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The RIO mortgage -just when you think the evil financial wizards couldn't come up with anymore daft ideas to make things even worse.

What could possibly go wrong?

No long term fixed rate, with the maximum being 5 years and recommendations that you should have an income to pay your interest, with for example a defined benefits pension. Given the parlous state of pensions in this country that could get sticky very quickly as if you can't pay, they take it away.

Looks like a good wheeze to kick the can down the road for just that bit longer, which inevitably raises the risk and scale of the inevitable crash, but that's alright as long as TPTB keep making more.

Only one slight glimmer of light, the loan to value is restricted to 60%, so looks like they are building in for falls then.

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I dunno. I spoke to an old boy on my housing estate, retired and well into his 70s. He reckons he hasn't paid his mortgage for about two years. The forbearance is strong for this one.

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5 hours ago, Switch625 said:

The RIO mortgage -just when you think the evil financial wizards couldn't come up with anymore daft ideas to make things even worse.

What could possibly go wrong?

No long term fixed rate, with the maximum being 5 years and recommendations that you should have an income to pay your interest, with for example a defined benefits pension. Given the parlous state of pensions in this country that could get sticky very quickly as if you can't pay, they take it away.

Looks like a good wheeze to kick the can down the road for just that bit longer, which inevitably raises the risk and scale of the inevitable crash, but that's alright as long as TPTB keep making more.

Only one slight glimmer of light, the loan to value is restricted to 60%, so looks like they are building in for falls then.

Not sure.

This RIO mortgage thang is very recent.

Its better than ER, by a long shot - find an online compounding interest calcualtor.

My adivice for OAP and unaffordable hosuing remains - sell up buy somewhere smaller.

 

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On 06/09/2018 at 13:10, spyguy said:

Not sure.

This RIO mortgage thang is very recent.

Its better than ER, by a long shot - find an online compounding interest calcualtor.

My adivice for OAP and unaffordable hosuing remains - sell up buy somewhere smaller.

 

Good advise....financially if can better to downsize buy something smaller can own absolutely, have some spare to spend than borrow more against pension/income and home equity accumulated later in life.......otherwise your home will more likely be someone else's pension/income.;)

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18 hours ago, Cosmic Lunatic Asylum said:

Advice sought:- I'm 69, can I combine this, whatever it is, with a PFI to build a portfolio of potentially valuable ex-council flats ?

This is no place for talented entrepreneurs. Be off.

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  • 152 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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