Mortgage misery for backfooted boomers

Loughton_Monkey

This article is remarkable only in highlighting how some people, who have lived through brilliant times [in terms of property anyway], can be capable of such stupidity and financial incompetence.

People who cannot be bothered to add up their assets and liabilites once a year [let alone every month as I've always done] simply don't deserve to be financially secure.

Those that can be bothered, will generally become much better off, unless they are so stupid as not to understand what the figures are telling them every year for 40-odd years!

PasturesNew

My heart bleeds.... if he sold it at a lower price he'd still clear the mortgage and walk with enough cash to buy something somewhere cheaper.

ukcarper

A couple of things I noticed was that it said one couple extended the term to give them time and reduce payment how will extending term reduce payments on interest only mortgage.

A couple of them seem to be about endowment mortgages and normally they were not cheaper than repayment.

So reporter dosen't seem much better than subjects.

ukcarper

PasturesNew wrote: »

My heart bleeds.... if he sold it at a lower price he'd still clear the mortgage and walk with enough cash to buy something somewhere cheaper.

He might have to give half to his ex wife.

You would have though spending over £3k a month on interest and rent would be a big enough incentive to reduce price.

unkle

Only in the Daily Mail.......

The 64 year old who lost money on property investments (£40k) and also took out a £300k mortgage on a £330k house when he was 52........ and he still owes £300k...... realistically how did he think he'd come up with £300k in ten years.......

or the couple whose endowment was £13k short........ yet how much did they save by not having a repayment mortgage and how much is their home now worth? hey paid £115 a month and got back £67k, seems a good return to me having paid in £34,500 over the 25 years!

The man who owned his home for 20 years, yet still owed £110k as his pension wasn't what he thought it would be......

Lastly, the poor poor man with the million pound house with only £300k+ equity having to shell out on rent because his marriage ended in divorce..... where did all his salary go as he must have been on £150k to get a £700k mortgage......

Baby_faced_assassin

Didn't bother to read the article but they look happy enough on the photo.

BobQ

Oh how typical of a boomer.................

overcommitted himself, borrowed more than he could afford to repay,earned good money but never invested in a pension, failed to understand that a house is only worth what someone will pay for it, got too greedy in his efforts to exploit the system, got caught out by his stupidity.

Actually this is the sort of thinking that I associate with the children of boomers. My signature line was never more appropriate.

BobQ

PasturesNew wrote: »

My heart bleeds.... if he sold it at a lower price he'd still clear the mortgage and walk with enough cash to buy something somewhere cheaper.

Nah, I think he would buy a new BMW first.

JanCee

Baby_faced_assassin wrote: »

Didn't bother to read the article but they look happy enough on the photo.

Well that's because they are a completely different couple to the people in the related story. They are Pam & Tony Hughes who are in their seventies and therefore not boomers.

Baby boomers born in the post war baby boom years between 1946 -1964.