Lifetime Mortgage

John_G_Jones

I’ve read your previous posts and wonder, have you learned from your mistake, and taken responsibility for it yet?

What did you spend the money on?

getmore4less

John_G_Jones wrote: »

I’ve read your previous posts and wonder, have you learned from your mistake, and taken responsibility for it yet?

What did you spend the money on?

The OP has been on the case for over 18months and still not grasps the basics.

the answer to your question was in post #142

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

They borrowed money to buy things they 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

This thread serves as a constant reminder (mainly to Onlooker) to marry (a mortgage) at haste, repent at leisure.

John_G_Jones

robatwork wrote: »

This thread serves as a constant reminder (mainly to Onlooker) to marry (a mortgage) at haste, repent at leisure.

Of all the bad decisions that people mention on here, his has to be by far the worst.

Onlooker

More and more Equity Release providers and their agents are joining in the rush to sell Lifetime Mortgages than ever before.The way it works to make large profits for them is to b orrow moneies and then lend to paid up householders at a greater percentage rate by taking out a charge on their properties.This will reduce the value to them in their paid for home and continue to do so for their lifetime,The only part saving in the future will be house price inflation which will have no guarantee.The providers are only giving one guarantee which is the negative equity guarantee which means that if your loan plus interest becomes more than your home is worth they will not take you to count for the difference.There alternatives to be found.Consider

AnotherJoe

Onlooker wrote: »

More and more Equity Release providers and their agents are joining in the rush to sell Lifetime Mortgages than ever before.The way it works to make large profits for them is to b orrow moneies and then lend to paid up householders at a greater percentage rate by taking out a charge on their properties.This will reduce the value to them in their paid for home and continue to do so for their lifetime,The only part saving in the future will be house price inflation which will have no guarantee.The providers are only giving one guarantee which is the negative equity guarantee which means that if your loan plus interest becomes more than your home is worth they will not take you to count for the difference.There alternatives to be found.Consider

Perhaps you could take the chip off your shoulder for long enough to say what the alternatives are, pros and cons of each?

John_G_Jones

Onlooker wrote: »

More and more Equity Release providers and their agents are joining in the rush to sell Lifetime Mortgages than ever before.

Of course, as on top of those who understand the product and decide that it is right for them they also get to make money from families like yours who, in their rush to get tens of thousands to blow on shiny things don’t bother to read the paperwork.

There’s a really good argument to make that the money is better off in the lender’s hands than yours, as you’d only use it to buy magic beans the first time you left the house.

debsa

perhaps I can ask this question here?: Im looking to raise £120000 (on my mums house, with her consent) on a life time mortgage with the aim of paying the interest monthly to avoid all this compound and annual roll-up - I would be paying any fees so my mother doesn't have any costs. Could anyone please recommend a few companies that offer a Lifetime Mortgage so that I can buy a flat! Recently divorced, low paid job with rubbish credit history because I have been renting at £700pm for the last three years and would like to eat a sandwich every now and then :-) Many thanks

ACG

You will need an Equity Release Mortgage Broker

debsa

Is an equity broker easy to find? Apologies for naive question but I have only just found out about the existence of Lifetime Mortgages and need some guidance. Thanks