PopGun Posted May 9, 2016 Share Posted May 9, 2016 Who knows? Maybe NW could be in its last days? Maybe. Or you're just indulging in baseless speculation (again). *nervously checks mortgage terms* Quote Link to comment Share on other sites More sharing options...
PopGun Posted May 9, 2016 Share Posted May 9, 2016 Aren't they still going to have to look at borrowers' incomes? Presumably the new rules apply to all borrowers, and therefore the oldies should be providing proof of their incomes, including after 65. I suppose they could claim they will keep their jobs, citing anti-discrimination legislation. You'd like to think so Quote Link to comment Share on other sites More sharing options...
billybong Posted May 9, 2016 Share Posted May 9, 2016 (edited) No they haven't. MMR is still in force. If you're down to retire at 65 then you will struggle to get a mortgage beyond that. I was referring to the headlines - they've definitely changed - and of course they'll be starting to stretch, bend and loophole the rules and likely even ultimately revert them Like in the early 90s recession they were full of promised new rules and restrictions but it didn't stop the next crazy, crooked and fraudulent boom. Unfortunately. Mind you they're in an even deeper ZIRP/QE etc hole now so it's going to be very difficult for them this time. Edited May 9, 2016 by billybong Quote Link to comment Share on other sites More sharing options...
winkie Posted May 9, 2016 Share Posted May 9, 2016 It's just a few months/years ago when the headlines were talking about restricting mortgages to below the age of 65. Things change so quickly. ....desperate times, desperate measures......reverting back to type. Quote Link to comment Share on other sites More sharing options...
spyguy Posted May 9, 2016 Share Posted May 9, 2016 Maybe. Or you're just indulging in baseless speculation (again). *nervously checks mortgage terms* A bit. You have to appreciate that BSs cannot raise capital as easy as a bank. They blow up like bombs if they screw up on their loans. Look at all the demuted BS that are now dead. BS used to have a very low-risk business model. The borrower saved, the BS then loan them a small multiple. NW have not been following this model for a good 15 years. They are chasing risk + yield. There is no way on earth a BS, like NW, should be touching BTL - highly leverage commercial lending - with a barge pole. NW capital base cannot stand the losses. Quote Link to comment Share on other sites More sharing options...
canbuywontbuy Posted May 9, 2016 Share Posted May 9, 2016 Martin Lewis on Radio 5 thinks it's a great idea. Hmmm, but he also says "banks sensibly limited mortgage maturity to retirement age, but now we're working longer, we must expect mortgages to be available at a later age" (words to that effect). As per usual, nobody picked him up on the idea of people working until 85. Quote Link to comment Share on other sites More sharing options...
billybong Posted May 9, 2016 Share Posted May 9, 2016 (edited) Martin Lewis on Radio 5 thinks it's a great idea. Hmmm, but he also says "banks sensibly limited mortgage maturity to retirement age, but now we're working longer, we must expect mortgages to be available at a later age" (words to that effect). As per usual, nobody picked him up on the idea of people working until 85. and no pick up about stuff like the average age for FTBers getting on for 40 or indeed crazy house prices being at the centre of all the problems They always ring fence each individual issue and never consider the problem as a whole or even the consequences of each single issue. It's always spin and flip answers. Martin Lewis as much as anyone else. Edited May 9, 2016 by billybong Quote Link to comment Share on other sites More sharing options...
canbuywontbuy Posted May 9, 2016 Share Posted May 9, 2016 and no pick up about stuff like the average age for FTBers getting on for 40 or indeed crazy house prices being at the centre of all the problems They always ring fence each individual issue and never consider the problem as a whole or even the consequences of each single issue. It's always spin and flip answers. Martin Lewis as much as anyone else. Who can take this muppet seriously when he says he's a money saving expert, but thinks it's normal for someone to have a mortgage until 85? FFS! Quote Link to comment Share on other sites More sharing options...
winkie Posted May 9, 2016 Share Posted May 9, 2016 (edited) Who can take this muppet seriously when he says he's a money saving expert, but thinks it's normal for someone to have a mortgage until 85? FFS! I think what he is saying : If you haven't got a mortgage at 85 years old you will be having to pay rent at the ripe old age of 85 at twice the price..... The problem is not the mortgage rent or even the cost of the mortgage rent......it is the high cost of private rent. Who will be paying the rents? Edited May 9, 2016 by winkie Quote Link to comment Share on other sites More sharing options...
frederico Posted May 9, 2016 Share Posted May 9, 2016 Never too late to get on the housing ladder, Quote Link to comment Share on other sites More sharing options...
winkie Posted May 9, 2016 Share Posted May 9, 2016 Never too late to get on the housing ladder, It is not a ladder.....it is a snake. Quote Link to comment Share on other sites More sharing options...
CunningPlan Posted May 9, 2016 Share Posted May 9, 2016 Never too late to get on the housing ladder, Housing stairlift? Quote Link to comment Share on other sites More sharing options...
ccc Posted May 9, 2016 Share Posted May 9, 2016 Housing stairlift? Beat me to it !! Quote Link to comment Share on other sites More sharing options...
CunningPlan Posted May 9, 2016 Share Posted May 9, 2016 Beat me to it !! Oscar Wilde: I wish I had said that. James McNeill Whistler: You will, Oscar, you will. Quote Link to comment Share on other sites More sharing options...
winkie Posted May 9, 2016 Share Posted May 9, 2016 How much can you borrow against a state pension drawn at the age of 67 to 70 plus? Quote Link to comment Share on other sites More sharing options...
spyguy Posted May 9, 2016 Share Posted May 9, 2016 How much can you borrow against a state pension drawn at the age of 67 to 70 plus? Depends. How much does a 75 yo spend on childcare.... Joking aside, they might be paying fro some personal care services. Quote Link to comment Share on other sites More sharing options...
winkie Posted May 9, 2016 Share Posted May 9, 2016 Depends. How much does a 75 yo spend on childcare.... Joking aside, they might be paying fro some personal care services. Add it to the slate. Quote Link to comment Share on other sites More sharing options...
thewig Posted May 9, 2016 Share Posted May 9, 2016 Wait a minute. If your BTL is your pension (innit) how does this stack up? Buy a handful and just rent em out innit? Quote Link to comment Share on other sites More sharing options...
spyguy Posted May 9, 2016 Share Posted May 9, 2016 Wait a minute. If your BTL is your pension (innit) how does this stack up? Buy a handful and just rent em out innit? Its circular. BTl is pension, pension is BTL, BTL is pension, etc. I see you do not understand modern finance ... Quote Link to comment Share on other sites More sharing options...
thewig Posted May 9, 2016 Share Posted May 9, 2016 Its circular. BTl is pension, pension is BTL, BTL is pension, etc. I see you do not understand modern finance ... Too complex for me, gonna buy a few houses and just rent em out. Easy money. Quote Link to comment Share on other sites More sharing options...
winkie Posted May 9, 2016 Share Posted May 9, 2016 Quote Link to comment Share on other sites More sharing options...
Si1 Posted May 9, 2016 Share Posted May 9, 2016 Too complex for me, gonna buy a few houses and just rent em out. Easy money. Nah mate you at least need a dusty laptop wiv exssel so you can prove you is wot is good at mafs Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted May 9, 2016 Share Posted May 9, 2016 It is not a ladder.....it is a snake. Quote Link to comment Share on other sites More sharing options...
renting til I die Posted May 9, 2016 Share Posted May 9, 2016 (edited) I love this. Where did you find it? I think I need to redesign it for a t-shirt and get some made up! : Edit: reformat Edited May 9, 2016 by renting til I die Quote Link to comment Share on other sites More sharing options...
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