Stamp duty

[pete01]

I really couldn’t give a flying one about what you think.

That makes most of us.

 

[Mottie]

So in his original post, assuming a 10 year period,

Who assumed that? Geddoutofityoumuppet

 

[King Billy]

Who assumed that? Geddoutofityoumuppet

Your original post omitted the important detail, so an assumption was required to verify if the figures added up.
A 10 year period was not out-of-the question. Usually a lump sum for emergency would be required on retirement for someone previously covered by an employer's medical cover, so at 65 a lump sum is required for emergencies. The retiree dies at 75, and the remaining parent moves in with their child. All perfectly feasible and probable scenarios.

Your original post omitting the important detail:

Our friends parents took out £30k equity release years ago and…….. stuck it in the bank! When the mum sold their house a year ago to move in with them, it sold for £650k. They had to pay £50k because she hadn’t died and only ended up walking away with £300k. What idiots!

Your later post embroidering the detail to support your earlier narrative when you realised you were being held to account:

I’m only going on what I’ve been told. I think the equity release was about 25 years ago
Or more. They’d been in the house 40+ years. All I know is our friends are gutted about it. £30k all those years ago was a fair chunk of equity.

 

[motorbiking]

Who assumed that? Geddoutofityoumuppet

He just wont admit he had zero knowledge of Equity release contracts.

 

[motorbiking]

Your original post omitted the important detail, so an assumption was required to verify if the figures added up.
A 10 year period was not out-of-the question. Usually a lump sum for emergency would be required on retirement for someone previously covered by an employer's medical cover, so at 65 a lump sum is required for emergencies. The retiree dies at 75, and the remaining parent moves in with their child. All perfectly feasible and probable scenarios.

Your original post omitting the important detail:


Your later post embroidering the detail to support your earlier narrative when you realised you were being held to account:

delusional.

 

[King Billy]

He just wont admit he had zero knowledge of Equity release contracts.

I've provided the proof that I understood them better than you or Mottie.

As you mentioned AI, allow me to prove you wrong on a lifetime mortgage of £30k over 10 years at 5.5% accumulated interest.
Accumulated interest on a £30,000 lifetime mortgage over 10 years at a 5.5% annual compound interest rate is £21,326.69.
This brings the total amount owed after 10 years to £51,326.69.
Because lifetime mortgages (equity release plans) do not require monthly payments, the interest is "rolled up" and compounded. Interest is charged on the original loan amount as well as the interest that has already accrued.

 

[motorbiking]

I've provided the proof that I understood them better than you or Mottie.

Which bit of Equity Release are you struggling with?

 

[King Billy]

delusional.

I see you're reduced to one word responses now that it's been proven that you don't understand the business of Equity Release as much as you like to think.

 

[King Billy]

Which bit of Equity Release are you struggling with?

I've already demonstrated and proven you and Mottie don't understand the business.
Here it is again:
Accumulated interest on a £30,000 lifetime mortgage over 10 years at a 5.5% annual compound interest rate is £21,326.69.
This brings the total amount owed after 10 years to £51,326.69.
Because lifetime mortgages (equity release plans) do not require monthly payments, the interest is "rolled up" and compounded. Interest is charged on the original loan amount as well as the interest that has already accrued.

 

[motorbiking]

I've already demonstrated and proven you and Mottie don't understand the business.
Here it is again:
Accumulated interest on a £30,000 lifetime mortgage over 10 years at a 5.5% annual compound interest rate is £21,326.69.
This brings the total amount owed after 10 years to £51,326.69.
Because lifetime mortgages (equity release plans) do not require monthly payments, the interest is "rolled up" and compounded. Interest is charged on the original loan amount as well as the interest that has already accrued.

An entirely different financial arrangement than a shared equity release scheme.

 

[King Billy]

An entirely different financial arrangement than a shared equity release scheme.

A Lifetime Mortgage is an Equity Release scheme.
Please explain what you consider a "Shared Equity Release" scheme to be.

 

[Mottie]

A Lifetime Mortgage is an Equity Release scheme.

Except it wasn’t a lifetime mortgage because one of them is still alive, hence the £50k penalty which had feck all to do with the original equity release.

 

[motorbiking]

A Lifetime Mortgage is an Equity Release scheme.
Please explain what you consider a "Shared Equity Release" scheme to be.

You are describing the schemes of today, not those around 10+ years ago.

This will help you learn:

https://www.moneysupermarket.com/mortgages/equity-release/

https://www.moneysupermarket.com/mortgages/equity-release/home-reversion-mortgages/

 

[SPLINE]

Never had to pay it myself but it is stupid.

(Sorry didn't want to start a thread)

What I see in that clip is a horrible BBC commie woman outlining a plan for removing people from their houses, in order to hasten population replacement. Note the anti- conservative Britain lament at the end.

There shouldn't be a tax on houses, or on many other things. We have to pay such a lot of tax because the government squanders it; and the reason why houses are so expensive and in-demand is because of all the extra people.

 

[Justin Passing]

When I see a KingWilly post my eyes glaze over, so all I remember is:
I was right, I, I, I, I, I, I, I, I, I, I, I, I am right, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I,