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UKs biggest lender ends IO mortgages without evidence.
Comments
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undetterred wrote: »Fact 567 your 're a boring t2at.
Thanks, seems like i may have hit a nerve with one of my comments.0 -
RenovationMan wrote: »We took out an interest only mortgage for £300k in May 2010 without a repayment vehicle in place and without the lender (Santander) bothering to ask about one.
We still dont have a vehicle in place, well not a vehicle in the traditional sense of the word. We simply over pay while the good times roll but if the bad times ever come in we have much less to find for our mortgage. It just seems to be eminently sensible.
When we finish living here in about 20 years we will downsize and the mortgage will be paid off. The remaining equity will buy us a 2 bed retirement cottage outright. No drama, no fuss and no worries.
Seems like an awful lot of work and hassle when you could buy a smaller house in the first place on a repayment mortgage.0 -
HAMISH_MCTAVISH wrote: »Living in an inflationary monetary system and all that.
It's all about timing.
Anyone who has rented in the last 3-4 years has made a '!!!!!!! fortune'.0 -
It's quite difficult to find any decent data on this. Anyone know how many IO loans have been issued in the last couple of years?0
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RenovationMan wrote: »When we finish living here in about 20 years we will downsize and the mortgage will be paid off. The remaining equity will buy us a 2 bed retirement cottage outright. No drama, no fuss and no worries.
Guaranteed.
What can possibly go wrong ?30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
No.
In the past, when arranging mortgages, I have been "advised", more than once, by mortgage "advisers", to take out an interest-only mortgage in order to borrow more money. Needless to say I refused and only bought what I could afford. I have also been "advised" to do the same, recently, by a BTL numpty.
No, you must have been dreaming. This sort of thing hardly ever went on.30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
HAMISH_MCTAVISH wrote: »Living in an inflationary monetary system and all that.
And things never change, and all that ?30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
Anyone who has rented in the last 3-4 years has made a '!!!!!!! fortune'.
Absolutely False.
Had I rented instead of buying from 2007 until today, I'd be many tens of thousands of pounds worse off.
Even on a national average basis, when comparing buying versus renting on like for like properties since 2007 and including the price falls, a buyer with a tracker mortgage is now at breakeven with the renter.
Remember, time and low interest rates are the enemy of housing bears.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
It's all about timing.
Anyone who has rented in the last 3-4 years has made a '!!!!!!! fortune'.
Really? As much as someone on a low margin tracker? Surely they had to pay their rent though?Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop0 -
And things never change, and all that ?
Eh???
You think the world is going to abandon inflationary monetary systems in your lifetime?
Really??? You'd make a housebuying decision based on that?“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0
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