Good news for some full timers who have had enough

Discussion in 'Motorhome Chat' started by buttons, May 9, 2016.

  1. buttons

    buttons Funster

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    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.(y)

    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.:cool:
     
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  2. Charlie

    Charlie Funster

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    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 .
     
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  3. Borderland

    Borderland Funster

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

    Badknee Funster

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    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.
     
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  5. Jim

    Jim Ringleader

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    The beneficiaries in our wills :)
     
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  6. Zepp

    Zepp Funster

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    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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  7. gus-lopez

    gus-lopez Funster

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

    Jim Ringleader

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    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.
     
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  9. DuxDeluxe

    DuxDeluxe Funster Life Member

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    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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  10. buttons

    buttons Funster

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    Early days at 58 Zepp......;):)
     
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  11. buttons

    buttons Funster

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    Could help you free up some of that cash in your vast property empire g-l.;):)
     
  12. olley

    olley Funster

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

    Ian
     
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  13. scotjimland

    scotjimland Funster Life Member

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    many a true word spoken in jest ..
     
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  14. Tootles

    Tootles Funster

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    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........:cry::cry::cry:
     
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  15. Lenny HB

    Lenny HB Funster

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    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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  16. Charlie

    Charlie Funster

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    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 ???
     
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  17. Charlie

    Charlie Funster

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    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 !
     
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  18. solo 1

    solo 1 Funster Life Member

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

    dabhand Funster Life Member

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    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!!
     
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  20. buttons

    buttons Funster

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    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".;):)
     
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