Lifetime Mortgage

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  • Onlooker
    Onlooker Posts: 145 Forumite
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    The part of borrowing monies through a Lifetime Mortgage is that you will not fully understand the futire consequences until it maybe to late to exit and are trapped like ourselves.Part of our first borrowings where spent on a car,only second hand,but costing £9750.00 That was 9 years ago.We now owe £16,472.,42 and rising.against a car worth £1000 if we are lucky.Holidays came and went which we will now be soon owing double the costs.We now know that seeking an alternative option to raising monies would have been a far better way towards a happier retirement than we feel now.Consider
  • robatwork
    robatwork Posts: 7,093 Forumite
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    I know I shouldn't, but...
    Onlooker wrote: »
    We now know that seeking an alternative option to raising monies would have been a far better way towards a happier retirement than we feel now.Consider

    You're full of regret and advice to not take these products. Fair enough. What would be useful for others in the position is if you say exactly what alternative options there are.
  • ACG
    ACG Posts: 23,728 Forumite
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    robatwork wrote: »
    I know I shouldn't, but...



    You're full of regret and advice to not take these products. Fair enough. What would be useful for others in the position is if you say exactly what alternative options there are.

    Going off his last post, a repayment mortgage where the balance comes down and a classic car that goes up in value.

    Why is this thread still open. There is nothing of any value being added, just the same thing written differently week after week.
    I am a Mortgage Adviser
    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.
  • robatwork
    robatwork Posts: 7,093 Forumite
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    ACG wrote: »
    G
    Why is this thread still open. There is nothing of any value being added, just the same thing written differently week after week.

    Is that your considered opinion?
  • julicorn
    julicorn Posts: 2,281 Forumite
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    robatwork wrote: »
    Is that your considered opinion?
    Well, he's certainly not the only one.
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Mortgage neutral: September 2022, mortgage redeemed: December 2022
    New house, new mortgage: December 2022, £276,007
    Current balance: £217,800 minus £8,300 overpayment savings pot
  • ACG
    ACG Posts: 23,728 Forumite
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    robatwork wrote: »
    Is that your considered opinion?

    It is.

    The person is just reiterating their opinion time and time again. There is no discussion or debate or even acknowledgement when his/her opinions are questioned.

    I am not suggesting the thread is deleted, I think it is good for people to see both sides of the argument if they are considering taking out an ER Mortgage.

    All I am suggesting is that the thread is closed as nothing new or constructive is being added to the thread, yet it pops to the top every week.
    I am a Mortgage Adviser
    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.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
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    Onlooker wrote: »
    The part of borrowing monies through a Lifetime Mortgage is that you will not fully understand the futire consequences until it maybe to late to exit and are trapped like ourselves.Part of our first borrowings where spent on a car,only second hand,but costing £9750.00 That was 9 years ago.We now owe £16,472.,42 and rising.against a car worth £1000 if we are lucky.Holidays came and went which we will now be soon owing double the costs.We now know that seeking an alternative option to raising monies would have been a far better way towards a happier retirement than we feel now.Consider

    You borrowed money to buy things you could not afford with no way to pay it back or even pay the interest.

    The real message is don't borrow money for stuff you can't afford.
  • robatwork
    robatwork Posts: 7,093 Forumite
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    Sorry you both missed my sarcasm - I mentioned considered opinion as all of the OP's missives end in a somewhat patronising "Consider"
  • ACG
    ACG Posts: 23,728 Forumite
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    robatwork wrote: »
    Sorry you both missed my sarcasm - I mentioned considered opinion as all of the OP's missives end in a somewhat patronising "Consider"

    Sorry, that really did go whoosh over my head!
    :rotfl:
    I am a Mortgage Adviser
    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.
  • julicorn
    julicorn Posts: 2,281 Forumite
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    Same here, but I've got to admit it was a good one! :rotfl:
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Mortgage neutral: September 2022, mortgage redeemed: December 2022
    New house, new mortgage: December 2022, £276,007
    Current balance: £217,800 minus £8,300 overpayment savings pot
This discussion has been closed.
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