These threads both scare me and make me glad I'm sensible.
Another way is that you'll end up aged 65 with negative equity and a mortgage you can't pay off.
You would need to be particularly stupid to borrow so much that you could end up aged 65 in negative equity (assuming, that is, there isn't the mother of all housing crashes) but if that happened, we'd all be living off handouts and eating in soup kitchens, paid for by the 276 people in the population that were sensible.
Simply get the most expensive house you can afford now, live the high life until just before you retire and then have 'an accident' with the wife. You live in a great house, your insurance pays the remainder of the mortgage off, your kids get the fully paid for house and you won't be there getting old, smelling of wee and pissing everyone off with your mountain biking stories.
Everyone's a winner.
You would need to be particularly stupid to borrow so much that you could end up aged 65 in negative equity
Just after the first crash, a colleague wanted to move from a 2-bed to a 3-bed. They were in negative equity, so switched the mortgage to a buy-to-let and rented out that house, then got a new mortgage for a 3-bed house.
They now have two mortgages for more then either house is worth.
They now have two mortgages for more then either house is worth.
File under
You would need to be particularly stupid
EDIT: Unless, of course, one of them has rich parents in ill health....
