Pensioners With 70K Average Mortgages

[Tenubracon]

http://www.dailymail.co.uk/news/article-1338721/One-million-pensioners-burdened-mortgage-average-debt-70k.html

Equity release, interest only, all the favourites!

"When Gordon Davico, 76, stopped working five years ago, he owed £84,000 on his home because he had been on an interest-only ­mortgage with Portman Building Society.

Mr Davico, who ran ­upmarket car dealerships in London, says: ‘I hadn’t ­realised I had been paying off only the interest and not the capital. It had been changed several years before when I had money troubles and I had ­forgot about it."

[Reck B]

http://www.dailymail.co.uk/news/article-1338721/One-million-pensioners-burdened-mortgage-average-debt-70k.html

Equity release, interest only, all the favourites!

"When Gordon Davico, 76, stopped working five years ago, he owed £84,000 on his home because he had been on an interest-only ­mortgage with Portman Building Society.

Mr Davico, who ran ­upmarket car dealerships in London, says: ‘I hadn’t ­realised I had been paying off only the interest and not the capital. It had been changed several years before when I had money troubles and I had ­forgot about it."

Poor old bugger. We all make silly mistakes from time to time, like trying to boil the kettle during a powercut, or changing the single largest financial commtiment you ever make to a product called 'interest only' and wondering why the balance hasn't reduced.

There should be a safety net for such every day oversights. Perhaps our taxes could be used to help him and others like him?

[leicestersq]

Poor old bugger. We all make silly mistakes from time to time, like trying to boil the kettle during a powercut, or changing the single largest financial commtiment you ever make to a product called 'interest only' and wondering why the balance hasn't reduced.

There should be a safety net for such every day oversights. Perhaps our taxes could be used to help him and others like him?

Have no fear, SMI is here.

[SomethingHasToGive]

Have no fear, SMI is here.

grrr...

[profitofdoom]

http://www.dailymail.co.uk/news/article-1338721/One-million-pensioners-burdened-mortgage-average-debt-70k.html

Equity release, interest only, all the favourites!

"When Gordon Davico, 76, stopped working five years ago, he owed £84,000 on his home because he had been on an interest-only ­mortgage with Portman Building Society.

Mr Davico, who ran ­upmarket car dealerships in London, says: ‘I hadn’t ­realised I had been paying off only the interest and not the capital. It had been changed several years before when I had money troubles and I had ­forgot about it."

Now I run a down market car dealership - the kind of thing that people struggling to keep a car on the road buy. 4/5 year old Astra/Focus/Vectra. What troubles me about this story is how someone in Mr Davico's position ends up at 76 in a two bed house with a big mortgage.This sounds like a fairy story,unless he was the car valeter of course.

[Timak]

If you have a final salary scheme releasing say £100k at 3% interest will let you live the high life for the first 10 years of retirement.

Your pension could then easily cover your repayments when you are 75+ and less mobile than you used to be.

[mitchbux]

Now I run a down market car dealership - the kind of thing that people struggling to keep a car on the road who pay cash/let some other mug get hit for the majority of the depreciation buy. 4/5 year old Astra/Focus/Vectra. What troubles me about this story is how someone in Mr Davico's position ends up at 76 in a two bed house with a big mortgage.This sounds like a fairy story,unless he was the car valeter of course.

Corrected for you.

[singlemalt]

http://www.dailymail.co.uk/news/article-1338721/One-million-pensioners-burdened-mortgage-average-debt-70k.html

Equity release, interest only, all the favourites!

"When Gordon Davico, 76, stopped working five years ago, he owed £84,000 on his home because he had been on an interest-only ­mortgage with Portman Building Society.

Mr Davico, who ran ­upmarket car dealerships in London, says: ‘I hadn’t ­realised I had been paying off only the interest and not the capital. It had been changed several years before when I had money troubles and I had ­forgot about it."

I guess he might have got dementia? Regardless no point worrying about his mortgage now! On paper he's already used up 99% of the average male life expectancy. Forget it, it's someone elses problem.