perplexed Posted March 16, 2012 Share Posted March 16, 2012 I'm wondering how they know that 80% of IOM customers don't have a repayment vehicle? Reading further down the text, there is talk of ensuring such a vehicle is in place in the future, but as far as I know there isn't now. My mortgage is nearing it's end, but its a repayment mortgage. However, a few years ago I did have an IOM. I had (and still have) an endowment and a couple of other bits of plans which I was going to utilise to pay it off, but the bank never knew this, as far as I can recall. Link to comment Share on other sites More sharing options...
chem1st Posted March 16, 2012 Author Share Posted March 16, 2012 If chem one day inherited a house, he would then own two houses. You can imagine on finding out his partner saying under her breath, "awkward". How would I own two? Link to comment Share on other sites More sharing options...
Cyclone Posted March 16, 2012 Share Posted March 16, 2012 I'm wondering how they know that 80% of IOM customers don't have a repayment vehicle? Reading further down the text, there is talk of ensuring such a vehicle is in place in the future, but as far as I know there isn't now. My mortgage is nearing it's end, but its a repayment mortgage. However, a few years ago I did have an IOM. I had (and still have) an endowment and a couple of other bits of plans which I was going to utilise to pay it off, but the bank never knew this, as far as I can recall. Maybe they did a survey of a 1000 people with such a mortgage and then extrapolate from that data. Link to comment Share on other sites More sharing options...
Cyclone Posted March 16, 2012 Share Posted March 16, 2012 How would I own two? How about if two relatives died... Link to comment Share on other sites More sharing options...
FACEBOOK Posted March 16, 2012 Share Posted March 16, 2012 How would I own two? Sorry I figured you currently owned. But I am curious as to what you would do. Link to comment Share on other sites More sharing options...
Agent Orange Posted March 16, 2012 Share Posted March 16, 2012 How about if two relatives died... Sorry I figured you currently owned. But I am curious as to what you would do. Would he stand by his principles and sell them off cheap to desperate first time buyers, I wonder? Link to comment Share on other sites More sharing options...
altus Posted March 16, 2012 Share Posted March 16, 2012 Yay, today's Chem1st Evil Landlord/Houseowner/too high rents/poke my eyes out with a blunt stick thread. Where is CXC3000 with his Palestine threads when you need him? You could start a cyclists and road tax thread if you're getting bored of Chem1st's stuck record. Link to comment Share on other sites More sharing options...
chem1st Posted March 16, 2012 Author Share Posted March 16, 2012 How about if two relatives died... Your assuming my relatives are in the minority of owning their houses outright, and that they would leave their houses entirely to me. Link to comment Share on other sites More sharing options...
Cyclone Posted March 16, 2012 Share Posted March 16, 2012 No, we're just wondering what you would do if it happened. Link to comment Share on other sites More sharing options...
chem1st Posted March 16, 2012 Author Share Posted March 16, 2012 Nobody rents a house from a bank. They buy it, and make loan repayments to the bank. At the end of the loan term the house is theirs. How long does it take to pay off an interest-only mortgage? Link to comment Share on other sites More sharing options...
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