Gurgle Posted November 5, 2022 Share Posted November 5, 2022 https://www.telegraph.co.uk/personal-banking/mortgages/homeowners-turn-35-year-mortgages/ Quote Homeowners turn to 35-year mortgages A typical homeowner might save £229 a month by switching to a longer term – but would end up paying an extra £162,170 in interest Quote Link to comment Share on other sites More sharing options...
Gurgle Posted November 5, 2022 Author Share Posted November 5, 2022 “TSB, another lender, said it has seen an increase in homeowners taking out longer mortgage terms of 35 to 40 years over the past year. NatWest said that when it raised its maximum term from 35 to 40 years in April it saw an increase in people taking up the offer, while Atom Bank said there has been a “steady increase” in customers moving to longer terms during the past year.” maybe already here actually… Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted November 5, 2022 Share Posted November 5, 2022 Next comes the psychobabble about intergenerational mortgages. We get it every time a fall in house prices is announced. Quote Link to comment Share on other sites More sharing options...
winkie Posted November 5, 2022 Share Posted November 5, 2022 8 minutes ago, Bruce Banner said: Next comes the psychobabble about intergenerational mortgages. We get it every time a fall in house prices is announced. No longer leave assets, leave them your secured debt. Quote Link to comment Share on other sites More sharing options...
stuckmojo Posted November 5, 2022 Share Posted November 5, 2022 10 minutes ago, Bruce Banner said: Next comes the psychobabble about intergenerational mortgages. We get it every time a fall in house prices is announced. Guaranteed. Quote Link to comment Share on other sites More sharing options...
Maghull Mike Posted November 5, 2022 Share Posted November 5, 2022 Next comes a total collapse as people simply bugger off to US/Canada/Oz etc.............leaving their debts & worries behind Quote Link to comment Share on other sites More sharing options...
nothernsoul Posted November 5, 2022 Share Posted November 5, 2022 To me this sums up the problem. Maybe, just maybe an argument ( which I don't support by the way) could be made that ultra low interest rates were necessary for so long to prop up the economy. But if the government didn't want another dangerous housing bubble they could have tamed it with legislation enforcing lending practices that would have seemed eminently sensible 30 years ago, such as restricting the length of a mortgage to 25 years, insisting on a decent deposit to get a good rate of interest, restricting lending to a multiple of income etc. In fact the market would have probably done much of this itself by pricing in the risk, without George Osborne and the BOE(who cared only about keeping voters and vested interests onside at the long-term expense of the economy) getting out their basket of props whenever house prices looked like falling. Instead, we live in a country with ultra low interest rates, over lenient lending practices, historically and internationally low property taxes, restrictive planning laws and under building, a system that is anti renter and pro land lord. Can anyone be surprised house prices are where they are? Quote Link to comment Share on other sites More sharing options...
grey shark Posted November 5, 2022 Share Posted November 5, 2022 (edited) Was only a matter of time , there are millions in rented accomodation or still living with parents or something similar , to many of them a 35 year mortgage and a 10% off of peak prices would seem like a dream , a chance to own a place of their own etc. etc. , the banks will then be only to happy to lend to eligible buyers and help them onto the never ending debt ladder and thus avoiding a serious HPC .... Edited November 5, 2022 by grey shark Quote Link to comment Share on other sites More sharing options...
petetong Posted November 5, 2022 Share Posted November 5, 2022 1 hour ago, Maghull Mike said: Next comes a total collapse as people simply bugger off to US/Canada/Oz etc.............leaving their debts & worries behind Not easy for your average Brit to bugger off to US/Canada/Oz and live there on anything like a permanent basis. Quote Link to comment Share on other sites More sharing options...
Social Justice League Posted November 5, 2022 Share Posted November 5, 2022 200 year mortgages are what thick c4nts want. Quote Link to comment Share on other sites More sharing options...
grey shark Posted November 5, 2022 Share Posted November 5, 2022 6 minutes ago, Social Justice League said: 200 year mortgages are what thick c4nts want. A modern day slave is a debt slave .... Quote Link to comment Share on other sites More sharing options...
Social Justice League Posted November 5, 2022 Share Posted November 5, 2022 1 minute ago, grey shark said: A modern day slave is a debt slave .... Yep totally agree, but STILL have fecking idiots signing up for it....... Quote Link to comment Share on other sites More sharing options...
grey shark Posted November 5, 2022 Share Posted November 5, 2022 Majority of people are finacially illiterate and believe what there told and so just follow the crowd in a sheep like way , everyone on this forum will know plenty of sheep minded people , they are quite simply as thick as ........ you guessed it .............. sheep sh!t Quote Link to comment Share on other sites More sharing options...
fuzzy_bear Posted November 5, 2022 Share Posted November 5, 2022 2 hours ago, Maghull Mike said: Next comes a total collapse as people simply bugger off to US/Canada/Oz etc.............leaving their debts & worries behind You do know that your debt obligations travel with you? To the USA where umm. . . 30-40 year mortgages are standard Quote Link to comment Share on other sites More sharing options...
Social Justice League Posted November 5, 2022 Share Posted November 5, 2022 1 minute ago, fuzzy_bear said: You do know that your debt obligations travel with you? To the USA where umm. . . 30-40 year mortgages are standard More full those c4nts for signing up for it. 40 year mortgages....lol. The banks love mutants like these. Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted November 5, 2022 Share Posted November 5, 2022 15.5% of terms were 35 years or greater in 2016, I expect this has continued to creep up. Nothing new here. Quote Link to comment Share on other sites More sharing options...
Lucky Larry Posted November 5, 2022 Share Posted November 5, 2022 With the retirement age set to be raised to 80 , 55 year mortgages that incorporate student debt and a health care plan seem perfectly logical Quote Link to comment Share on other sites More sharing options...
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