Lifetime Mortgage

robatwork

ledonster said:

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. 

You go to the top of this thread and click the button on the left that say Unbookmark. I'm not entirely sure that's a real word, nor is "coldwade" that took me some time to work out what you meant.

Thrugelmir

Click Unbookmark just beneath the thread title. 

ledonster

Lol. I have fat fingers. That should have said 'I could wade in..'

John_

Onlooker2 said:

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

 That’s really not the case, a great many people pay their mortgages off far earlier than that. I understand that you preferred another route, of recklessly Ramping up the borrowing, secured on your house to buy shiny things and have a weekend in Bognor, but even you understand that this is not normal, don’t you?

Onlooker2

House price inflation over time has got home owners in the position to raise loans with a Lifetime Mortgage.These loans have been accruing over time with the said inflation not allowing their property reduce in value.The future may not have the the same effect.On most borrowings house prices  need to inflate by over 2.5% every year,not guaranteed,just to retain that position.The gap between what you owe and the value of what is retained in your property will widen.As of now even the lenders in this industry do not appear to know the outcome They seem to be waiting,so should everyone .Consider.

Thrugelmir

Onlooker2 said:

House price inflation over time has got home owners in the position to raise loans with a Lifetime Mortgage.These loans have been accruing over time with the said inflation not allowing their property reduce in value.The future may not have the the same effect.On most borrowings house prices  need to inflate by over 2.5% every year,not guaranteed,just to retain that position.The gap between what you owe and the value of what is retained in your property will widen.As of now even the lenders in this industry do not appear to know the outcome They seem to be waiting,so should everyone .Consider.

If the debt owed exceeds the equity in the property. Then it's the finance provider that will catch a cold........

Onlooker2

Every householder should wait until the dilemma  of this moment in time is over.There is no clue as to how long it will continue.Look to alternative borrowings when the time is right.Even the advertisers are inserting this in their adverts,maybe the Financial Conduct Authorities have requested this as part of their look into this way of lending.Wait ,wait.Consider

Onlooker2

The last time a dilemma arose similar to the one we are in now,i.e.not knowing what the financial future will be for anyone indebt with a Lifetime Mortgage ,it was as recent a 2008/2009,At that time in one year average house price fell by 16.53% and did not regain the original market price until 5 years later.A repeat could be on the cards unfortunately .All with that type of borrowing     will be affected for the whole term of that loan.Before taking this option look elsewhere a least until this financial dilemma is done with .Consider.

Onlooker2

According to every  newspaper article the next year and more could be a financial downturn not seen for 11 years and maybe worse for householders .To raise monies look to a 5/10 year bank loan,a lot cheaper than a mortgage for life.Look to a Interest only mortgage against your property.Available for repayment up to 80/90 years of age with many providers.They need your business,Consider

Onlooker2

The only relief against a Lifetime Mortgage house price inflation.It is already been reported that a decline has already begun with no one in or out of the industry knowing how long or how much it will go against anyones property.Waiting should be your answer or seeking an alternative even over the next few years.The last time a situation arose  similar to now prices shank by over 14% and took 5 years to recover,Consider