Lifetime Mortgage

GeordieGeorge

Onlooker2 said:

As part of our borrowins 12 years ago we used some of the monies raised i.e £9000.00 on a much needed used car and not been advised against this action by the mortgage rep.we went ahead.
Just one of the mistakes which will be made by anyone raising monies against their own property by way of Equity Release/Lifetime Mortgage.
The 13 year old car has now had to be scrapped ,the consequence of us borrowing tthis way are that we still owe £18,315.00 to the providers which will increase to £21,876.00 in 3 more years and continue to do so and this is only part of our lon term debt which is overall into 6 figures now.Look to other ways ,everthing you buy can cist you double in you future,Consider

I don’t really think that many people will be so reckless, or would need to be told by the mortgage company that they were making a mistake.

You are where you are though, why not just pay it off now and be done with it?

Onlooker2

Look to the Financial Conduct Authority Look to news, look to 14th.May.They are goiing to bring in a Consumer Duty  act next year to ensure that financial providers give more information with regard to consume borrowings.
Read the detail Comment to them before the end of July.Await the outcome it should be in your or your families best interest..Consider

Onlooker2

To borrow monies with compounding interest accumulating and increasing your lifetime debt this not  the way of raising monies  against your properties .You should look to estimates of what your debt will rise to in the next 10,15,25 years with interest being charged this way,maybe doubling or tripling your debt.Many alternatives are available and none use this way of charging and increasing your debt for your lifetime.
Wait even for one year if you can or borrow short term.As aforesaid the Financial Conduct Authority are going to make changes to protect consumers within the next 6/12 months.Wait for the Consumer Duty Act.Consider

GeordieGeorge

Onlooker2 said:

Look to the Financial Conduct Authority Look to news, look to 14th.May.They are goiing to bring in a Consumer Duty  act next year to ensure that financial providers give more information with regard to consume borrowings.
Read the detail Comment to them before the end of July.Await the outcome it should be in your or your families best interest..Consider

It’s a sad state of affairs when the regulator has to tell banks to treat their adult customers like children.

Banks should keep a register of customers who blame the banks for their own freely-made decisions and allow them to have only basic accounts, and they definitely should be disallowed from ever borrowing money again.

Onlooker2

A reminder that readers have only until the end of this month to register their comments to Financial Conduct Authority.Look up their news on 14th.May about the action they will take over the next 12 months protecting the public.
The industry themselves have already indicated that they ae not happy.Wait for the new act,it is your future and not far away
Try not to be a cartoon character as in one of the commission agents advertisementsConsider

Onlooker2

The FCA report that only 35% agreed that their financial services providers were honest and transparent enough in their dealings.This is part of the reasoning to bring about the Consumer Duty Law to protect consumers in the future.
This is expected to brought in over the next 12 months.You can contact them with regard to this before 1st.August .Look up F.C.A. news on May 14th. to comment and read the full information.Consider

Onlooker2

Myths are the latest discussions taking place.They state that borrowers will not be sued for any more than their said property is worth.True.The fact that many who use this way of raising funds will at some point in their future will 
 owe 100% of  their properties worth ,nothing left anyway.
The same providers discuss giving support to your own families Good but it should have been pointed out that borrowers could be charged with deliberate depreciation of assets should they need to pay for their care in their own future and the families will have to repay any monies given even in good faith .Consider

Onlooker2

The Equity Release/Lifetime Mortgage providers are increasing their efforts at this moment in time to capture new custom.
They used to provide on line figures as to what readers could borrow.
Not now.Everyone has to give full personal details of themselves so they then will be contacted by an advisors sales force trained to sell their product.on a commission basis.
None have ever provided figures as to what the future cost would be to anybodies property holding.
Get them,it will show that borrowing by way of a mortgage for your lifetime is far more expensive than many other ways of raising monies..Consider

Onlooker2

The providers of this way of borrowing are still charging higher interest rates than the open market in most cases,plus this is the only way of borrowing against your own paid for property that locks borrowers in for their unknown Lifetime.
There is a costly way to exit your decision if you realize you have made an error which is to pay the Early Release Charge that will be made by these providers
The ERC will be 25% of any of your loans added on without any cooling off period at the start  upping your debt immediatly.
A fixed duration to any loan is the way avoid this situation and will give you exact figures against your future liabilities.
Consider

MWT

You continue to confuse matters with references to the product you used, and the mistakes you made 12 years ago, which bear little resemblance to the regulated products available now.

Anyone reading these recent posts should look back at the first page of this thread for the origins of this long running monologue, then start your own thread to ask any question you may have, so those with recent and relevant experience can help with comments..