Motor_Blade Posted May 9, 2016 Share Posted May 9, 2016 A longer life of debt and renting from the bank! Corrected it for you.... Quote Link to comment Share on other sites More sharing options...
spyguy Posted May 9, 2016 Share Posted May 9, 2016 So how much is the mortgage likely to be a month? And remind me again how poor all these pensioners are. Its not the mortgage that will be costly - at todays rates. It the life insurance. Quote Link to comment Share on other sites More sharing options...
renting til I die Posted May 9, 2016 Share Posted May 9, 2016 He should be able to borrow 4.5 times his income, giving him maximum lending of £315,000. The problem is finding enough for a deposit and buying costs. http://www.telegraph.co.uk/pensions-retirement/financial-planning/i-worked-in-the-far-east-now-im-renting-at-51-can-i-buy-before-i/ I think they have made the change for this poor guy! Quote Link to comment Share on other sites More sharing options...
Si1 Posted May 9, 2016 Share Posted May 9, 2016 Considering the generous pensioner benefits and safety nets currently being use to buy elections, I don't blame NW in the least. It's us who are paying fit it. Quote Link to comment Share on other sites More sharing options...
Eddie_George Posted May 9, 2016 Share Posted May 9, 2016 The Nationwide might be in a lot of sh1t with IO mortgages. My thoughts exactly, plus the end of BTL. They're in big trouble. Quote Link to comment Share on other sites More sharing options...
Eddie_George Posted May 9, 2016 Share Posted May 9, 2016 A pensions researcher (the "head", no less!) says it's better to have a mortgage until literally your dying day? Seriously? Does he know what retirement is? How does someone who's 81 years old pay off their monthly repayments? Work? With their state pension? With their private (ha!) pension? Nope. Why does he think it's a good idea? Exactly. There will be no private pensions, state pensions, or even jobs in 25 years to pay off the mortgage! Quote Link to comment Share on other sites More sharing options...
canbuywontbuy Posted May 9, 2016 Share Posted May 9, 2016 Exactly. There will be no private pensions, state pensions, or even jobs in 25 years to pay off the mortgage! That's what I read from it. Mortgages until 85 = no retirement.....but what kind of jobs will there be for 80+ year olds? Quote Link to comment Share on other sites More sharing options...
canbuywontbuy Posted May 9, 2016 Share Posted May 9, 2016 (edited) At what point is a crash welcomed by one and all? The alternative to a never-crash-always-borrow-moar-from-the-future economy is that everybody will be miserable and without retirement. Apart from that, as you are Osborne. Edited May 9, 2016 by canbuywontbuy Quote Link to comment Share on other sites More sharing options...
winkie Posted May 9, 2016 Share Posted May 9, 2016 That's what I read from it. Mortgages until 85 = no retirement.....but what kind of jobs will there be for 80+ year olds? Over worked and under paid does not make for old bones.....perhaps those who are due to inherit will continue with the repayments? Quote Link to comment Share on other sites More sharing options...
spyguy Posted May 9, 2016 Share Posted May 9, 2016 That's what I read from it. Mortgages until 85 = no retirement.....but what kind of jobs will there be for 80+ year olds? Granny fanny centrefold? Quote Link to comment Share on other sites More sharing options...
Eddie_George Posted May 9, 2016 Share Posted May 9, 2016 Granny fanny centrefold? It's amazing what you can do with a bit of nip and tuck...... Quote Link to comment Share on other sites More sharing options...
anonguest Posted May 9, 2016 Share Posted May 9, 2016 Methinks this news report is yet another 'shoeshine boy' moment, marking pretty much the top in this insanely priced market. Not too many years from now, after the dust has settled, people will look back at announcments like this and say how obviously stupid it was and ask themsleves what were people thinking. Quote Link to comment Share on other sites More sharing options...
PopGun Posted May 9, 2016 Share Posted May 9, 2016 Methinks this news report is yet another 'shoeshine boy' moment, marking pretty much the top in this insanely priced market. Not too many years from now, after the dust has settled, people will look back at announcments like this and say how obviously stupid it was and ask themsleves what were people thinking. The bubble is starting to defy the laws of physics now. If it doesn't pop within the next 12 months we may as well admit defeat and close this forum down and be done with it. Reality used to be a friend of mine, but now it's seriously taking the pi$$ Quote Link to comment Share on other sites More sharing options...
spyguy Posted May 9, 2016 Share Posted May 9, 2016 Methinks this news report is yet another 'shoeshine boy' moment, marking pretty much the top in this insanely priced market. Not too many years from now, after the dust has settled, people will look back at announcments like this and say how obviously stupid it was and ask themsleves what were people thinking. No. I think this relates to NW mortgage book and current set of rules. Its probably got a shitload of IO mortgages and is looking to wiggle out somehow. Quote Link to comment Share on other sites More sharing options...
Snugglybear 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. Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted May 9, 2016 Share Posted May 9, 2016 (edited) Interesting timing, are NW in full BTL reversal panic mode, all of a sudden? Hopefully. They will on Wednesday implement the tighter BTL lending criteria, and now they are putting measures in place which make it look like they'd like their previous lending repaid at some point. As has been mentioned above, is this just the weight of existing low rate IO crushing their balance sheet for new lending purposes? Edit the new Nationwide BTL criteria come in on Wednesday 11th May, not today as I originally wrote. Edited May 9, 2016 by The Knimbies who say No Quote Link to comment Share on other sites More sharing options...
spyguy Posted May 9, 2016 Share Posted May 9, 2016 Interesting timing, are NW in full BTL reversal panic mode, all of a sudden? Hopefully. They have (from today) implemented the tighter lending criteria, and now they are putting measures in place which make it look like they'd like their previous lending repaid at some point. As has been mentioned above, is this just the weight of existing low rate IO crushing their balance sheet for new lending purposes? No, its worse than that. They are probably in the shit with the number of IO - BTL + OO. Remember, London/SE mortgages have been IO-only for the last 10-15 years. They cannot extend without passing the MMR tests i.,e. check on income and other calls on income. Quote Link to comment Share on other sites More sharing options...
spyguy Posted May 9, 2016 Share Posted May 9, 2016 Who knows? Maybe NW could be in its last days? Quote Link to comment Share on other sites More sharing options...
Maynardgravy Posted May 9, 2016 Share Posted May 9, 2016 Another name for intergenerational lending? Quote Link to comment Share on other sites More sharing options...
spyguy Posted May 9, 2016 Share Posted May 9, 2016 Another name for intergenerational lending? Cant do it. Contracts are with a person. UK law does nto allow this. It could only be via a company. Quote Link to comment Share on other sites More sharing options...
Maynardgravy Posted May 9, 2016 Share Posted May 9, 2016 Cant do it. Contracts are with a person. UK law does nto allow this. It could only be via a company. Thanks for clearing that up. So it is just total insanity then. Quote Link to comment Share on other sites More sharing options...
billybong 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. Quote Link to comment Share on other sites More sharing options...
spyguy 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. 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. Quote Link to comment Share on other sites More sharing options...
Errol Posted May 9, 2016 Share Posted May 9, 2016 Cant do it. Contracts are with a person. UK law does nto allow this. It could only be via a company. Could you not have a mortgage taken out by two people (one 55+ the other 25-30) with a 50+ year term so that in effect it is intergenerational? Quote Link to comment Share on other sites More sharing options...
spyguy Posted May 9, 2016 Share Posted May 9, 2016 Could you not have a mortgage taken out by two people (one 55+ the other 25-30) with a 50+ year term so that in effect it is intergenerational? Only be intergeneration if it was Gary Glitter and his GF. Boom boom. I think they go by the oldest of he couple. Quote Link to comment Share on other sites More sharing options...
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