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  • FIRST POST
    • Onlooker
    • By Onlooker 23rd Jun 17, 3:15 PM
    • 75Posts
    • 16Thanks
    Onlooker
    Lifetime Mortgage
    • #1
    • 23rd Jun 17, 3:15 PM
    Lifetime Mortgage 23rd Jun 17 at 3:15 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 8
    • Onlooker
    • By Onlooker 21st Sep 18, 2:57 PM
    • 75 Posts
    • 16 Thanks
    Onlooker
    Lifetime Mortgage
    In todays paper yet another new provider jumps on the Lifetime Mortgage wagon.Why?ls there lots of profits to be made .Enough to filter over 3million per annum to a third party with attractive name enough to induce people without enough financil skills to understand the full affect it will have on their future.
    We doubt that we are the only ones to feel a great deal of anquish about our decision of falling into the trap that is a lifetime of rising debt and knowing it will not end until.,who knows when.

    Another question ,has any of the repliers jumping on our posts have actually sold their product to their own parents or kin.Consider
    • Onlooker
    • By Onlooker 29th Sep 18, 10:25 AM
    • 75 Posts
    • 16 Thanks
    Onlooker
    Lifetime Mortgage
    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
    • By robatwork 30th Sep 18, 10:15 AM
    • 4,729 Posts
    • 5,302 Thanks
    robatwork
    I know I shouldn't, but...

    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
    Originally posted by Onlooker
    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
    • By ACG 30th Sep 18, 10:47 AM
    • 17,962 Posts
    • 9,752 Thanks
    ACG
    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.
    Originally posted by robatwork
    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
    • By robatwork 30th Sep 18, 8:29 PM
    • 4,729 Posts
    • 5,302 Thanks
    robatwork
    G
    Why is this thread still open. There is nothing of any value being added, just the same thing written differently week after week.
    Originally posted by ACG
    Is that your considered opinion?
    • julicorn
    • By julicorn 30th Sep 18, 9:07 PM
    • 459 Posts
    • 1,684 Thanks
    julicorn
    Is that your considered opinion?
    Originally posted by robatwork
    Well, he's certainly not the only one.
    Original mortgage: December 2017, 203,495
    MFW start: April 2018, 201,800
    Current: 183,900
    • ACG
    • By ACG 30th Sep 18, 9:30 PM
    • 17,962 Posts
    • 9,752 Thanks
    ACG
    Is that your considered opinion?
    Originally posted by robatwork
    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
    • By getmore4less 30th Sep 18, 9:38 PM
    • 33,613 Posts
    • 20,334 Thanks
    getmore4less
    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
    Originally posted by Onlooker
    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
    • By robatwork 1st Oct 18, 5:33 PM
    • 4,729 Posts
    • 5,302 Thanks
    robatwork
    Sorry you both missed my sarcasm - I mentioned considered opinion as all of the OP's missives end in a somewhat patronising "Consider"
    • ACG
    • By ACG 1st Oct 18, 5:53 PM
    • 17,962 Posts
    • 9,752 Thanks
    ACG
    Sorry you both missed my sarcasm - I mentioned considered opinion as all of the OP's missives end in a somewhat patronising "Consider"
    Originally posted by robatwork
    Sorry, that really did go whoosh over my head!
    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
    • By julicorn 1st Oct 18, 6:33 PM
    • 459 Posts
    • 1,684 Thanks
    julicorn
    Same here, but I've got to admit it was a good one!
    Original mortgage: December 2017, 203,495
    MFW start: April 2018, 201,800
    Current: 183,900
    • Gbbernmc
    • By Gbbernmc 1st Oct 18, 8:30 PM
    • 1 Posts
    • 0 Thanks
    Gbbernmc
    Options to avoid Equity Release
    It seems obvious equity release is a last resort.
    I'm 80 years old, house worth 350k mortgage of 100k.
    Income just covers my outgoings.
    So it's equity release.....which i don't want, or perhaps a secured loan, if I can get one.
    Any suggestions?
    • excelpaul
    • By excelpaul 1st Oct 18, 9:43 PM
    • 149 Posts
    • 503 Thanks
    excelpaul
    Gbbernmc. If I was in your position I would sell the house and pay off the mortgage. That would reduce your outgoings considerably. With 250000 you should be able to buy another property outright. Hopefully I am not missing something here.
    • excelpaul
    • By excelpaul 1st Oct 18, 9:44 PM
    • 149 Posts
    • 503 Thanks
    excelpaul
    Gbbernmc. Just being curious, but any reason you still have such a mortgage at your age?
    • mrginge
    • By mrginge 2nd Oct 18, 1:13 PM
    • 4,696 Posts
    • 8,936 Thanks
    mrginge
    I think lifetime mortgages are rubbish.

    Consider.
    • kay0601
    • By kay0601 2nd Oct 18, 1:34 PM
    • 67 Posts
    • 78 Thanks
    kay0601
    I think any loan whether secured or not should be thoroughly researched and the money received used wisely instead of holidays and frivolity (unless you can pay it back of course). Consider.
    • Onlooker
    • By Onlooker 6th Oct 18, 11:39 AM
    • 75 Posts
    • 16 Thanks
    Onlooker
    Lietime Mortgage
    Any posts on here are for information and discussion .Single Financial Aid Body.Not discussed.Post Office Family Line Mortgage .Not discussed.25% Early Repayment Charge.Not discussed.3million annual contribution by one provider to a third party.Not discussed.Advisors in the industry not selling to their own relatives.Not discussed.Depletion of giftng to charities>not discussed.Consider
    • mrginge
    • By mrginge 6th Oct 18, 2:08 PM
    • 4,696 Posts
    • 8,936 Thanks
    mrginge
    Lifetime mortgages are great.

    I have got three. My last one gave me a free pen and 25 M and S voucher.

    My sex life has improved no end and I have taken up salsa dancing. All thanks to my brilliant lifetime mortgages!

    Consider.
    • Onlooker
    • By Onlooker 13th Oct 18, 6:23 PM
    • 75 Posts
    • 16 Thanks
    Onlooker
    Lifetime Mortgage
    The prose in the Daily Papers with regard to Lifetime Mortgages continues virtuially every other day.The one sided obviously grafted enticement to people.We post our points with regard to same not to ,as it seems,to upset contributors put to give arguements against about once a week.It can be read or ignored the viewers choice .
    Alternatives have been given i.e Downsizing ,borrowing elsewhere ,not doing anything until a lot later in life as advised by the well respected MSE .The ratio of thanks to our posts is over 20% which is quite encouraging for ourselves.Consider
    • robatwork
    • By robatwork 14th Oct 18, 11:32 AM
    • 4,729 Posts
    • 5,302 Thanks
    robatwork
    1, 2, 3, <snap> and you're back in the room
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