Chit Chat
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31 Aug 15
13:26
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Date Joined:
25 Dec 05
about record numbers releasing equity from their homes in the form of remortgaging to fund everyday living,new cars ,holidays etc,
ive asked this question a million times with no real answers but will try again,if you can afford the monthly repayments on any worthwhile remortgage [considering the charges charged ] to fund day to day living expenses why do you need to remortgage in the 1st place just use your spare monthly cash that you obviously have
ive asked this question a million times with no real answers but will try again,if you can afford the monthly repayments on any worthwhile remortgage [considering the charges charged ] to fund day to day living expenses why do you need to remortgage in the 1st place just use your spare monthly cash that you obviously have
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Replies: 15
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mortgage would be cheaper than car financing. The people doing this presumably want a lump sum upfront at cheap rates.
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As an ex adviser I often found people Re Mortgaging to pay off other debts ie credit cards.
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cheaper intialy or over the length of a mortgage,
 ,and thats without taking into account any future drops in your house price,call me an old cynic but ive always thought that mortgage brokers work in the following ways,tie them in on a teaser rate and dont worry we,ve still got the best part of 20 or even 25ys[with 30 yr mortgages becoming popular[ to get it back plus interest and the now crippling fees to remortgage are just a brucie bonus,you,ve to be borrowing a nice chunk to make it worth your while with todays fees,it was only 10 yrs ago when they were offering all these remortgaging deals free,now people paying 2,3 grand plus for them |
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Nobody went broke assuming most people are stupid 1st timer.
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And similar stupid people will be cashing in their pensions too
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Not smart like the people on chit chat.
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More like the Daily Wail imo.
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Facts 31 Aug 15 17:50
And similar stupid people will be cashing in their pensions too Yeah, they'll be doing it through sheer stupidity, not desperation. You sound like a Tory. |
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Not desperation, ignorance. The Tories have opened up the floodgates, hoping people will get the revenue and spend it, thus putting money into the tax coffers. An utter utter con.
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It may be a con but in the right hands it can be a very good thing. There will be stupid people out there - some have already reared their heads - but if the pot is good enough I would say that a wise person is behind it. One doesn't use their savvy on building a decent pension pot and then blow it all overnight
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Facts,There's nothing stupid about not wanting to buy an annuity.
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^^^ agree entirely
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I'm not saying there is. But I'm afraid there's going to be a lot of people who are going to be tempted into blowing, or severely denting their pot. Only to realise later down the line they won't have enough to retire/ live on.
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The majority of pensions out there are not enough to live on anyway Facts. An annuity is probably around 5% of a pot or lower (it used to be considerably higher) so, for example, a £300k pot would give you around 15k per annum, if you're lucky. Now find out how many people have pots that big and you'll be hard pressed to find many, if any. I'd be surprised if you find many over £100k (£5k per annum) and most are much much lower
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