Good news for some full timers who have had enough (1 Viewer)

[buttons]

Many of the big building societies have now increased the max age for paying off a mortgage up to 85 years old. This means you cold take out a 25 year mortgage at 60 years old. Could be good for full timers who have had enough and want to settle down again in later years.

This could have a positive effect on house prices. Anyone fancy taking out a mortgage at 60 or a second mortgage to enable you to get a new motorhome maybe.

 

[Charlie]

Sign that the stards that run the country just want us to work longer. Gives them an excuse to take the pensionable age farther away. Who the hell wants a mortgage at that age !!!!! Lunacy .

 

[34127]

Pensioners must be a good risk to Banks as they have a guaranteed income - for life

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[Badknee]

We paid our mortgage off about five years ago and would I want another? No thanks. I feel sorry for my kids and grandkids, they will be working into their 70's and 80's. The government don't want pensioners, they want us dead and gone 'cos it's cheaper that way.

 

[Jim]

Who the hell wants a mortgage at that age

The beneficiaries in our wills

 

[Zepp]

Sold up 8 years ago we are semi retired , I'm 58 and we are giving up work October this year and if I had my way we would finish today so no way would I want to take out a mortgage again .

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[gus-lopez]

The beneficiaries in our wills

I doubt you'll get insurance cover. It will probably be a 'debt' that has to come out of the inheritance!

 

[Jim]

I doubt you'll get insurance cover. It will probably be a 'debt' that has to come out of the inheritance!

Assuming its not paid. I'm sure plenty of selfish kids would like their parents buy a house rather than spend their inheritance on things like fun and foreign travel.

 

[DuxDeluxe]

Assuming its not paid. I'm sure plenty of selfish kids would like their parents buy a house rather than spend their inheritance on things like fun and foreign travel.

Our daughter phoned up one day and said she had seen on Zoopla how much our house was worth (they were wrong) and said did we know? I said "no" and then she told me and said "well, when are you going to pop your clogs then?"


It was a joke and we both found it funny - it was nice to see her laughing about something

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[buttons]

Sold up 8 years ago we are semi retired , I'm 58 and we are giving up work October this year and if I had my way we would finish today so no way would I want to take out a mortgage again .

Early days at 58 Zepp......

 

[buttons]

I doubt you'll get insurance cover. It will probably be a 'debt' that has to come out of the inheritance!

Could help you free up some of that cash in your vast property empire g-l.

 

[olley]

My dad took a mortgage out at 59 and that was some 30 years ago, so nothing new.

Ian

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[scotjimland]

It was a joke

many a true word spoken in jest ..

 

[Tootles]

Looking back, in reflection, I''m sorry that I swallowed the 'great British dream' and took out my first mortgage. In doing so, I climbed onto a non stop train to a town called 'compliance'. Someone once said that you were born into this world to work until you dropped, repaying for the right to live in your 'own' house, that you will never truly 'own'.........Because like everything in life, times and circumstances change. You see adverts for 'The Home of Your Dreams', which of coarse is cobblers. You live there for some years, and then get 'another dream house'........And you carry on paying. All designed to make sure you have an orderly, paying out for almost ever existence.
The amount we finally paid out on our second, (and thankfully), last mortgage, after 25 years, in so called 'interest', would have bought me a nice rented existence, with many thousands to spare. And for what?? I never owned the damned place until it was fully paid up. It always belonged to someone else. So why do we do it? I'm baffled. Maybe it was the 'thing to do', have your 'own' house that wasn't. And as a legacy for the kids?? Their not interested....They earn three times as much now as I ever did........

 

[Lenny HB]

This could have a positive effect on house prices. Anyone fancy taking out a mortgage at 60 or a second mortgage to enable you to get a new motorhome maybe.

A mortgage for a new motorhome - no thank you, borrowing money for vehicles is financial suicide, borrowing against a depreciating asset does not make financial sense we prefer to save up until we can afford something.

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[Charlie]

The banks are about to roll out the 100 percent mortgages again. Proving they learnt nothing from the last crash.

What worries me is those thinking the rates will stay low forever and think they can afford something they can't with no contingency in place.

How many can remember 15 percent plus when we owed and sod all now we don't and have savings ???

 

[Charlie]

Looking back, in reflection, I''m sorry that I swallowed the 'great British dream' and took out my first mortgage. In doing so, I climbed onto a non stop train to a town called 'compliance'. Someone once said that you were born into this world to work until you dropped, repaying for the right to live in your 'own' house, that you will never truly 'own'.........Because like everything in life, times and circumstances change. You see adverts for 'The Home of Your Dreams', which of coarse is Shoemakers. You live there for some years, and then get 'another dream house'........And you carry on paying. All designed to make sure you have an orderly, paying out for almost ever existence.
The amount we finally paid out on our second, (and thankfully), last mortgage, after 25 years, in so called 'interest', would have bought me a nice rented existence, with many thousands to spare. And for what?? I never owned the damned place until it was fully paid up. It always belonged to someone else. So why do we do it? I'm baffled. Maybe it was the 'thing to do', have your 'own' house that wasn't. And as a legacy for the kids?? Their not interested....They earn three times as much now as I ever did........

I actually think we had more opportunities to earn decent money where in today's age the kids are burdened down with the so called living wage.

We fast tracked out of our mortgage and was done and dusted at 50. So now we are living free of rent or mortgage which is nice. Plus we will leave a nice legacy for our two kids so no it was not for nothing far from it !

 

[appydaze]

With all the incoming potential tenants, I can see some people having a self financing income as landlords.

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[dabhand]

All points are valid however, if you are lucky enough to be in full time employment and have a reasonable job, getting a mortgage and increasing the repayments each time they become easy to manage and / or trading up to a more expensive house using the equity gained, is about the only way in this country to earn tax free cash when you downsize in later years! It goes without saying that location and a little luck also help!!

 

[buttons]

Looking back, in reflection, I''m sorry that I swallowed the 'great British dream' and took out my first mortgage. In doing so, I climbed onto a non stop train to a town called 'compliance'. Someone once said that you were born into this world to work until you dropped, repaying for the right to live in your 'own' house, that you will never truly 'own'.........Because like everything in life, times and circumstances change. You see adverts for 'The Home of Your Dreams', which of coarse is Shoemakers. You live there for some years, and then get 'another dream house'........And you carry on paying. All designed to make sure you have an orderly, paying out for almost ever existence.
The amount we finally paid out on our second, (and thankfully), last mortgage, after 25 years, in so called 'interest', would have bought me a nice rented existence, with many thousands to spare. And for what?? I never owned the damned place until it was fully paid up. It always belonged to someone else. So why do we do it? I'm baffled. Maybe it was the 'thing to do', have your 'own' house that wasn't. And as a legacy for the kids?? Their not interested....They earn three times as much now as I ever did........

Not sure you are right Mr T, property prices rise faster than most other investments. I remember the higher interest rates in the past but over all purchasing a home with a mortgage is by far the best thing most of us can do. Did you read about Richard the centenarian at the weekend. Richard purchased his two up two down for £300. Even in it's present condition it would manage a million, not a bad investment. I purchased my first property for around £7000 that was the best investment I could have possibly made at the time. In true DelBoy stile you could look at your Dux Towers and say "Rodney this time next year we will be millionaires".

 

[WillH]

Paid off our mortgage when I was 45, never borrowed money since.

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[Tootles]

Not sure you are right Mr T, property prices rise faster than most other investments. I remember the higher interest rates in the past but over all purchasing a home with a mortgage is by far the best thing most of us can do. Did you read about Richard the centenarian at the weekend. Richard purchased his two up two down for £300. Even in it's present condition it would manage a million, not a bad investment. I purchased my first property for around £7000 that was the best investment I could have possibly made at the time. In true DelBoy stile you could look at your Dux Towers and say "Rodney this time next year we will be millionaires".

Quite correct, Mr B, but I have heard of guys buying 1935 Harley Davidson's for £21 19/- and 6d, then selling them years later for a squillion or two.........I think the truth runs something like this. You bought a house in 1974 for 7k, sold it in 1979 for 12k, but your next house cost 16k.........Which you then sold in 2001 for 38k............(before the boom), and you spent how much in interest payments, with the rate being around 14% in the eighties???
You see, you might think your 'making a bundle', but when you come to buy your next place............Unless you downsize a hell of a lot, or buy a static caravan, well sorry, but your making squat. The only people to enjoy your hard earned swag are the mortgage companies......And for what??? You die.

 

[Charlie]

Quite correct, Mr B, but I have heard of guys buying 1935 Harley Davidson's for £21 19/- and 6d, then selling them years later for a squillion or two.........I think the truth runs something like this. You bought a house in 1974 for 7k, sold it in 1979 for 12k, but your next house cost 16k.........Which you then sold in 2001 for 38k............(before the boom), and you spent how much in interest payments, with the rate being around 14% in the eighties???
You see, you might think your 'making a bundle', but when you come to buy your next place............Unless you downsize a hell of a lot, or buy a static caravan, well sorry, but your making squat. The only people to enjoy your hard earned swag are the mortgage companies......And for what??? You die.

We have always bought houses requiring renovation. The profit from this has either gone into the next one or used to build our small portfolio of rental properties .

I would be lying if I said we have never made a mistake as we bought one house and actually lost 20K... The rest have made profits and are continuing to do so.

So there is more than one way of skinning a cat. We all do things differently and yes of course we die but we are going to do that no matter what ..

 

[Chris]

If we Brexit none of us will see 85, apparently.

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[Charlie]

Paid off our mortgage when I was 45, never borrowed money since.

If we Brexit none of us will see 85, apparently.

 

[buttons]

Quite correct, Mr B, but I have heard of guys buying 1935 Harley Davidson's for £21 19/- and 6d, then selling them years later for a squillion or two.........I think the truth runs something like this. You bought a house in 1974 for 7k, sold it in 1979 for 12k, but your next house cost 16k.........Which you then sold in 2001 for 38k............(before the boom), and you spent how much in interest payments, with the rate being around 14% in the eighties???
You see, you might think your 'making a bundle', but when you come to buy your next place............Unless you downsize a hell of a lot, or buy a static caravan, well sorry, but your making squat. The only people to enjoy your hard earned swag are the mortgage companies......And for what??? You die.

It's not all bad Mr T what about those who have purchased under the Right to Buy in places like Bankside or Battersea, they are now sitting on an absolute fortune with kids at private schools big posh motor on the drive and so much equity they will never have to work again. Tell them that they should never have stopped paying the council rent and lumbered themselves with this mortgage.

 

[Charlie]

It's not all bad Mr T what about those who have purchased under the Right to Buy in places like Bankside or Battersea, they are now sitting on an absolute fortune with kids at private schools big posh motor on the drive and so much equity they will never have to work again. Tell them that they should never have stopped paying the council rent and lumbered themselves with this mortgage.

I think the point Mr T is missing is we had to have a roof over our heads. Rent or buy it all cost money.

Rent ? Nowt wrong with that but you pay forever . Buy. Well that's fine as well but the bonus is at some point the payments stop and things become a little more comfortable .

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[Tootles]

It's not all bad Mr T what about those who have purchased under the Right to Buy in places like Bankside or Battersea, they are now sitting on an absolute fortune with kids at private schools big posh motor on the drive and so much equity they will never have to work again. Tell them that they should never have stopped paying the council rent and lumbered themselves with this mortgage.

Yes, Mr B, but my memory must be fading fast, because I don't remember anything about 'right to buy' in 1974. You either saved up, or borrowed the deposit from a family member, as we did, and got charged interest on that, quite rightly.

I actually think we had more opportunities to earn decent money where in today's age the kids are burdened down with the so called living wage.

Both our kids are pulling in excess of 50 k per anum. They don't need my scraggy savings.

 

[Barclaybasher]

Buying your home rather than renting gives you the choice of where you live and security that you can stay there as long as you want (if you can afford it)

I've never moved house just to make a profit, the last time was for my children......

As for mortgages - I still have a few........... at 70 !

............Not for myself, for my children

Am I worried ?............ not at all........ the mortgages 'work' for me an my children

One big mistake we all make though is thinking that we 'own' the house we just bought with a mortgage...

... wrong you only own the bit you put down as a deposit......

.

 

[vwalan]

It's not all bad Mr T what about those who have purchased under the Right to Buy in places like Bankside or Battersea, they are now sitting on an absolute fortune with kids at private schools big posh motor on the drive and so much equity they will never have to work again. Tell them that they should never have stopped paying the council rent and lumbered themselves with this mortgage.

wasnt right to buy later than that . about 79 i thought . it helps if facts are the truth.

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