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.
I own 3 houses. One outright. The one we bought in.
1998 with a 17 year mortgage, knowing that we'd started paying a 25 year mortgage 8 years earlier, and not wanting to pay for longer. But now wished we'd gone for longer, because we could have bought a better house.
Another one we bought 6 years ago on an interest only buy to.let, but have been overpaying by the amount of rent we get, so that it should pay off by the time we are 64. Effectively the cost of it will have been the deposit, maintenance and the income tax.....Not sure if I want to.keeo.it into.my retirement, but that was the plan...£700 A month once the mortgage is paid. Or £150k if sold (assuming no inflation)
The third, was an ill thought out purchase. There was significant man maths in the purchasing decision, but if I take a permie job that's kind of being dangled by my current client, it's 100 miles closer, so we might both live There in the week.until it's paid off at oh 66..
Why 66? Because the lender would have wanted to see evidence of pensions and shit like thst, and I just couldn't be arsed getting all.the paperwork out.
Either way, if pur parents die and leave us any money, maybe both mortgages will.be paid off sooner....I fully expect that care home fees, or wills being rewritten on a whim to jump a generation, will make that unlikely..
I know someone who bought an expensive house on an interest only mortgage, and remortgaged it through the early 90s as the value went.up, which supported his family's lifestyle..He's a financial.advisor. in 2008, he was paying £3k a month, in interest and had no income due to the financial.crash for 5 months.....Rather than a repayment mortgage, he has used the money for i"nvestments" ..
Good luck to.him.if you have the balls.....
?
