40 year fixed rate mortgage

[ladymuck]

Not a bad option in some ways - higher interest but the option to fix for a long term with no penalties for early repayment is the sort of product missing from the UK market

https://www.theguardian.com/money/20...o-deposit-loan

EDIT: and it's portable too

[Lance]

Not a bad option in some ways - higher interest but the option to fix for a long term with no penalties for early repayment is the sort of product missing from the UK market

https://www.theguardian.com/money/20...o-deposit-loan

would work well for career public sector people. Retire after 40 years with no mortgage and a thumping great pension.
Wonder how they'll get a 10% deposit before that though.

[ladymuck]

would work well for career public sector people. Retire after 40 years with no mortgage and a thumping great pension.
Wonder how they'll get a 10% deposit before that though.

Bank of Mum and Dad, like everyone else?

[AtW]

would work well for career public sector people. Retire after 40 years with no mortgage and a thumping great pension.
Wonder how they'll get a 10% deposit before that though.

Rishi, that’s how

[AtW]

So 5.55% for 40 years, with 10% deposit and total safety of brick and mortar that will certainly double in price over 40 years.

[ladymuck]

So 5.55% for 40 years, with 10% deposit and total safety of brick and mortar that will certainly double in price over 40 years.

And you can move with it, make overpayments and settle early without penalty. I actually think it's a good product.

The main downside is the amount of interest you'd pay over 40 years compared to a more traditional 20-25 year mortgage.

[AtW]

And you can move with it, make overpayments and settle early without penalty. I actually think it's a good product.

It's a great product if BoE rates go up to 5% like in the normal times, but that ain't happening.

40 years is bonkers anyway, who'd qualify for it, 20 year olds, or will it be left to ones children like they had to do in Japan when they went through the same tulip the West is going througn now? It's Japanese scenario now.

[Whorty]

Are interest only mortgages still an option? If they allow over payment, that's the way we went and cleared our mortgage pretty sharpish. Was ideal for me as a contractor ... Mrs W paid the monthly interest during the year, I threw a lump sum in from my divs at the end of the year.

[NotAllThere]

Mortgages? INKSPE.

(Yes, I've got one )

[ladymuck]

Mortgages? INKSPE.

(Yes, I've got one )

I don't have one

(I rent)