100 year mortagages?

danster

hi all, ive come to the conclusion that ill never be able to buy anywhere. i need to save £50k before i can even think about it, (and that would take me 50 years or more!!!)
i heard that the chinese have 100 year mortgages, and the mortgage is passed down through the family like a malignant inheritance. does anyone think the same will happen here? banks are already offering 55 year mortgages. are we never going to see the 25 year mortgages again (unless you can afford it)? surely prices must come down?
thanks

BlondeHeadOn

I love the notion of a 'malignant inheritance', for some reason this made me giggle. Could you nominate the family member you like least to take on the mortage after you peg out? I could make a list right now....

:rotfl: :rotfl: :rotfl: :rotfl: :rotfl:

I know this is a serious subject, but thank you for lightening my wet Monday!

:T

movieman

Why worry about 100-year mortgages when we already have infinity mortgages (i.e. 'interest-only' where no repayments are made at all)?

As for never being able to buy anywhere, if the average worker in the UK can't afford to buy a house, who are the people who do own houses going to sell to?

scorpio_princess

BlondeHeadOn wrote:

I love the notion of a 'malignant inheritance', for some reason this made me giggle. Could you nominate the family member you like least to take on the mortage after you peg out? I could make a list right now....

:rotfl: :rotfl: :rotfl: :rotfl: :rotfl:

I know this is a serious subject, but thank you for lightening my wet Monday!

:T

Yeah, imagine hearing that at the reading of the will :eek: You think you'll be able to pay off your mortage with your inheritance - turns out you'll be paying someone elses too!

Mind you, my parents always joke about going a round the world cruise when they're old - no expenses spared - and leave the credit card debt to us kids! I think they're joking...

Gorgeous_George

If houses are so unaffordable, how come they still sell?

Fluctuating interest rates act as a check and balance for house prices. Recent stable IRs in the UK have contibuted to confidence in the housing sector and resultant prices rises.



GG

dkny_2

BlondeHeadOn wrote:

I love the notion of a 'malignant inheritance', for some reason this made me giggle. Could you nominate the family member you like least to take on the mortage after you peg out? I could make a list right now....

:rotfl: :rotfl: :rotfl: :rotfl: :rotfl:

I know this is a serious subject, but thank you for lightening my wet Monday!

:T

:rotfl: :rotfl: :rotfl: :rotfl:

mjdh1957

I don't think under current legislation it is possible to 'will' someone your debt.

When you die, your estate pays off all your bills, debts and funeral expenses. If the amount of debt exceeds the estate, then there is no inheritance for anyone, but the debt itself is written off.

That's my understanding anyway, unless someone esle knows better?

jm28cardiff

if someone is thinking of a 100 year mortgage, why not just rent? Whats the difference?

Alan_M_2

jm28cardiff wrote:

if someone is thinking of a 100 year mortgage, why not just rent? Whats the difference?

Security of tenure and the ability to alter as you see fit (with planning permission of course) plus the benefit of any capital increase in value of the property.

lewt

Gorgeous_George wrote:

If houses are so unaffordable, how come they still sell?
GG

cause people in a position to buy them, do that and rent them out.

Guy_Montag

Alan_M wrote:

Security of tenure and the ability to alter as you see fit (with planning permission of course) plus the benefit of any capital increase in value of the property.

Do you not need permission from your mortgagee to carry out major works to your dwelling in case you reduce the value?

How would you access the capital increase & how would the capital increase anyway?