Lifetime Mortgage

MWT

Best to just leave this thread alone, if it helps Onlooker to deal with their stress then so be it, but there is nothing here worthy of debate.

Best to start a new thread with questions on current products as the market and the providers have moved on even if Onlooker hasn't...

Onlooker2

The best thing about MSE is that anyone is allowed to express their opinion from their own experience.This gives an open field 
to all contributors  and leaves the option to readers to make their own decisions based on all opinions.Discussions can be openly made on any aspect in particular taking out a Lifetime Mortgage which as we have already declared that this moment of financial uncertainty decisions should be left until the picture becomes clearer..Nobody knows for certain,wait if you can.Consider

Onlooker2

We bought our car 11 years ago with part of the monies raised with a Lifetime Mortgage.We paid £8750.00 .The car is now worth about £900.00.The amount owed on said car because we borrowed monies this way is now £16783.30.and will continue to more that double..This is the effect that borrowing this way will have on everything anyone who borrows for anything this way on all spending you may make in your future.Remortgaging ,Interest free loans even downsizing are all cheaper options at this moment.Consider

SpiderLegs

Psychologist. Consider.

[Deleted User]

Eight letter word. Begins with C and rhymes with bidder. Consider.

Onlooker2

WE entered this option to borrow  years ago The update as of now  is that in anorther 4 years we will owe £109387.00 rising to £147068;00 and will  keep on rising.Get your estimatesfor every 5 furure year look t at other options.Take time.Consider

yksi

Have you thought about paid to surf sites? Some of them will pay up to one penny for every hundred sites you view. I can't help but feel it would be more beneficial to you than your silly life support of a three-year-old thread which mainly consists of "omg we took a massive loan and repaid none of it and now we owe lots more, isn't it unbelievable?"

Onlooker2

The money lenders market is as of now flooded with advertisers.The lenders see a time to get new business when the householders will be looking for ways to survive.The the financial future for all is unknown..Anyone who makes the wrong decision  could be very costly.A mortgage for their lifetime could be a mistake.Go shorter term to borrow Wait along with everyone else until ,if and when ,it all gets back to whatever that normality will be

Onlooker2

Look to Facebook and you will notice that the daily notices with regard to Equity Release and the replies and views has gone beyond measure.As afore stated the providers see a chance to cash in on householders financial problems at this time.This time is not the time to commit to the unknown outcome of the financial position we are all in.
If you can borrow do it short term not for your lifetime.Borrowing rates on ofer are as cheap as they have been.Look at downsizing ,a good option not promoted by the lifetime mortgage industry due to  lack of returns to themselves.Consider

Onlooker2

Before entering into a loan for a mortgage for the rest of your lifetime get figures from the providers  agent with regard to future costings against your paid for property To be charged compounding interest against any borrowings is the worst way to achieve the financial contentment you may be looking for
Example £30,000.00 released will at 4%  increase your debt to £60744.00 over the next say18 years .£60,000.00 released at 4% will increase your debt to £121548 .99 over the same period plus the debt will continue to rise annually.
Bank loans,interest only mortgages are available against you property into your 70s or 80s .Downsizing is also a good option despite been decried by the  Equity Release industry.Consider