GDB222 SAID I DONT BELEIVE HE/SHE KNOWS WHAT SHIP EVEN IS

Oh come off it. New poster with tiny post count, picking up on a two-month-old thread. I think I can recognise northeast1976's style when I see it.

eightball_2

GDB2222 wrote: »

Oh come off it. New poster with tiny post count, picking up on a two-month-old thread. I think I can recognise northeast1976's style when I see it.

HAHAHA pompus arragant twit is it because there are more than 2 people that do not agree with your advice and that the statement you made to be wrong about equity release i think from what northeast1976 said to shut you up he/she would not have to hide behind another log in name

Good on you Northeast1978:T

moneywhat

Ssshhhh it is i, eclair i am northeast1976

GDB2222

eightball wrote: »

HAHAHA pompus arragant twit is it because there are more than 2 people that do not agree with your advice and that the statement you made to be wrong about equity release i think from what northeast1976 said to shut you up he/she would not have to hide behind another log in name

Good on you Northeast1978:T

What statement about equity release did I make that is wrong? Quote please.

On the pompous arrogant bit, I apologise, but Northeast was sermonising that he was helping this woman when actually he was virtually robbing her. So, I got on my high horse.

eightball_2

GDB2222 wrote: »

Yes, of course you are right, FPC1, 2 and 3.

Go to court, put the figures before the judge and ask for a suspended order with enough time to sell the property at auction. Err, yes!

Go to SHIP and get a quote for a home reversion. Result is enough to pay off the mortgage completely and client can live rent-free in the property for life, with complete security of tenure. Errr, yes! That may give enough money over to do some refurbishment, but in any case the client can pay for that out of the rent she's not paying.

Those are the obvious options that spring to mind, just based on the very simple facts you have insisted I work on.

Just the main factor of you can NOT enter into a reversion plan with a mortage in place they are designed for "homeowners" (in retirement) and if she did own her house a company would only offer upto a max of 50% on a reversion scheme dependant on her age also once in place a reversion plan should be considered irrevocable plus a reversion plan my affect the borrowers rights to state benefits

Plus solicitors costs are very expensive to under take a reversion plan, as the client is in this position where would they get this money from where northeast i beleive stated that ALL fee's & Costs are covered by him/her

Again ONCE A REVERSION IS IN PLACE IT SHOULD BE CONSIDERED IRREVOCABLE
At least northeast offered the option to buy back at a discount once she was back on her feet where as the reversion company will sell at full market value on termination

Also to clarify who SHIP are it stands for safe home income plans (ship) , ship can not quote you as you stated nor give you advice they will mearly match make you with an ifa or mortage adviser that conforms and are bound to there code of practice

I should know what im talking about see the letters in my signature CeRER it stands for Cert in REGULATED EQUITY RELEASE which are life time mortgages and home reversion plans

ship was formed in 1991 and is a COMPANY and is supported by the leading providers of home income and equity release plans

GDB2222

I used SHIP as shorthand for 'an adviser registered with SHIP' - you need to read it in context. I specifically said that the payment for the reversion would have to be used to pay off the mortgage. You're wrong about the maximum percentage figure, which can be well above 50% depending on age and state of health. Obviously the sale is at bmv, but that's because there is an irrevocable lease for life granted at nil rent. You can't compare that with a 6 month or 1 year AST with a significant rent offered by northeast.

At least northeast offered the option to buy back at a discount once she was back on her feet

Sure, and his lenders will have agreed to that....

Anyway, you are northeast, aren't you?

eightball_2

GDB2222 wrote: »

I used SHIP as shorthand for 'an adviser registered with SHIP' - you need to read it in context. I specifically said that the payment for the reversion would have to be used to pay off the mortgage. You're wrong about the maximum percentage figure, which can be well above 50% depending on age and state of health. Obviously the sale is at bmv, but that's because there is an irrevocable lease for life granted at nil rent. You can't compare that with a 6 month or 1 year AST with a significant rent offered by northeast.


Sure, and his lenders will have agreed to that....

Anyway, you are northeast, aren't you?

whos been reading the SHIP website your stating the obvious,i AM NOT WRONG ABOUT THE 50% by 50% in her case you have to read it in context. The mortgage is £40k property valued @ 80k no lender will touch her with out at least £50,000 clear equity in the property

(JUST TO CLARIFY WHEN I WAS TALKING ABOUT 50% IT WAS MEANT IN THIS CASE, WITH A CURRENT MORTGAGE OF 40K AND PROPERTY WORTH 80K JUST INCASE PEOPLE THINK IT IS ONLY 50% ACROSS THE BOARD IF YOU WANT MORE INFO PLEASE ASK YOUR IFA FOR A PERSONALISED KFI KEY FACTS ILLUSTRATION)

Example property worth £80,000 shes aged 65 in good health (you can go down to 55 but that is done on a case by case basis by the lender) the max she could get back would be £33,137.60 Not enough to cover her mortgage:rolleyes:

The info dosent state her age so if she Is under 55 she will not get either a life time mortgage or reversion plan, But the info does state that she is not 65 so im guessing she is not older than 65 but younger in which case she will be eligable for a lot less then £33,137.60 as the younger she is the less she would get
if she was 66 she would get £34077.60
if she was 67 she would get £35012.80
and so on and so on

The short of it is NO she cannot use any form of equity release product

Except SARB (SELL & RENT BACK)

What is it with your fascination with me being northeast? i can assure I am NOT he/she i am guessing northeast means they live in the northeast i live in leicester
is it beacuse noone normaly questions your bad advice since your an old dog on here and think you rule the roost but do not:p not to shock you but just because you have been on here a long long time does not mean you know the most or are right:eek:

geoffky

Maggots And Leeches Come To Mind,,pure Scum...there Are Ways To Earn A Living And Yours Is Despicable...modern Day Grave Robbers.