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Durudarshan - Investment Analysis

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Interest only mortgages, what's the fuss?

Posted on May 2, 2013 at 6:40 PM
I don't see what the real fuss is about regarding the Interest-only mortgages.  
 
At one time, people used to buy interest-only mortgages side by side with an Endowment policy, that would hopefully build up and mature into the principal sum owed on the mortgage.
 
Then, people did a smartness.  They cancelled the endowment policies.  That meant their monthly outgoing was lower than on a Repayment mortgage, and they had relative security of a roof over their head which was cheaper than renting.  And that is the light an Interest-only mortgage should be looked at.
 
Often, it is cheaper than renting, and if there is a surplus over the price paid to buying price of the house, that's the icing on the cake.  If not, at least it is a secure roof for as long as you continue to work hard and pay for it, meaning it is cheaper than renting and you are your own landlord.
 
So if it is cheaper than renting and you have pride of ownership, then at the end of the mortgage term if the house doesn't belong to you should not be such an awkward question.  That's the reality of it.
 
However, if property prices improve (and they probably will in England over the next four year I believe, going by previous house-price cycles) then there may to nothing to worry about.
 
The U.K. economy will recover and strengthen in the coming months and years, as growth continues in the U.S. and China, not to mention huge growth in Africa (where they regularly discover some hidden Oil resources, potential for building towns and railways, etc, etc) and an improved outlook for India, in my opinion, where the current UPA Congress government has published figures which show a steady improvement in standards of living, declining mortality rates, better nourishment for people, it is such a promising picture....If the Oil price is cheaper, all economies will grow and prosper, including the oil exporters, who will have sufficient income to sustain their infrastructure growth and prosperity of their people. 
 
Look forward to the future with optimism;  the ECB rate cut today to half percent should give added impetus to growth in the Euroland, to complete the global picture.
 
Kind regards,
Duru-darshan.
 
 
 
 

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4 Comments

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1:36 PM on May 7, 2013 
yes people used to buy interest-only mortgages side by side with an Endowment policy,
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