Mortgage for the over 80s?

Brock_and_Roll

With the greatest of respect OP, you do not appear to have much of an understanding of how interest works, and has always worked on a repayment mortgage. You also seem to have little understanding of Sharia law, which for a given level of return for the lender would result in the same payments.


Finally, you seem to struggle to understand why people here are loath to recommend equity release products without fully understanding the specific circumstances.


As a previous poster has said, IF you do manage to get some form of finance, the fees/costs will run into thousands even before the interest charges on the loan so it will almost be certainly be cheaper to pay the children to stay in a hotel every time they visit!

BML

You stated, "You do not appear to have much of an understanding of how interest works, and has always worked on a repayment mortgage."
I never claimed such knowledge which is why I approached this forum to seek some.
You also stated, "You also seem to have little understanding of Sharia law, which for a given level of return for the lender would result in the same payments. I never claimed such knowledge for that either although the way you explained it seems to suggest a better form of "lending" than the West offers.
You end your insults by stating, "Finally, you seem to struggle to understand why people here are loath to recommend equity release products without fully understanding the specific circumstances." I would suggest that the reason is that like myself, they don't understand it.
As a previous poster has said, IF you do manage to get some form of finance, the fees/costs will run into thousands even before the interest charges on the loan so it will almost be certainly be cheaper to pay the children to stay in a hotel every time they visit!
As the ultimate optimist I have to believe that there are some organisations in the mortgage field who are not rogues rascals and thieves.
I took my first mortgage out nearly sixty years ago, it was a struggle to pay it but I managed. I took another mortgage out some twenty years later to remove the roof of the bungalow we had then replacing it with an additional floor which changed our two bedroom bungalow into a six bedroom chalet bungalow with three bathrooms. It was nothing grand but it allowed our growing family their own space.
I then downsized which was a mistake because as I extend my book buying I need extra space. On top of that we now have the wonderful pleasure of grand children and great grandchildren and I would like to make their visits more extended so I will keep looking but I'm not going to put my neck into the noose of an usurer. I have no disagreement with the practice of paying interest but I despise the practice of unethical or immoral monetary loans that unfairly enrich the lender. Originally. By the way usury used to mean interest of any kind.

BML

The chap who owned the field behind where we live and where we used to be able to see Deer, Pheasants and other wild animals roaming obviously does understand money because he flogged the field to speculators who also understood money and who built a load of Pete Seeger little boxes so now when I go up the garden to have a chat with my chickens there are twenty windows looking down upon me.
What a pity that when I was able to use a .22 rifle to shoot the occasional rat I didn't have a "mistake and shoot the fat farmer. Ah dream on, dream on.