In the news

It is a prerequisite.

There's a lot of 'inappropriate's

There is a lot of stuff that would get you disciplined and/or dismissed in a normal workplace

It is so predictable, Johnson says one thing until opinion (party and public) disagrees strongly and guess what, another u-turn.

https://www.bbc.co.uk/news/uk-politics-62014765

I used to work for a (non clinical) NHS chief executive who was fired for returning to his office after having four pints at lunch. How standards have changed.

There is a lot of stuff that would get you disciplined and/or dismissed in a normal workplace

You’d get disciplined/dismissed for a hella lots less in a normal workplace.

Errr, that must make all of the places I've ever worked exceptional. Lucky me 😜

That would require having an industrial strategy other than “fund Nissan so they don’t close Sunderland until we can say it’s not Brexit related”.

Is this how the Government create a future generation of Tory voters? Locking kids into pumping house prices via 50 year mortgages on 8x multiple that they can inherit

https://www.theguardian.com/money/2022/jul/01/no-10-considers-50-year-mortgages-that-could-pass-down-generations

Basically serfs.

That would rely on people having childrens.

So I'm 30 - if I take one of these I'll be paying it off til 80 will I? Out of my non-existent state pension presumably? Or will my children have to live with me till they're 45, seeing as they're stumping up for the mortgage?

tbf I know a bunch of people taking mortgage terms that take them to 70, guess the hope is inheritance in the future or appreciation in house price comes to the rescue and downsizing at some point. Japan has had 100 year mortgages since for several decades but I assume maybe incorrectly that they do more multi-generational living.

If they do introduce them here, I imagine there will be a short window where you can go max pain and borrow an absurd amount before house prices adjust accordingly and do well out of it. After that, house prices will of gone up in line with borrowing potential that you just get the same as you could afford now but costing more.

tbf I know a bunch of people taking mortgage terms that take them to 70, guess the hope is inheritance in the future or appreciation in house price comes to the rescue and downsizing at some point

It's also probably with goal paying less initially then increasing when earning more later in life

Nah, some of them are 40+ so near maxed out earnings potential, just can't afford bigger payments so need max term

Rough. Take out huge mortgage, don't pay it back, don't have kids, die. Free house?

That's what I was thinking, die your way out of it early but cheaper than renting until then.

Sorry, a bit behind on the discussion here. But having been the project manager of a fair few large scale outdoor sculpture projects, I'd say £90,000 for the sculpture photographed upthread doesn't seem like an unreasonable cost at all.
For a tall thing like that a good chunk of the expenses will have gone to creating a stable foundation. Surveyors, structural engineers, digging, piling, building the rebar structure, filling the concrete etc. Then you need massive cranes and decent sized work crew to lift the sculpture into place. If the project was managed well they will have used local talent for all of this and as such the majority of that sculpture's budget went into the local community. In the end, the money that was lost on that sculpture probably isn't even a days worth of all the spending on, say, billboard- and radio advertising in and around that community.

It’s highly likely that we’re going to be paying our mortgage into our early 60s at least. Inheritance might come to our rescue but I’m not counting on it given the costs of elderly care.

My parents generation took out a mortgage on a house and never moved, paid it off and retired in it.

I have had multiple houses since 1984, moved with job, bigger house for kids, plus other reasons needed to start again and move. I have increased my borrowing / length to cope and now pay off most of my mortgage at age 67 and continuing paying from my pension.

I guess I am not alone?

It looks as if some kid tried to make a "Sword in the stone"thing out of papier mache, chocolate bar wrappers and bottle caps for an art class assignment.

.wrong thread

took out a mortgage on a house and never moved, paid it off and retired in it.

That's my plan. No intention to move. Mortgage is currently running til I'm 67. I'm sceptical whether pensions will even exist by then.

The only way I could afford to buy our first place as a first time buyer was to mortgage until 70. Pretty sure its a common thing.

At the moment I think you are capped at 70 in most cases though, so if you are 55 the maximum term you can secure is 15 years. The new plan would let you take out 50 year term at 55 and borrow almost twice as much money as currently, 8x versus 4.5x