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[Rangie]

Read several articles recently about celebrities who are crying poverty because of Covid, the latest being Cheryl Baker who at 66 years of age says she is broke still has a mortgage and has to survive on her pensions of £950 a month , do none of them save or use a good financial adviser , one of her fans is apparently setting up a fund so folk can contribute to help her out anyone on here want to chip in ?😂😂😂

[STEMO]

Who has a mortgage at 66? How long before people get totally sick of go fund me and the like, esp when it's abused, as I consider this appeal is.

[Field Marshal Dr. Opti]

Who has a mortgage at 66? How long before people get totally sick of go fund me and the like, esp when it's abused, as I consider this appeal is.

Some people do.

25 year mortgages were common. Now there are mortgages available for longer periods of time. Forty years, I hear.

Also....in 2021 the average first time buyer is now 83. 

[Doctor Gollum]

Most will allow mortgages upto 80 I believe that this is a side effect of the whole interest only and savings plan clusterfick.

Ownership is still cheaper than renting, and until that changes, long term mortgages will remain a thing.

[Field Marshal Dr. Opti]

Most will allow mortgages upto 80 I believe that this is a side effect of the whole interest only and savings plan clusterfick.

Ownership is still cheaper than renting, and until that changes, long term mortgages will remain a thing.

Much cheaper.

Let's assume you first pay rent or take out a 25 year mortgage at age 25. Lets also assume you live to eighty.

By age 50 you will be mortgage free and have the value of the property to play with. By comparison you will pay rent for 55 years and own sweet f*uck all.

[Olympia5776]

At 66 with dwindling employment opportunities , even sans Covid , if she has any equity in her 1 million pounds property she should sell up , down size and wise up.
" £250/month  private pension ...." , I got a cheque for twice that this morning for a one I was in for four years .
Celebrity is a heavy and expensive burden to carry ....

[LC0112G]

The problem is how do you save the 10% deposit (which could be £25-50K for a one bedroom squat in the smoke) whilst still being able to afford Sky TV, the latest iPhone 12 and 2 holidays abroad per year?

[Doctor Gollum]

The problem is how do you save the 10% deposit (which could be £25-50K for a one bedroom squat in the smoke) whilst still being able to afford Sky TV, the latest iPhone 12 and 2 holidays abroad per year?

You've answered your own question.

[Nick W]

Much cheaper.

Let's assume you first pay rent or take out a 25 year mortgage at age 25. Lets also assume you live to eighty.

By age 50 you will be mortgage free and have the value of the property to play with. By comparison you will pay rent for 55 years and own sweet f*uck all.

That was my mother's father: for various reasons, he wouldn't borrow money. So he rented their house in Crawley from the moment it was finished, and they were both buried from there. Even with his share of his parent's estate he wouldn't borrow the extra 1/3 to buy the house. Instead he bought the only car he owned, and shared the rest around the four children, who all told him they preferred  he buy the house.


My dad's father was the exact opposite(in lots of ways); as soon as the wartime damage was repaired in 1948 he arranged a mortgage through his union(fixed 3% rate over fifteen years ) and bought the place. It was paid off well before he retired. My aunt still lives there.

[Migv6 le Frog Fan]

The problem is how do you save the 10% deposit (which could be £25-50K for a one bedroom squat in the smoke) whilst still being able to afford Sky TV, the latest iPhone 12 and 2 holidays abroad rent of £25,000 per year?

Fixed that for ya. 

[Field Marshal Dr. Opti]

The problem is how do you save the 10% deposit (which could be £25-50K for a one bedroom squat in the smoke) whilst still being able to afford Sky TV, the latest iPhone 12 and 2 holidays abroad per year?

You've answered your own question.

I was fortunate that 100% mortgages were freely available.

[Rangie]

Got our first mortgage in 1974 £9,450 for a brand new flat costing £10,850 moved five years later to a brand new house costing £19,995 sold that in 1987 for £89,995, by which time my grandmother had died and left me a substantial amount of cash moved to Norfolk and bought two properties for cash and invested in several more over the years ( buy to let all sold now) so I was completely mortgage free by 33 years of age. It isn't rocket science to handle cash successfully it's plain old common sense & a little bit of luck.

[Field Marshal Dr. Opti]

Got our first mortgage in 1974 £9,450 for a brand new flat costing £10,850 moved five years later to a brand new house costing £19,995 sold that in 1987 for £89,995, by which time by grandmother had died and left me a substantial amount of cash moved to Norfolk and bought two properties for cash and invested in several more over the years ( buy to let all sold now) so I was completely mortgage free by 33 years of age. It isn't rocket science to handle cash successfully it's plain old common sense & a little bit of luck.

That is impressive.

[TheBoy]

Who has a mortgage at 66? How long before people get totally sick of go fund me and the like, esp when it's abused, as I consider this appeal is.

A family member, currently 61, was looking to get a mortgage, as now all the kids have flown the nest, they felt it was time to upsize 

[TheBoy]

Got our first mortgage in 1974 £9,450 for a brand new flat costing £10,850 moved five years later to a brand new house costing £19,995 sold that in 1987 for £89,995, by which time my grandmother had died and left me a substantial amount of cash moved to Norfolk and bought two properties for cash and invested in several more over the years ( buy to let all sold now) so I was completely mortgage free by 33 years of age. It isn't rocket science to handle cash successfully it's plain old common sense & a little bit of luck.

Ah, but having family help financially made that possible.


I feel pretty proud to go from essentially homeless in my late teens to a completely debt free homeowner before I reached 50, without any help.

But then I've driven an Omega for the past 20 yrs, and make do with an iPhone 6.