Maybe you needn't be minted provided there's some deferred equity release aspect whereby you have a negligible interest rate but the bank or building society claim some or all of the property equity when you pop off?
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What happens went they want your Mortgage money?
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But if you do that, how do you pay for your EOL care in a home?…Maybe we ain’t that young anymoreComment
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Originally posted by vetran View Postif my mortgage was at 2% from 30 years old it would be the equivalent of £20 a week when I'm 80.Comment
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Originally posted by dx4100 View PostWhat about 30 to 80 ?
in 10 years my mortgage fell from about half of my take home to about a quarter. Money gets devalued & wages go up.Always forgive your enemies; nothing annoys them so much.Comment
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Originally posted by vetran View Postinitially it will be a significant part of salary then it will fall to peanuts.
in 10 years my mortgage fell from about half of my take home to about a quarter. Money gets devalued & wages go up.Comment
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Originally posted by The_Equalizer View PostBut nothing like in the 80s and 90s with inflation running at about 0.5%-ish. This is the real rub, buying an expensive house in a low inflation period means you're paying more for longer.
My salary / hurly rate rose during that period as I progressed in jobs.
combine with Housing costs rising and 5% inflation (headline rate) over 10 years I was paying peanuts for a 4 bed house.Always forgive your enemies; nothing annoys them so much.Comment
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Originally posted by vetran View PostBought in the 80's & the 90s.
My salary / hurly rate rose during that period as I progressed in jobs.
combine with Housing costs rising and 5% inflation (headline rate) over 10 years I was paying peanuts for a 4 bed house.Comment
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Originally posted by The_Equalizer View PostIndeed. I'm sure the vast majority that take out a mortgage purely judge it on the monthly payment. We've had no increase in base rate for over eight years. If you take out a mortgage today, you're probably going to pay a real chunk of money out of your income for a very long time.Comment
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Originally posted by dx4100 View PostWhen we do have an increase in base rates I think a lot of the country are going to find they can't make the payments. That will be the time to investmerely at clientco for the entertainmentComment
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Originally posted by eek View PostFTFY it will be for some while for others
Pass me the popcornComment
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