Lifetime Mortgage

Onlooker2

Delay any financial transactions is todays Gov.advice.Same as Martin quote dont make any drastic decisions till all the financial rates are updated.It maybe in your favour if not leave well alone

Onlooker2

The only saving against losing a very high percentage in the value of your property is not to get into a Lifetime  Mortgage.The only way some monies are saved against this is your house price inflating..While it continue and if so by how much in the future.There is no guarantee of this.Everyone with a mortgage for a lifetime will see the interest compounding increasing in total  yearly.This is guaranteed for you and every borrower who has already gone down this  way to raise funds.One of the providers even printed that there are cheaper options.This is the time to wait and see,nobody knows.Consider

Onlooker2

Significant quote from a leading financial reporter on the future financial problems that most homeowners etc. may find themselves in soon."Do not bury your head in the sand or try to borrow your way out of financial difficulties,as you could end up with more debt than you could manage,she added."Consider

Onlooker2

House price inflation is the only thing that will save monies against the rising indebtness of anyone of the many who are involved with a Lifetime Mortgage.The accrued  interest will rise as per anyones  borrowings but the lower the house prices inflate the bigger the loss to their holding in their property will be at the end.The major financial pages dont even know what the outcome of the present situation .Borrow only in the short term,wait and see is the best advice we have read.Consider

Thrugelmir

Those that withdrew large sums of equity with a right to remain in the property maybe the winners. Something to consider. 

Onlooker2

The time to get involved in any financial long term commitment for householders is not this moment in time.MSE says as does L & G and others .No discussions or fewer tempting advertisements at the moment.The providers will be ready.Take time to look at house price inflation.Take time to look at borrowing alternatives .The clue in the name Lifetime..Consider

Mageary

My mother has gone into a care home and she needs to sell her house. Mum and dad got a euphemistically named "Lifetime Mortgage" in the early 2000's and it has quadrupled since then. Due to coronovirus, no house sales are taking place. I wrote to Aviva asking what arrangements they were putting in place for their customers and the short answer is......nothing. 

Thrugelmir

Mageary said:

My mother has gone into a care home and she needs to sell her house. Mum and dad got a euphemistically named "Lifetime Mortgage" in the early 2000's and it has quadrupled since then. Due to coronovirus, no house sales are taking place. I wrote to Aviva asking what arrangements they were putting in place for their customers and the short answer is......nothing. 

The care home could place a second charge on the property to secure the fees. Until such time as the property is sold. If cashflow is the issue. 

Onlooker2

Each and every householder has taken maybe 20/25 years to pay off and finally own their own home.Taking out a Lifetime Mortgage against said properties can in effect increase those numbers to 30/35 or even 40 years dependant on your lifetime in the future but will finish with a very large debt and reduction in future inheritance and or equity in your home.Ask for estimates which considering financial matters at this moment in time will be very difficult to be guaranteed.Consider

ledonster

How the hell do I unsubscribe from the emails? All I keep seeing is negative diatribe from onlooker2. Clearly, you have a strong anti lifetime mortgage agenda. As an independent financial adviser, I take extreme care when clients come to us asking to discuss a lifetime mortgage. We always consider ALL alternatives (because we are uniquely qualified to do so) but the fact remains that a lifetime mortgage can be very useful for the right clients. My emails are full of negative commentary on these products. A bit of balance would be helpful. I coldwade in with dozens of good news stories where this type of product has provided a valuable lifeline to a client.