Be honest please.

[Rwc13]

N

Getting a mortgage beyond the retirement age is quite irresponsible unless your mortgage is pretty substantial (over £1million). I was close to paying mine off then I moved to Surrey....

Not really if you have a decent guaranteed personal or corporate pension in retirement. Like this whole thread, it’s all about individual circumstances. You can’t make blanket rules.

 

[hoyin]

I’m guilty of that!
Rarely have cash on me, all cards...some change in the car for items little one might want from rides etc but mainly all on card

I am more than guilty!!

Not only do I not carry cash I don’t even carry a wallet with cards!

A lot of the time I only have my phone on me and I use Apple Pay.


Sent from my iPhone using Tapatalk

 

[rockits]

Hmmm but used car prices are up because of long waiting lists for new cars as they re-align post emissions buggery bollox so the new car slump is partially around supply.

That said, when I was looking at a remortgage recently I was stunned at the amount they were willing to lend me (both in terms of loan-to-value (LTV) and earnings), the term (well past state retirement age) and I could even have it paying back interest only if I wanted. I told them they were bonkers and it would all end in tears again.

I had the bl00dy opposite 4 years ago when we moved and the wouldn't lend me enough! Fast fwd 2 years and subsequent remortgage then they wouldn't lend what I already had!

Fast fwd to next year and if we get permission to build the house I'll need to rip the asset value out of the existing house to fund the build then will want a mortgage for over double what we currently have! However will be a buy to let at maybe 75% LTV........wish me luck!

 

[hoyin]

I had the bl00dy opposite 4 years ago when we moved and the wouldn't lend me enough! Fast fwd 2 years and subsequent remortgage then they wouldn't lend what I already had!

Fast fwd to next year and if we get permission to build the house I'll need to rip the asset value out of the existing house to fund the build then will want a mortgage for over double what we currently have! However will be a buy to let at maybe 75% LTV........wish me luck!

But a BTL they do it not via LTV but a calculation based on what they believe you can rent it out for.

I got hit on this. One of my flats rents for £1400 a month and has been for the past two years. The valuer valued it as a £1300 per month rent!! Even though I sent them evidence of the rent I was getting. And they refused to accept that!!!

FFS.


Sent from my iPhone using Tapatalk

 

[D Walker]

I had the bl00dy opposite 4 years ago when we moved and the wouldn't lend me enough! Fast fwd 2 years and subsequent remortgage then they wouldn't lend what I already had!

Fast fwd to next year and if we get permission to build the house I'll need to rip the asset value out of the existing house to fund the build then will want a mortgage for over double what we currently have! However will be a buy to let at maybe 75% LTV........wish me luck!

Offer still stands

 

[rockits]

But a BTL they do it not via LTV but a calculation based on what they believe you can rent it out for.

I got hit on this. One of my flats rents for £1400 a month and has been for the past two years. The valuer valued it as a £1300 per month rent!! Even though I sent them evidence of the rent I was getting. And they refused to accept that!!!

FFS.


Sent from my iPhone using Tapatalk

Good to know. Thanks.

When I looked many were offering BTL on LTV of 60-75%

As a *** packet guess the house to rent will be worth circa £1.2m with roughly 400k asset value left in with £800k mortgage. Rent would be about £3k pcm with mortgage maybe £3k. That might need tweaking a smidge but is there or thereabouts I expect.

 

[rockits]

Offer still stands

Appreciated. The application is just being completed and should be submitted in 1-2 weeks with response 4-6 weeks later. I'll keep you posted

 

[midlifecrisis]

N

Not really if you have a decent guaranteed personal or corporate pension in retirement. Like this whole thread, it’s all about individual circumstances. You can’t make blanket rules.

Did you not read my qualification within the same sentence?

Read it again

Getting a mortgage beyond the retirement age is quite irresponsible unless your mortgage is pretty substantial (over £1million).

Also i was not creating a blanket rule but a suggestion based on opinion. I'm not telling anybody what to do but giving advice like the rest of this thread.

 

[midlifecrisis]

None of my mates ask me for tips, they all know that I have many many losers and typically they'd "jump on board" when I'm going through a bad patch. You lot dream about women and cars, I dream about numbers

Can you see the matrix?

 

[Rwc13]

Did you not read my qualification within the same sentence?

Read it again

Getting a mortgage beyond the retirement age is quite irresponsible unless your mortgage is pretty substantial (over £1million).

Also i was not creating a blanket rule but a suggestion based on opinion. I'm not telling anybody what to do but giving advice like the rest of this thread.

Yes I did, but don’t see the relevance of an an arbitrary number like £1m. Affordability of a mortgage in retirement is a factor of retirement income compared to mortgage monthly payment and other outgoing. The mortgage monthly payment can vary substantially based on many factors, of which the mortgage amount is only one, eg rate, interest only etc.

But good to know we have an FCA registered mortgage adviser on here prepared to give free advice

 

[Felonious Crud]

But good to know we have an FCA registered mortgage adviser on here prepared to give free advice

Isn't free advice, opinions, experience and general banter and pub chat what this forum's all about..?

 

[conaero]

Isn't free advice, opinions, experience and general banter and pub chat what this forum's all about..?

Yup!

 

[Scaf]

I am a little conservative with mortgages.

I have a couple of buy to let but only small mortgages - something inside me tell me I should remortgage and buy another as the capital gain in my area continues to outstrip any other investment.

What to do........ what to do...........

 

[FF1078]

I am a little conservative with mortgages.

I have a couple of buy to let but only small mortgages - something inside me tell me I should remortgage and buy another as the capital gain in my area continues to outstrip any other investment.

What to do........ what to do...........

Same here
I've got 2 x 2 bed rentals. 1 mortgage is finished in 3 years and the other 10 years. Do I sell the one in 3 years and buy 2 more? I'm aware that you can have a max of 3 BTL before your classed as a business.

 

[JonW]

I find mortgage conversations scary... but only because I live in Surrey commuter land, and the numbers are ridiculous.

Having said that, I’m 47, I have to retire from my current firm before I’m 60, and I have an interest only mortgage (which is not small, even by Surrey standards!) with a 21 year term... Trying to explain the financial logic of that to anyone is difficult, and the crazy thing is that this is all on the advice of a really reputable financial adviser!...

 

[bigbob]

I find mortgage conversations scary... but only because I live in Surrey commuter land, and the numbers are ridiculous.

Having said that, I’m 47, I have to retire from my current firm before I’m 60, and I have an interest only mortgage (which is not small, even by Surrey standards!) with a 21 year term... Trying to explain the financial logic of that to anyone is difficult, and the crazy thing is that this is all on the advice of a really reputable financial adviser!...

It's only a problem if you don't downsize in retirement.

 

[Doohickey]

Same here
I've got 2 x 2 bed rentals. 1 mortgage is finished in 3 years and the other 10 years. Do I sell the one in 3 years and buy 2 more? I'm aware that you can have a max of 3 BTL before your classed as a business.

Don't forget about the govt's latest SDLT wheeze - an extra 3% for second homes in addition to the usual rates.

 

[FF1078]

I find mortgage conversations scary... but only because I live in Surrey commuter land, and the numbers are ridiculous.

Having said that, I’m 47, I have to retire from my current firm before I’m 60, and I have an interest only mortgage (which is not small, even by Surrey standards!) with a 21 year term... Trying to explain the financial logic of that to anyone is difficult, and the crazy thing is that this is all on the advice of a really reputable financial adviser!...

Interest only? I suppose where you are house prices will be rising something silly though?

 

[FF1078]

Don't forget about the govt's latest SDLT wheeze - an extra 3% for second homes in addition to the usual rates.

They would only be £125k max houses though David so I should be able to miss that.

 

[Scaf]

Same here
I've got 2 x 2 bed rentals. 1 mortgage is finished in 3 years and the other 10 years. Do I sell the one in 3 years and buy 2 more? I'm aware that you can have a max of 3 BTL before your classed as a business.

Mine are in my wife’s name so that doubles the number we can have, although it being a business has its advantages.
Any financial advisors on here ?