One thing that is never made clear is that the providers of these schemes insist on having first charge on your house. This means that any existing mortgage must be paid off. A lot of the adverts make it seem this is a choice. It’s not. The bottom line is that when the compounded interest is paid off on the relatively small amount of the advance these lenders end up owning your property for a fraction of its worth. Don’t go anywhere near these schemes unless there is absolutely no other way out.
@ARI Red Steer I don’t know anything about this scheme but if you are desperate enough to go down this road you probably need every penny and won’t be able to afford repayments of any kind. These schemes are not designed to benefit the borrowers but are very profitable for the lenders. I have tried to find the interest rates on an interest only lifetime mortgage but that is only available if I apply for one. That says enough in itself. My opinion on these types of schemes will never change. It is blood suckers and vultures preying on desperate or ignorant people. Why help your child to buy a house when it makes much more economic sense for them to rent until they inherit your home free and clear, even if it means moving in to care for you.
@ARI Red Steer I don’t dispute anything you say, it’s just their slick advertising that makes me feel they are scamming people. The Readers Digest inference that mortgage redemption is voluntary is so misleading. I certainly will never be tempted by any of these schemes. Good luck to you, John.
Well, the English guru 🇬🇧 🏴 Martin Lewis does not believe in them !! So he answered my question and this is a company sell them to you like timeshares !!!!
A life time mortgage is an ensowerment policy mortgage repackage. Don't do it what was when it came to maturity people found they didn't have enough money in it to pay for the house and the ensowerment policy died a death to re apears as a life time mortgage. The only winner is the don't give it a wide birth and toss an ideas of getting a life time mortgage in the bin. If you already have a life time mortgage I recommend you change from it ASAP. Do some research on the ensowerment policy mortgages
I'm learning so much from watching your great videos.
One thing that is never made clear is that the providers of these schemes insist on having first charge on your house. This means that any existing mortgage must be paid off. A lot of the adverts make it seem this is a choice. It’s not. The bottom line is that when the compounded interest is paid off on the relatively small amount of the advance these lenders end up owning your property for a fraction of its worth. Don’t go anywhere near these schemes unless there is absolutely no other way out.
@ARI Red Steer I don’t know anything about this scheme but if you are desperate enough to go down this road you probably need every penny and won’t be able to afford repayments of any kind. These schemes are not designed to benefit the borrowers but are very profitable for the lenders. I have tried to find the interest rates on an interest only lifetime mortgage but that is only available if I apply for one. That says enough in itself. My opinion on these types of schemes will never change. It is blood suckers and vultures preying on desperate or ignorant people. Why help your child to buy a house when it makes much more economic sense for them to rent until they inherit your home free and clear, even if it means moving in to care for you.
@ARI Red Steer I don’t dispute anything you say, it’s just their slick advertising that makes me feel they are scamming people. The Readers Digest inference that mortgage redemption is voluntary is so misleading. I certainly will never be tempted by any of these schemes. Good luck to you, John.
Good ideas for us!
i feel like it should be 50 years old. imagine being 50 and them saying you’re too young and have a wait 5 years…
So you never actually own your home?
Well, the English guru 🇬🇧 🏴 Martin Lewis does not believe in them !! So he answered my question and this is a company sell them to you like timeshares !!!!
You are beautiful, good video
A life time mortgage is an ensowerment policy mortgage repackage. Don't do it what was when it came to maturity people found they didn't have enough money in it to pay for the house and the ensowerment policy died a death to re apears as a life time mortgage. The only winner is the don't give it a wide birth and toss an ideas of getting a life time mortgage in the bin. If you already have a life time mortgage I recommend you change from it ASAP. Do some research on the ensowerment policy mortgages