Monday, November 26, 2007

Is living within means impossible for the retired?

Mortgage equity release sector shows alarming increase

Most other lending areas are tightening their belts, with stricter conditions, restricted availability and in some cases inflated rates, it is surprising to see the equity release sector beginning to broaden its horizons by way of lowering minimum ages and increasing maximum loan to values...

Posted by converted lurker @ 11:06 AM (845 views)
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4 thoughts on “Is living within means impossible for the retired?

  • A friend of mine recently upped the mortgage on the house he rents out, even though the rent doesn’t cover the cost (and is now almost certainly more than the house is worth).
    When you think about it, he’s paying the mortgage with… the mortgage

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  • @ Cyril,I know quite a few of those.

    Lots of people have MEWed their houses to buy expensive cars to impress people they don’t like. Then comes long haul holidays and interior designers – all paid for on low wages and MEW. Once house prices stop going up, a few folk I know will get a shock!

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  • george monsoon says:

    There is a staggering number of completely stupid people in this country.

    Oh well, my deposit for a house is now at about 5k

    Another 18 months and I will buy the house I am renting (when it goes on the market) for about 30k less than current market value

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  • Millions of baby-boomers are expecting to be able to retire on the strength of their property, whether by MEWing or downsizing. I anticipate one massive bout of panic selling as property values start to slide in the coming months, and the reality starts to sink in that house prices are not going to go back up soon if at all…….

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