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Lifetime Mortgage
Onlooker
Posts: 145 Forumite
A recent newspaper article has again pointed out the consequences of taking out an Equity Release Mortgage against the value of your property.It states that a equity Release Mortgage
can cost more than three times the sum borrowed after 20 years.Also it states that a loan of 65,000 with interest rolled up,that's Compounding Interest,at a rate of 6.4% will become a debt of almost 137,000 pounds.It states that over 2000 million has gone from housing assets of thousands of home owners.Ask for calculations on what your debt will be in future years before making your decision,its free.
can cost more than three times the sum borrowed after 20 years.Also it states that a loan of 65,000 with interest rolled up,that's Compounding Interest,at a rate of 6.4% will become a debt of almost 137,000 pounds.It states that over 2000 million has gone from housing assets of thousands of home owners.Ask for calculations on what your debt will be in future years before making your decision,its free.
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Comments
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Will you please point out you are talking about interest roll-up and not all equity release/lifetime mortgage products work this way.
Do you have diary notes to post this once a month?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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