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  • FIRST POST
    • Onlooker
    • By Onlooker 23rd Jun 17, 2:15 PM
    • 99Posts
    • 18Thanks
    Onlooker
    Lifetime Mortgage
    • #1
    • 23rd Jun 17, 2:15 PM
    Lifetime Mortgage 23rd Jun 17 at 2:15 PM
    We raised 45,000 with one of the leading providers 8 years ago but somehow failed to take notice of the future consequences of our actions on our property and the negative effect on our estate and family.
    After 8 years our initial loans increased due to added interesr to 65,580 .we have now been provided with figues
    that show after another 7 years our debt against our property will be 100,247 pounds and continue to increase
    at 5 to 6 thousnd pounds annually until it ends.
    We would advise famillies to obtain future estimates on their future consequences.
Page 14
    • lozthomas
    • By lozthomas 25th Apr 19, 4:58 AM
    • 8 Posts
    • 2 Thanks
    lozthomas
    Equity release/Lifetime mortgage - alternative solutions?
    My parents are considering ER/Lifetime mortgage. From what I'm reading its not a great solution for them or my siblings and I. Instead, can I buy a % of their home from them?
    • getmore4less
    • By getmore4less 25th Apr 19, 5:28 AM
    • 35,825 Posts
    • 21,931 Thanks
    getmore4less
    My parents are considering ER/Lifetime mortgage. From what I'm reading its not a great solution for them or my siblings and I. Instead, can I buy a % of their home from them?
    Originally posted by lozthomas

    It might be the perfect solution for them if they may be wanting to raise money on their property so the kids don't get to spend it.

    IF they need money and you have it why not just lend it to them?
    • Mortgage_Adviser
    • By Mortgage_Adviser 25th Apr 19, 9:47 AM
    • 245 Posts
    • 104 Thanks
    Mortgage_Adviser
    The lifetime mortgage is good if:


    You can not get a mainstream mortgage because your income is too low


    You can not get a mainstream mortgage because of a poor credit history


    The lifetime mortgage is not good for you if:


    You want to leave the property for you children etc to inherit.
    • robatwork
    • By robatwork 26th Apr 19, 12:24 PM
    • 5,110 Posts
    • 5,873 Thanks
    robatwork
    The lifetime mortgage is not good for you if:


    You want to leave the property for you children etc to inherit.
    Originally posted by Mortgage_Adviser
    OR if you really didn't or don't understand exactly how they work, blow your windfall on a new car you don't really need or want, then wonder who is going to pay for it later.
    • Blackbeard of Perranporth
    • By Blackbeard of Perranporth 26th Apr 19, 12:27 PM
    • 6,037 Posts
    • 35,049 Thanks
    Blackbeard of Perranporth
    My parents are considering ER/Lifetime mortgage. From what I'm reading its not a great solution for them or my siblings and I. Instead, can I buy a % of their home from them?
    Originally posted by lozthomas
    I you could raise the mortgage and pay this without difficulty, this is the route to take. be sure to seek professional advice.
    Cardiac Arrest - Electrical - Patient unconscious! Heart Attack - Plumbing - Patient conscious!
    Defibrillators Cannot Cure a Heart Attack!
    • Onlooker
    • By Onlooker 27th Apr 19, 5:33 PM
    • 99 Posts
    • 18 Thanks
    Onlooker
    Lifetime Mortgage
    Following a ruling by he Financial Conduct Authority providers can offer Retirement Interest Only mortgage to home owners aged from 60 to 90 years of age.The providers must obtain evidence that the borrowers can repay the loans on a monthly basis with their income
    Example if someone borrows 25,000 over 15 years the monthly payments would be just over 80.00 .Over the 15 years they will have paid back 15,000 add to that the 25,000 the total cost would be 40,000.
    Borrowing 25000 with a Lifetime Mortgage the total cost will be 50.000 and rising unless the borrower opts out by paying the large Early Repayment Charge involved with these loans.
    It would appear that there will be plenty of competion for buyers .The example offered is just one of many that can be made to suit any hoiuse holder in this age group.Consider.
    • poppy10
    • By poppy10 28th Apr 19, 3:22 PM
    • 6,164 Posts
    • 7,463 Thanks
    poppy10
    Onlooker why did you take out a lifetime mortgage to pay for a new car and a holiday, without reading the terms and conditions for what you were signing up for?
    • Onlooker
    • By Onlooker 4th May 19, 7:32 AM
    • 99 Posts
    • 18 Thanks
    Onlooker
    Lifetime Mortgage
    Consider the fact that this industry has now entered the realms of a so-called free raffle for tens of thousands of pounds .Free yes apart from the fact that to enter you must face up to one of their advisors who job is to ensure that they get the winnings back and much more from anyone who gets involved.Not thousands of pounds but a large proportion of your own paid for property..
    There will maybe omny only one winner, apart from the industry itself ,but thousands of losers if they decided to enter this new fangled lottery with their own inheritance at stake.Consider
    • poppy10
    • By poppy10 4th May 19, 6:38 PM
    • 6,164 Posts
    • 7,463 Thanks
    poppy10
    Onlooker why did you take out a lifetime mortgage to pay for a new car and a holiday, without reading the terms and conditions for what you were signing up for?
    • Onlooker
    • By Onlooker 10th May 19, 7:54 PM
    • 99 Posts
    • 18 Thanks
    Onlooker
    Lifetime Mortgage
    Some time ago we mentioned the fact that a Finance Bill set along side the F.C.A w.as to be introduced in Parliament to protect people who faced significent challenges when it came to managing their monies etc.We also asked how badly had charities incomes been hit by people whose wealth had been lessened leaving them short of funds to gift to said charities due taking out Lifetime Mortgages.
    We also asked where did the monies come from to promote a free large five figure sum to one lucky winner.by one of the providers agents,and why did they do it..
    Now it has gone into reverse whereby the agent is paying commission to a particular well known charity to earn commission by advising people etc,.some who will be like the afore mentioned, to look at their Lifetime Mortgage product.Consider
    • poppy10
    • By poppy10 11th May 19, 8:00 PM
    • 6,164 Posts
    • 7,463 Thanks
    poppy10
    Onlooker why did you take out a lifetime mortgage to pay for a new car and a holiday, without reading the terms and conditions for what you were signing up for?
    • getmore4less
    • By getmore4less 11th May 19, 8:08 PM
    • 35,825 Posts
    • 21,931 Thanks
    getmore4less
    Onlooker why did you take out a lifetime mortgage to pay for a new car and a holiday, without reading the terms and conditions for what you were signing up for?
    Originally posted by poppy10
    They never read anything, including replies here.
    • robatwork
    • By robatwork 12th May 19, 8:50 AM
    • 5,110 Posts
    • 5,873 Thanks
    robatwork
    He reads everything, and has on occasion replied but ducked the question.

    Now it's his outlet, possibly part of some therapist-organised regime to quell his inner demons. He is a dragon slayer, and the dragons are those nasty financial companies with their offers of free money.

    So I picture him on his soapbox at Speaker's Corner, flaming sword in hand, shouting into the wind but nobody can hear...and his sword goes out...and he trudges back to his not so new car and drives home quietly alone hoping against hope that his message hasn't fallen on deaf ears. Hot tea awaits.
    • Onlooker
    • By Onlooker 16th May 19, 8:46 PM
    • 99 Posts
    • 18 Thanks
    Onlooker
    Lifetime Mortgage
    One certain problem which will arise for all who get trapped at some point with the intricacies of Equity releases is that coulee are involved.,one of whom will pass away before the other. The survivor will be then be left alone to make some important decisions when because of their invollment any thought will have put the lenders condiltions first and foremost.Consider
    • kingstreet
    • By kingstreet 17th May 19, 7:08 AM
    • 35,052 Posts
    • 19,082 Thanks
    kingstreet
    that coulee are involved
    Originally posted by Onlooker
    A short flow of viscous lava, according to Google?
    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.
    • Emanresu321
    • By Emanresu321 17th May 19, 8:36 AM
    • 6 Posts
    • 9 Thanks
    Emanresu321
    A short flow of viscous lava, according to Google?
    Originally posted by kingstreet
    I always thought a sauce, usually of a sweet flavour, often seen on Masterchef. But then my spelling has never been great. Consider.
    • Brock_and_Roll
    • By Brock_and_Roll 17th May 19, 9:11 AM
    • 945 Posts
    • 951 Thanks
    Brock_and_Roll
    If Onlooker has been posting as part of some form of therapy, it has worked. I have read all his posts and feel much better!

    Without wishing to condone some of the small print in lifetime mortgages, how blooming hard is it to understand the principle of compound interest?

    Surely the older generation, that needed the math skills to work in pounds, shilling and pence, and know all about the costs & risks of buying things "on tick" and lived through the 1970s inflation and the ERM fallout, can understand that if you borrow a large amount of money today and make no repayments, then the balance a a few decades down the line will have increased significantly!

    Consider.
    • kingstreet
    • By kingstreet 17th May 19, 12:54 PM
    • 35,052 Posts
    • 19,082 Thanks
    kingstreet
    I always thought a sauce, usually of a sweet flavour, often seen on Masterchef. But then my spelling has never been great. Consider.
    Originally posted by Emanresu321
    Oh, yeah.

    I wonder why that didn't come up?
    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.
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