Lifetime Mortgage

Onlooker

The part of borrowing monies through a Lifetime Mortgage is that you will not fully understand the futire consequences until it maybe to late to exit and are trapped like ourselves.Part of our first borrowings where spent on a car,only second hand,but costing £9750.00 That was 9 years ago.We now owe £16,472.,42 and rising.against a car worth £1000 if we are lucky.Holidays came and went which we will now be soon owing double the costs.We now know that seeking an alternative option to raising monies would have been a far better way towards a happier retirement than we feel now.Consider

robatwork

I know I shouldn't, but...

Onlooker wrote: »

We now know that seeking an alternative option to raising monies would have been a far better way towards a happier retirement than we feel now.Consider

You're full of regret and advice to not take these products. Fair enough. What would be useful for others in the position is if you say exactly what alternative options there are.

ACG

robatwork wrote: »

I know I shouldn't, but...



You're full of regret and advice to not take these products. Fair enough. What would be useful for others in the position is if you say exactly what alternative options there are.

Going off his last post, a repayment mortgage where the balance comes down and a classic car that goes up in value.

Why is this thread still open. There is nothing of any value being added, just the same thing written differently week after week.

robatwork

ACG wrote: »

G
Why is this thread still open. There is nothing of any value being added, just the same thing written differently week after week.

Is that your considered opinion?

julicorn

robatwork wrote: »

Is that your considered opinion?

Well, he's certainly not the only one.

ACG

robatwork wrote: »

Is that your considered opinion?

It is.

The person is just reiterating their opinion time and time again. There is no discussion or debate or even acknowledgement when his/her opinions are questioned.

I am not suggesting the thread is deleted, I think it is good for people to see both sides of the argument if they are considering taking out an ER Mortgage.

All I am suggesting is that the thread is closed as nothing new or constructive is being added to the thread, yet it pops to the top every week.

getmore4less

Onlooker wrote: »

The part of borrowing monies through a Lifetime Mortgage is that you will not fully understand the futire consequences until it maybe to late to exit and are trapped like ourselves.Part of our first borrowings where spent on a car,only second hand,but costing £9750.00 That was 9 years ago.We now owe £16,472.,42 and rising.against a car worth £1000 if we are lucky.Holidays came and went which we will now be soon owing double the costs.We now know that seeking an alternative option to raising monies would have been a far better way towards a happier retirement than we feel now.Consider

You borrowed money to buy things you could not afford with no way to pay it back or even pay the interest.

The real message is don't borrow money for stuff you can't afford.

robatwork

Sorry you both missed my sarcasm - I mentioned considered opinion as all of the OP's missives end in a somewhat patronising "Consider"

ACG

robatwork wrote: »

Sorry you both missed my sarcasm - I mentioned considered opinion as all of the OP's missives end in a somewhat patronising "Consider"

Sorry, that really did go whoosh over my head!
:rotfl:

julicorn

Same here, but I've got to admit it was a good one! :rotfl: