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got an interest only morgage? Whats your plan?
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my family has an interest only , paying £400.00 each month. They are so broke and always borrowing off Peter to pay Paul and don't care what the future holds. They got another 20 years on their mortgage and i do feel for their kids as they won't have anything to leave them when they are gone, or should I say just DEBT. They don't particularly care and not even keeping their head above water.:A Tomorrow's just another day - keep smiling0
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some people obviously like playing Russian roulette......I think you are mad...It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
i have been reading about about people selling up and downsizing when the time comes to repay the mortgage because then the children will have left home and they will no longer need the big house. What happens if the children cannot afford to leave home? I am genuinley interested because at todays house prices and wages we would not be able to afford the asking price for my house if I was to sell as our income would not cover it. To be honest our income would not get us a mortgage I do not think.0
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woozywendy wrote: »i have been reading about about people selling up and downsizing when the time comes to repay the mortgage because then the children will have left home and they will no longer need the big house. What happens if the children cannot afford to leave home? I am genuinley interested because at todays house prices and wages we would not be able to afford the asking price for my house if I was to sell as our income would not cover it. To be honest our income would not get us a mortgage I do not think.
If you couldn't afford your own home, you would rent or buy in a cheaper area.
If the children can't afford to leave home and the parents can't afford to keep the home then the children would need to make a contribution to the household budget in order for the family home to be kept. If push comes to shove, parents are going to have to say to the children, "time to stand on your own two feet" and the children are forced to rent in a shared house or similar, so that the parents can trade down.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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