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Up to 40 year fixed rate mortgage


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eek

That makes zero sense unless the rate drops automatically as the loan is paid of and more equity is backing the loan.

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Yadda yadda yadda
34 minutes ago, eek said:

That makes zero sense unless the rate drops automatically as the loan is paid of and more equity is backing the loan.

I guess ERC is early redemption clause. So no cost for people to switch. £2k product fee must be most of the profit. There won't be many people needing 90% loan to value who can afford those rates. 2.99% for 15 years looks good.

Can't see many people wanting products from the right side, especially the bottom right corner. Might well be a marketing thing. Look at how good the rates on the left are.

Also the right hand side column has a star for indicative. So the 36-40 year products are non-standard.

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spygirl

As I said on TOS -

I cant work out how they;ll fund and manage this.

I cant find any info on the site either.

 

 

 

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Hancock

When you're in your 20s you can barely perceive living another 40 years let alone paying back money for that long.

25 year mortgages ought to be the limit.

Edited by Hancock
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stokiescum
2 hours ago, Hancock said:

When you're in your 20s you can barely perceive living another 40 years let alone paying back money for that long.

25 year mortgages ought to be the limit.

Indeed .I thought they used to be 20.

4 minutes ago, No One said:

LTV 60% and on 40 years, ....wut?

It’s because your worth it 

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No One
2 minutes ago, stokiescum said:

Indeed .I thought they used to be 20.

It’s because your worth it 

 

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haroldshand

Well that's it then, you now know that "they" will stop at nothing in in order to keep the plates spinning.

Slowly and bit by bit kids then turning into old people by the time the 40 year mortgages comes to an end  are going to start thinking  what the fuck, a life time of wages going towards not that nice of a house in many cases, houses that a sprogged up 19 year old non working thick Mother can get for nothing on HB.

It's amazing how many people will take on 40 year mortgages because society tells them to, it's not until someone else comes up with a radical rebellious alternate option that then becomes the norm that they then go with the flow, then it is too late usually.

In another twilight domain a 40 year mortgage for a shit house would be as obvious as stabbing yourself in the head 3 times per day as a dumb thing to do

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JoeDavola
On 11/03/2021 at 20:30, haroldshand said:

Well that's it then, you now know that "they" will stop at nothing in in order to keep the plates spinning.

Slowly and bit by bit kids then turning into old people by the time the 40 year mortgages comes to an end  are going to start thinking  what the fuck, a life time of wages going towards not that nice of a house in many cases, houses that a sprogged up 19 year old non working thick Mother can get for nothing on HB.

It's amazing how many people will take on 40 year mortgages because society tells them to, it's not until someone else comes up with a radical rebellious alternate option that then becomes the norm that they then go with the flow, then it is too late usually.

In another twilight domain a 40 year mortgage for a shit house would be as obvious as stabbing yourself in the head 3 times per day as a dumb thing to do

Yes, it shocked me how younger folk over the last few years seemed to think 30 year mortgages were normal. They will absolutely buy the idea of a 40 year mortgage without question.

Mortgage Debt Till You Die is the new economic reality - next stop intergenerational mortgages, assuming anyone can actually afford to have kids these days.

Edited by JoeDavola
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haroldshand
4 hours ago, JoeDavola said:

Yes, it shocked me how younger folk over the last few years seemed to think 30 year mortgages were normal. They will absolutely buy the idea of a 40 year mortgage without question.

Mortgage Debt Till You Die is the new economic reality - next stop intergenerational mortgages, assuming anyone can actually afford to have kids these days.

I always remember a mate of mine coming back from Australia with a few mates of his back in the 1990's, he is there set for life now, well the truth is he was set 20 plus years ago.

He was working in the mines in the Perth area and the rule of thumb was that if you worked your bollox off for 10 years you was at least set for life, brilliant house definitely. We were joking way back then how mad 25 year mortgages were with the first several years usually in a shit house and how things would probably become more like Australia one day as "we advanced".

Typical boiling frog scenario in the UK now, we just cannot see how crap it has become over the years and decades, the deep down we feel it day to day.

It's Brittany or Portugal for me now and I just hope things improve somehow someday, but I cannot see it now

 

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Dave Bloke
On 13/03/2021 at 21:34, haroldshand said:

It's Brittany or Portugal for me now and I just hope things improve somehow someday, but I cannot see it now

 

Jumping out of the British Frying pan into the French Fire then?

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haroldshand
16 hours ago, Dave Bloke said:

Jumping out of the British Frying pan into the French Fire then?

The rural smallholders life I want is available to me right now in Brittany with as much income as I need in life, for the same life in the UK I am probably looking at need another 65% plus in costs and will have to wait a good while longer.

Yes pros and cons, but I quite like the Brittany people

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Calcutta

Property is purely a store of wealth now. No doubt about it. A store of wealth that one day tptb can take away to pay for care homes. 

You pay your mortgage then pay your pension. At 55 you give your children your pension for a deposit in their house then when you die your inheritance clears their mortgage. They do the same. Prices can go up in nominal terms forever. Working for fuck all basically. But the benefits way of life won't look so great when benefits are paid as food tokens. 

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spygirl
On 25/03/2021 at 11:55, Calcutta said:

Property is purely a store of wealth now. No doubt about it. A store of wealth that one day tptb can take away to pay for care homes. 

You pay your mortgage then pay your pension. At 55 you give your children your pension for a deposit in their house then when you die your inheritance clears their mortgage. They do the same. Prices can go up in nominal terms forever. Working for fuck all basically. But the benefits way of life won't look so great when benefits are paid as food tokens. 

Not quite.

Property is more complex than that.

And it very much depends on where the property is,.

Property is a hedge on future local earnings/employment.

Thats it.

 

 

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