intrest only mortgages

Caz3121

storeton wrote: »

Oinions for u
That's why I 'M HERE

I think people are referring to the fact that the last post from earlier in the year implied that it was all sorted and your son had found a mortgage offer. In the time since then it also seems that his salary has more than doubled (previously £32.5k with bonus of £16k and now over £100k) so I would guess he is in an even better position regarding debts and deposit

Did that offer fall through?

storeton

Look I have not been foolish with my money,at 59 years old and being self employed working on construction sites and latterly at car auctions(THROUGH CHOICE),and not in any cosy office have learned the value of money the hard way through some very devious guys and not used my money like a cash machine
and no what and if I spent it on is irrelevant to my question.
However with the help of some "POSITIVE" advice I am going to throw as much money at the mortgage sum albeit they won't take overpayments so I
a 60 month saving account
a mortgage when I'm 65 for shortfall
anybody got any positive ideas on that eh! SOMETHINGCORPORATE,or maybe I should give your wifey a cuddle for an honest opinion about you fool
PLEASE *PLEASE*PLEASE*

Wh05apk

storeton wrote: »

Look I have not been foolish with my money,at 59 years old and being self employed working on construction sites and latterly at car auctions(THROUGH CHOICE),and not in any cosy office have learned the value of money the hard way through some very devious guys and not used my money like a cash machine
and no what and if I spent it on is irrelevant to my question.
However with the help of some "POSITIVE" advice I am going to throw as much money at the mortgage sum albeit they won't take overpayments so I
a 60 month saving account
a mortgage when I'm 65 for shortfall
anybody got any positive ideas on that eh! SOMETHINGCORPORATE,or maybe I should give your wifey a cuddle for an honest opinion about you fool
PLEASE *PLEASE*PLEASE*

Unfortunately posting on here, you will akways get judgemental posts along the lines of "how fooslish you have been, and you should have done something sooner" from some, however my earlier post sets out some options:

"Your options are limited, personally I have never heard of Topaz mortgages, are/were they an adverse/specialist lender? if so, you may be paying a high rate, could you remortgage to a lower rate elsewhere, possibly extending the term to 70 y/o if you are able, and expect to work till then? this will buy you a few more years, hopefully you will then build a bit more equity, it may then be you could downsize, possibly with the help of a small equity release mortgage? "

Wutang_2

Wh05apk wrote: »

Unfortunately posting on here, you will akways get judgemental posts along the lines of "how fooslish you have been, and you should have done something sooner" from some, however my earlier post sets out some options:

"Your options are limited, personally I have never heard of Topaz mortgages, are/were they an adverse/specialist lender? if so, you may be paying a high rate, could you remortgage to a lower rate elsewhere, possibly extending the term to 70 y/o if you are able, and expect to work till then? this will buy you a few more years, hopefully you will then build a bit more equity, it may then be you could downsize, possibly with the help of a small equity release mortgage? "

Topaz took on loads of Gmac mortgages amongst others and are owned by Skipton. With affordabilty and 70% LTV, they might be able to rejig it.

And guess why there's been all these judgemental responses....

RenovationMan

ILW wrote: »

OP, by your own admission you have screwed up your own finances, do you think it is right to drag your son in and ruin his as well?

This is exactly my thoughts too. It seems that the OP had the chance of a mortgage free, decent retirement but decided to MEW money out of his house, seemingly to cover a lifestyle he couldn't afford via his salary. As he says, it was his choice and his money, but now it is his mess to clean up not his son's.

Wh05apk

RenovationMan wrote: »

This is exactly my thoughts too. It seems that the OP had the chance of a mortgage free, decent retirement but decided to MEW money out of his house, seemingly to cover a lifestyle he couldn't afford via his salary. As he says, it was his choice and his money, but now it is his mess to clean up not his son's.

...........and that is what he is looking for help on, not a kicking saying he should have done something before.

RenovationMan

Wh05apk wrote: »

...........and that is what he is looking for help on, not a kicking saying he should have done something before.

There are many kids of help. Making someone face up to their own problems and preventing them from pushing their problems onto to someones else is a start.

Wh05apk

RenovationMan wrote: »

There are many kids of help. Making someone face up to their own problems and preventing them from pushing their problems onto to someones else is a start.

I think they realise the potential mess they are in, and that's why they are asking for help.

RenovationMan

Wh05apk wrote: »

I think they realise the potential mess they are in, and that's why they are asking for help.

Yes, but they already know the answer is to sell up. Apart from loading all the debt on their son, which I hope they're now having serious thoughts about the consequences after the comments on here.

storeton

Well thanks for that last thread,it hit the nail on the head,and a few others helpfull positive inputs,it all started in the hope of a solution if there was one however I know now that is not probable,however.
My daughter is on the road to recovery from a costly illness thanks to my stupidity,foolishness and traitorous behavoir(but we had to go to America) which I have been accused by some who assume things without the facts,bit like mug punters really
thanks and amen