Agent Orange Posted March 16, 2012 Share Posted March 16, 2012 Your assuming my relatives are in the minority of owning their houses outright, and that they would leave their houses entirely to me. So, what would happen if you were left two houses? Link to comment Share on other sites More sharing options...
Ian Dome Posted March 16, 2012 Share Posted March 16, 2012 Read more: http://www.thisismoney.co.uk/money/mortgageshome/article-2115253/Over-50s-face-mortgage-timebomb-says-FSAs-Wheatley.html#ixzz1pHEWpJJv Nearly half of the properties in the UK are mortgaged. The so called owner occupier rate of 65% is make believe. The majority of people don't own their own homes (many are merely renting them from the banks). Property is vastly overpriced due to this type of lending. The coming crisis and resulting homelessness is going to be of great proportions. Warnings were ignored. You must take action to protect yourself if you haven't already done so. do you own a home? either by way of "renting from the bank" or fully paid off? Link to comment Share on other sites More sharing options...
andyofborg Posted March 16, 2012 Share Posted March 16, 2012 How long does it take to pay off an interest-only mortgage? that depends on the term of the loan Link to comment Share on other sites More sharing options...
Guest sibon Posted March 16, 2012 Share Posted March 16, 2012 How long does it take to pay off an interest-only mortgage? That depends really. It would take me a few minutes on the phone if I chose to. I'm not sure why I'd want to pay off a loan at 1.6% though. Link to comment Share on other sites More sharing options...
Ms Macbeth Posted March 16, 2012 Share Posted March 16, 2012 That depends really. It would take me a few minutes on the phone if I chose to. I'm not sure why I'd want to pay off a loan at 1.6% though. Our interest only mortgage was almost paid off a couple of years ago, and it really pained me that when we'd paid most of it off with our endowments, the interest rate was around 2%. Why couldn't it have been as low as that when we were really struggling to pay the lot! I still remember 15% and wince. We paid it off with savings shortly after the endowments matured, one took a while as we took them to the ombudsman (and won!). All the time we paid interest only to the building society, we contributed to endowment insurance policies to repay the capital. Not the best choice in retrospect, but all paid for now. Link to comment Share on other sites More sharing options...
chem1st Posted March 16, 2012 Author Share Posted March 16, 2012 Our interest only mortgage was almost paid off a couple of years ago, and it really pained me that when we'd paid most of it off with our endowments, the interest rate was around 2%. Why couldn't it have been as low as that when we were really struggling to pay the lot! I still remember 15% and wince. We paid it off with savings shortly after the endowments matured, one took a while as we took them to the ombudsman (and won!). All the time we paid interest only to the building society, we contributed to endowment insurance policies to repay the capital. Not the best choice in retrospect, but all paid for now. And soon you can sell it to pay for your care home fees, then I can pay for it over the course of my working life and sell it to pay for my care home fees, and my children and their children can do the same Link to comment Share on other sites More sharing options...
harvey19 Posted March 16, 2012 Share Posted March 16, 2012 And soon you can sell it to pay for your care home fees, then I can pay for it over the course of my working life and sell it to pay for my care home fees, and my children and their children can do the same Could be part of the reason council houses were sold. Link to comment Share on other sites More sharing options...
Phanerothyme Posted March 16, 2012 Share Posted March 16, 2012 For the first time in absolutely ages the number of buy-to-let mortgages has exceeded the number of residential mortgages in this [great] country [of ours]. Link to comment Share on other sites More sharing options...
Agent Orange Posted March 16, 2012 Share Posted March 16, 2012 And soon you can sell it to pay for your care home fees, then I can pay for it over the course of my working life and sell it to pay for my care home fees, and my children and their children can do the same What if you don't go into a care home? Link to comment Share on other sites More sharing options...
Guest sibon Posted March 16, 2012 Share Posted March 16, 2012 Our interest only mortgage was almost paid off a couple of years ago, and it really pained me that when we'd paid most of it off with our endowments, the interest rate was around 2%. Why couldn't it have been as low as that when we were really struggling to pay the lot! I still remember 15% and wince. We paid it off with savings shortly after the endowments matured, one took a while as we took them to the ombudsman (and won!). All the time we paid interest only to the building society, we contributed to endowment insurance policies to repay the capital. Not the best choice in retrospect, but all paid for now. Mine started off at a massive rate too. 12.25% I seem to recall. I remortgaged about 10 years ago and got lucky with a base rate tracker with no floor. I pay 1.6% and the cash to pay it off earns about twice that. No wonder the banks are bust:D Link to comment Share on other sites More sharing options...
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