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[The Sheriff]

All that glisters is not gold.

Quite the contrary. Sounds like something you'd be best off going to see the quack about, TBH.

That is the correct saying, bastardised over the years as usual.

[Terbs]

Remember my first place in 1969....cost £4,000. Rate was 7.5/8%. Before we made the first payment it jumped to 8.1/2%. Sold the place for £11,000 four years later, bought the next place for £12,700 and are still there, with the valuation at £350,000.

Rate jumped once during the duration to 15%

But the joy of paying it off

[TheBoy]

I bought my first gaff in 1991...   ...and could only afford interest only mortgage.   

Do you know if it will pay it off?

I've no longer got that mortgage. But kept the endowment going, as it wasn't worth cashing it it.

But, no, it wouldn't have paid off the mortgage it was designed to cover.


 

Our endowment needed to cover the relatively paltry figure of £41,000. This should have been piss easy. After all, we paid in almost £15000 over a 25 year period so were expecting the initial £41000 to be easily covered. Cashback time we thought.

Wrong.

With just a few year to go we were told the policy was only worth about £6000.....leaving us about £35000 short. 

Not to worry......I'm such that all the greedy inept fund managers who 'professionally' invested our money all took a huge slice of the pie.

Mine was to cover £40k.  There is a guaranteed value of £18k, which it looks like its struggling to reach. Yet the forecasts are it will be between £24 and £28k when it matures next year.

Tossers.

[TheBoy]

But the joy of paying it off

Terbert, I'm afraid to say you have now been targeted for termination 



Bastid.

[Terbs]

It wasn't all plain sailing, mate....part of it after taking out extra loans was an endowment for £10,000.
This matured at £6800, leaving us £3200 to find.
I was mis-sold the endowment....but you try proving it !!!!!!!
In your words...Bastids !!!!!!!

[Field Marshal Dr. Opti]

It wasn't all plain sailing, mate....part of it after taking out extra loans was an endowment for £10,000.
This matured at £6800, leaving us £3200 to find.
I was mis-sold the endowment....but you try proving it !!!!!!!
In your words...Bastids !!!!!!!

Almost everybody was.

Endowment policies were pushed even when totally unsuitable.

We did get about £7000 back as compensation but we still lost out.

[Terbs]

Yep, Dr Opti....I can still see the bloke in the building society dissuading me from a normal mortgage loan, telling me I would have about £3000 back at the end of the loan. It was all verbal...I have no recourse whatsoever.

[Andy B]

Of all the financial advise I received in 'The Mob', taking out a repayment mortgage was the best I was given. I did that & now it's paid off. 

[Field Marshal Dr. Opti]

Of all the financial advise I received in 'The Mob', taking out a repayment mortgage was the best I was given. I did that & now it's paid off. 

Okay...okay....no need to rub it in.

[Field Marshal Dr. Opti]

Yep, Dr Opti....I can still see the bloke in the building society dissuading me from a normal mortgage loan, telling me I would have about £3000 back at the end of the loan. It was all verbal...I have no recourse whatsoever.

Yep...this was a common lie put about by those on commission. Bastards.

[Andy B]

Of all the financial advise I received in 'The Mob', taking out a repayment mortgage was the best I was given. I did that & now it's paid off. 

Okay...okay....no need to rub it in.

Sorry ...... have I mentioned it before?   

[Vamps]

Of all the financial advise I received in 'The Mob', taking out a repayment mortgage was the best I was given. I did that & now it's paid off. 

Okay...okay....no need to rub it in.

Quite right, he is like terbet; Bastid...................

Says me who is about to take early retirement from my Job, and I still have a mortgage, cos I was late in settling down.............

[Andy B]

....
Says me who is about to take early retirement from my Job,

You'll only be bored & get under Mrs Flood's feet 

cos I was late in settling down.............

I wish I'd been a lot lot lot later ............. 

[Vamps]

....
Says me who is about to take early retirement from my Job,

You'll only be bored & get under Mrs Flood's feet 

cos I was late in settling down.............

I wish I'd been a lot lot lot later ............. 

I don't know how to split your reply's so;

Firstly - she will be at work, but I intend to gain some employment in a part time capacity, probably back to 'hands on' work...............

Secondly - 

[Terbs]

The Mortgage company's nowadays are the pitts as against years ago. For instance...if you miss January payment and pay on February 1st, then pay February payment on the 20th, you will receive a letter with all the threatening garbage saying you are in default. Explaining why you are a day late makes no difference. Under their system, you have paid January late and March early. And unless you make an extra payment as January, you will receive extra letters until you pay.

I had this problem when I went Self Employed, until I did a deal with them
I am referring to Nationwide BS
Bastids, Bastids