Debate House Prices


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Old age mortgage limit to be lifted

padington
padington Posts: 3,121 Forumite
in Debate House Prices & the Economy
Could see this having quit a serious affect on the market.

Thoughts ?
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Comments

  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    padington wrote: »
    Could see this having quit a serious affect on the market.

    Thoughts ?

    Good idea. It'll make it easier to secure a larger mortgage in your 50's with a term that extends beyond retirement age. Most people wouldn't even be in the same property in 30 years time having sold and downsized to a more manageable property.

    I don't think the market will change by much. It doesn't really affect that many people now.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • Generali
    Generali Posts: 36,411 Forumite
    10,000 Posts Combo Breaker
    It seems quite sensible really. If people are living and working longer then it's quite an obvious approach to take.
  • cells
    cells Posts: 5,246 Forumite
    Hamish idea of underwriting mortgages based on rental income, which seemed quite absurd first time i heard it, now seems a reasonable idea so long as there is a 20% deposit.
  • Graham_Devon
    Graham_Devon Posts: 58,560 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Not knocking the idea, but only a month or two ago Carney was warning of the problems of those retired having mortgages to pay off. Was all part of their concern over levels of mortgage debt and "observing" the market with a bag full of tools.

    So to then go and extend the length of the mortgage further into retirement age seems a little odd if what he was saying was actually a concern.
  • missbiggles1
    missbiggles1 Posts: 17,481 Forumite
    10,000 Posts Combo Breaker
    Graham_Devon wrote: »
    Not knocking the idea, but only a month or two ago Carney was warning of the problems of those retired having mortgages to pay off. Was all part of their concern over levels of mortgage debt and "observing" the market with a bag full of tools.

    So to then go and extend the length of the mortgage further into retirement age seems a little odd if what he was saying was actually a concern.

    If you can afford it, there's no problem paying a mortgage after retirement, after all, renters still have to pay rent.
  • Graham_Devon
    Graham_Devon Posts: 58,560 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    missbiggles1 wrote: »
    If you can afford it, there's no problem paying a mortgage after retirement, after all, renters still have to pay rent.

    Really?

    Who'd have thunk it ;)
  • Carl31
    Carl31 Posts: 2,616 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Combo Breaker
    surely one of the main points of buying is the theory that you wont be paying for housing when you're no longer working

    The other being its something to pass onto the children

    So now, potentially, you could still be paying when youre no longer working, and the thing you could pass onto your children is a debt

    Are we actually aiming to create a nation of renters?
  • ukcarper
    ukcarper Posts: 17,337 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Carl31 wrote: »
    surely one of the main points of buying is the theory that you wont be paying for housing when you're no longer working

    The other being its something to pass onto the children

    So now, potentially, you could still be paying when youre no longer working, and the thing you could pass onto your children is a debt

    Are we actually aiming to create a nation of renters?
    Unless you die shortly after you take mortgage out the likelihood is you will not be leaving a debt.
  • zagubov
    zagubov Posts: 17,938 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Doesn't Japan already have 100-year mortgages? So you pass the debt to your kids.
    There is no honour to be had in not knowing a thing that can be known - Danny Baker
  • C_Mababejive
    C_Mababejive Posts: 11,668 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Yes what a great idea. It will help to keep the housing bubble inflated.
    Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..
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