20+ years ago they just threw debt at you , you could walk in to you bank and they would just say ,yes how much do you want to borrow ? credit card applications would drop through you door daily and as long as you had a job you could get a mortgage in a week or two ,
This is why companies are all jumping on the Equity Release bandwagon now as then as i did i got an endowment mortgage and 100`s of thousands of people are going to be screwed by 2022 and not be able to pay the outstanding balance on their mortgage
There are 2.8 million interest-only mortgages in Britain, industry figures show, many of which were issued during a sales boom in the late Eighties and early Nineties.
However, an estimated 1.3 million are sitting on a "time bomb", the Financial Conduct Authority watchdog has warned, as they have little or no hope of repaying the debt.
Many customers were sold a type of savings plan called an "endowment" to cover the debt, but such policies have suffered poor performance
Borrowers face repossession if they cannot downsize to free up cash, as banks typically refuse traditional loans to people in their 60s or older, or ask for huge monthly repayments.
Experts said lenders were compromising by creating lifetime mortgages which allowed older couples to stay in their homes if they promised the keys would go to the lender, rather than a family member, on death.
I`m one of then
i have to find £28k in 2 years
