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Cash in your house, itv


RJT1979

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Anyone see this last night? Loads of boomers moaning about their parents taking out shared equity release in the late 90s. Someone borrowed 200k against big house in north london and now owe the bank 2 million. Probably almost all equity now gone and the children moaning and trying to claim miselling.

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Chewing Grass

Tough shit fuckers, spent your lives waiting to sell your parents house (no need for a pension) only to find the fuckers spent it.

You can't have your cake if somebody else has eaten it you financial illiterate, whinging*, entitled, twats**.

* [Dialectal alteration of Middle English whinsen, from Old English hwinsian.]

** Vulgar Slang A foolish or contemptible person.

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In the program they have experts explaining how the equity release adverts make it look like an easy decision and then when the program finished there was an equity release advert lol. Guess that company thinks it is still a prime slot.

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I keep saying to people that there's going to be a lot of siblings mightily disappointed and bitter when they discover the bank owns their parents house, and all they're getting is the 30 year old sofa and curtains. 

Only then will they question how their bus driver dad and administrative assistant mum afforded those luxury cruises and a new car every year.

It will unfortunately cause a lot of heart ache for people who were gambling on inheritance giving them a retirement.  This country is a total clusterfuck 

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18 hours ago, RJT1979 said:

Anyone see this last night? Loads of boomers moaning about their parents taking out shared equity release in the late 90s. Someone borrowed 200k against big house in north london and now owe the bank 2 million. Probably almost all equity now gone and the children moaning and trying to claim miselling.

They dont owe the bank 2m. ER is capped.

The bank owns all the equity.

Tough. Specialist finance is expensive n risky for both parties.

18 hours ago, Chewing Grass said:

Tough shit fuckers, spent your lives waiting to sell your parents house (no need for a pension) only to find the fuckers spent it.

You can't have your cake if somebody else has eaten it you financial illiterate, whinging*, entitled, twats**.

* [Dialectal alteration of Middle English whinsen, from Old English hwinsian.]

** Vulgar Slang A foolish or contemptible person.

Thats one sister.

Ive pounted out theres a lot siblings too.

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19 hours ago, Iamcynical said:

I keep saying to people that there's going to be a lot of siblings mightily disappointed and bitter when they discover the bank owns their parents house, and all they're getting is the 30 year old sofa and curtains. 

Only then will they question how their bus driver dad and administrative assistant mum afforded those luxury cruises and a new car every year.

It will unfortunately cause a lot of heart ache for people who were gambling on inheritance giving them a retirement.  This country is a total clusterfuck 

Ok, so at what point the house transfers? Death? Maybe time for the parent to go abroad where deaths are not reported so well and let the kids live there until the mum 'dies' aged 110.

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21 hours ago, RJT1979 said:

Anyone see this last night? Loads of boomers moaning about their parents taking out shared equity release in the late 90s. Someone borrowed 200k against big house in north london and now owe the bank 2 million. Probably almost all equity now gone and the children moaning and trying to claim miselling.

It is seriously wrong to lend money on a house. The value of your house can go up and down. 

However the fuckers all took the money and enjoyed spending it so they can get to fuck.

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On 09/11/2019 at 11:46, sarahbell said:

It is seriously wrong risky to lend borrow money on the house you live in. The value of your house can go up and down. 

However the fuckers all took the money and enjoyed spending it so they can get to fuck.

I dont know a huge number of people where I know all about their financial fuckwittery - sub 50.

However .... even with that limited Im aware of 4 families where the house has to be sold/repo to pay off debt.

None had what youd call financial shock - death unemployment. Mortgage had been going 10+ years.

None had OTT spending, just the extra car a bit too soon, the extra holiday, shit like that over 10-15 years.

One you owe your annual salary in CC/unsecured debt then, bar winning lottery, the chances of escaping going under are zilch.

Easy to understand why, with APRs are 15%+.

A simple monthly overspend of £200/month, 50/week - think a family meal at pizza hut, will give you ~2200/years debt, which compounds at 15%+, 50K+ in just over 15 years.

Id guess most of the 4 families were overspending/borrowing at 500/m.

 

 

 

 

 

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On 14/11/2019 at 07:13, spygirl said:

I dont know a huge number of people where I know all about their financial fuckwittery - sub 50.

However .... even with that limited Im aware of 4 families where the house has to be sold/repo to pay off debt.

None had what youd call financial shock - death unemployment. Mortgage had been going 10+ years.

None had OTT spending, just the extra car a bit too soon, the extra holiday, shit like that over 10-15 years.

One you owe your annual salary in CC/unsecured debt then, bar winning lottery, the chances of escaping going under are zilch.

Easy to understand why, with APRs are 15%+.

A simple monthly overspend of £200/month, 50/week - think a family meal at pizza hut, will give you ~2200/years debt, which compounds at 15%+, 50K+ in just over 15 years.

Id guess most of the 4 families were overspending/borrowing at 500/m.

 

 

 

 

 

£50 for a family at Pizza Hut is quite a lot though, even at the current rip-off prices.

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5 minutes ago, spunko said:

£50 for a family at Pizza Hut is quite a lot though, even at the current rip-off prices.

Nope.

2 kids, 2 parents.

2 sharing pizzas - 30.

Drinks another 20.

Pizza hut is relatively good value.

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And therein lies the problem, it is our family tradition to have pizza for tea on Saturday night.

We make them from scratch at home.

We make the tastiest pizzas you could imagine with extremely extravagent toppings.

They are better than anything you would get in a pizza joint.

Cost = £ practically fuck all.

 

 

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48 minutes ago, Bornagain said:

 

And therein lies the problem, it is our family tradition to have pizza for tea on Saturday night.

We make them from scratch at home.

We make the tastiest pizzas you could imagine with extremely extravagent toppings.

They are better than anything you would get in a pizza joint.

Cost = £ practically fuck all.

 

 

What toppings do you use? And do you make the dough? My mum makes it all from scratch and while not authentic at all its of course the best pizza .

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We make the dough in our ancient breadmaker.

Toppings can be almost anything, my favourite would be (from the base up)

Tomato paste

Palmesan

Red onion

Tuna

Mushroom

Sweet pepper

Chilli

Anchovies

Bit of tomato

and anything eslse that may be hanging around in the kitchen.

The base should be thin

and it needs cooking hot....

Enjoy

 

 

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On 15/11/2019 at 21:31, spygirl said:

Nope.

2 kids, 2 parents.

2 sharing pizzas - 30.

Drinks another 20.

Pizza hut is relatively good value.

If you must go to Pizza Hut go when they have their lunchtime buffet. £7 or so for unlimited pizza and salad.

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On 16/11/2019 at 10:36, Bornagain said:

We make the dough in our ancient breadmaker.

Toppings can be almost anything, my favourite would be (from the base up)

Tomato paste

Palmesan

Red onion

Tuna

Mushroom

Sweet pepper

Chilli

Anchovies

Bit of tomato

and anything eslse that may be hanging around in the kitchen.

The base should be thin

and it needs cooking hot....

Enjoy

 

 

This is actually very similar to my favourite pizza, although it's missing sweetcorn. I wish more people would try tuna pizza, it's not much different to a tuna melt really.

4 hours ago, Castlevania said:

If you must go to Pizza Hut go when they have their lunchtime buffet. £7 or so for unlimited pizza and salad.

Yeah this is what I was going to say. You can also feed a family of 4 at Pizza Express using their app and voucher for about £20 if you time it right, i.e. don't go at 7pm on a Friday night... Last time I went to Pizza Express as a group of 3, it cost in total about £14 and that included a garlic bread starter, and drinks.

Admittedly there's no profit in it for them, but sod it.

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  • 1 month later...
sleepwello'nights
On 08/11/2019 at 14:15, RJT1979 said:

Anyone see this last night? Loads of boomers moaning about their parents taking out shared equity release in the late 90s. Someone borrowed 200k against big house in north london and now owe the bank 2 million. Probably almost all equity now gone and the children moaning and trying to claim miselling.

Sounds like it was a shared appreciation mortgage sold by Barclays in the late 90s. In essence you sold them a share of your house. The interest on the amount advanced was very low, in comparison to mortgage rates then. Of course as the market value of the house soared so did the share owned by the bank.

I considered it once. The market value of a house I looked at in Fulham then was approx. £250k. So if we had borrowed say 50% in 1998 the current market value of the house is what, £2.5m, then we would be on the hook to the  bank for £1.25m. Gearing working for the bank not the borrower.

https://en.wikipedia.org/wiki/Shared_appreciation_mortgage

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On 16/11/2019 at 08:48, Bornagain said:

 

And therein lies the problem, it is our family tradition to have pizza for tea on Saturday night.

We make them from scratch at home.

We make the tastiest pizzas you could imagine with extremely extravagent toppings.

They are better than anything you would get in a pizza joint.

Cost = £ practically fuck all.

 

 

Cue posting about an amazing `pizza oven from Amazon` coming any second now...that's what I love about this site, its far ranging conversation topics....from stuffing your face with pizza dough to stuffing your pockets with money :-)

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