Lifetime Mortgage

Onlooker2

The fact that downsizing has always been an alternative to a Lifetime Mortgage has now financially changed for the better with the suspension of  Stamp Duty.It makes the cost of taking this option  decrease the initial outgoings greatly..Some discussion with regard to this option is contained in the postings on Downsizing in these pages ,view them,they may help your next financial decision.As aforesaid this are times to take all options into account .Consider

Onlooker2

After reading reports on the future of house prices ,up or down, by the financial writers the result seems to be that no one appears to know.This makes getting involved in a lifetime of debt even more unpredictable at  this moment of time.One comment is that as stamp duty has been postponed buyers will look to buy bigger this in turn will do a favour to anyone who wants to downsize to a smaller property will find more buyers and give them a release of monies for their future Downsizing is,always a good option. .Consider

Onlooker2

Lifetime Mortgage or a mortgage for your lifetime.Every householder as done the 20 or more years to possess their own home so why enter borrowing in a way that will reduce your holding in your paid for property for the rest of that lifetime..
The alternatives are there,that is the advice you should seek.

Onlooker2

There is only one guarantee given by Equity Release providers and that is if your loan plus compounding interest when you die of go into care amounts to more than your home is worth they will not sue for any extra monies.If one borrower is put in this position it will be down to mainly house price deflation for years and if is the monetary position of the country as a whole and therefore effect every one who has borrowed this way.They may not reach 100% but will be heading that way for their lifetme.Waiting is the best option for all or seeking a less costly option of hich there any many.Consider

Onlooker2

What every householder who at this moment of  financial crisis for the UK is to take time to see how it will effect their own and their families future.Look to  all the options.Look to the Financial Conduct Authority ,FCA,websight.Search Equity Release and see their ongoing investigation on the past workings of this monetary industry.If you find it difficult to peruse get your family or  trusted friend to help you make this ,what can be a very expensive lifetime decision.Take time.Consider

poppy10_2

Onlooker why did you take out a lifetime mortgage to pay for a new car and a holiday, without reading the terms and conditions for what you were signing up for?

Onlooker2

Advice in everyone of the multiple adverts for equity release is to take it out to help your families.A good thought but with inbuilt problems.A solicitors quote we read states .Consequences If Social Services believe a gift or transfer was made to protect family inheritance they can refuse to pay any of your care costs and take action to recover the assets from the person who received the gift.Consider

Onlooker2

Included in adverts is the suggestion that family members should take part in discussions and future decisions before opting for  mortgage for your lifetime .Good idea.An option could be that the same members could take out borrowings to help you over  shorter terms and thus look after protecting their inheritance.No doubt they will be accused of self interest but at least that is a option that can help all parties in their ,as of now,their unpredictable future.Consider.

Thrugelmir

poppy10_2 said:

Onlooker why did you take out a lifetime mortgage to pay for a new car and a holiday, without reading the terms and conditions for what you were signing up for?

Never answers the questions posed. 

Durban

I have only just stumbled on this thread and cannot believe that it has been going for 3 years with mostly just babble from Onlooker2.

Onlooker2 - you have obviously made a mistake but surely it's time to give it a rest now, accept it and move on.

You cannot spend the rest of your life bitterly talking to mostly yourself on this thread.

Consider