Corral

Registered with Property118.com
Monday 4th February 2019

Trading Status
Sole Owner

Insures properties through a broker recommended by Property118
No


Latest Comments

Total Number of Property118 Comments: 2

Corral

18:16 PM, 2nd August 2019
About A year ago

Should I sell or take a Lifetime BTL mortgage ?

Reply to the comment left by Mark Alexander at 02/08/2019 - 17:28
I am inclined to take Mark´s last comments on board. But I think she should pay her monthly interest only, not roll the interest forward.
?This option is available to her - isn´t it?
!That way she should be able to re-structure at the age of 70 or 80 or whenever!.
Bearing in mind that she is a primary carer and her life is about not knowing, having to change, taking the moment and making the best of it! This could be her moment future proofed.... Read More

Corral

12:06 PM, 2nd August 2019
About A year ago

Should I sell or take a Lifetime BTL mortgage ?

This is Equity Release (under any name you want to call it) Look at the “+” and “-“
 + This Mortgage will give you about £70K for your savings account.
 + You will have paid off your Mortgage
 + You will be Renting – so your Rental income should be able to service the Mortgage and ongoing costs of House ownership maintenance etc. I would caution against Roll-over!
 + You have the option of spending at will, investing, or buying a little bolt-hole with your £70K
If you choose to make no further monthly mortgage payments - There are negatives
 - It’s a loan secured against your home.
 - The Interest is rolled over and it is only expected to be repaid on death or entry into long-term care!
 - Roll-over of interest is Compound Interest THEREFORE the amount you owe can grow quite quickly.
 - Long-term care may not be available on the public system in 15, 20, or 30 years’ time so you would need property as a “Bricks ´n Mortar resource”
 - Equity release MAY have tax implications
DISTURBING
 At the stroke of a pen in 2015 the ending Tax Relief on Mortgages was introduced. I think that pen is still in the Chancellor´s drawer. ( He is responsible for raising revenue through taxation or borrowing and for controlling public spending which will continue - Ad infinitum)
 About 2000 to 2009 banks Entered Stage Right & cleverly packaged loans, mortgages, etc 2009 enter stage left Crash
 The one thing you can be certain of looking into the future is uncertainty!... Read More