Should people cash in on their homes to enjoy life or help their kids?
This is Money Podcast
This is Money
4.1 • 650 Ratings
🗓️ 27 April 2018
⏱️ 42 minutes
🧾️ Download transcript
Summary
Should you cash in on your home to help yourself or your kids?
As a generation retires with more money in their houses than the bank, this question will only become more pressing.
And it’s been a topic of much debate on This is Money this week, as we revealed how a new wave of retirement interest-only mortgages could be about to emerge.
Homeowners could use one to have a more comfortable retirement, clear some debt, or hand the kids or grandkids an early inheritance – perhaps to buy a home for their own young family.
Is that a good idea or a recipe for disaster – and how did we even end up here?
In a conversation that tracks all the way back to the mortgage boom of the Thatcher years, Simon Lambert, Rachel Rickard Straus and Georgie Frost dive into the homes as a cash machine question on this week’s podcast.
Plus, they also take a look at what happens when an inheritance doesn’t materialise as thought – can you contest a will if it’s all left to the dogs’ home.
The TSB meltdown is also up for discussion, including why it happened, what next and what people’s rights are.
And finally, we’re fans of money saving at This is Money and value for money – so a luxury car for the price of a Ford Fiesta sounds pretty good.
Big luxury cars depreciate hard, but that is good news for the canny second-hand buyer who can pick up vehicles that might have cost £50,000 for £10,000 a few years down the line.
But we’re not talking shed money here, so it needs to be reliable. This week we looked at the best bargain barges as scored by What Car? reliability tests. Which one would you have?
Enjoy.
Transcript
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| 0:00.0 | Welcome to This Is Money podcast in partnership with NS&I, your weekly roundup of the top personal finance consumer and business stories that editor Simon Lambert and his team have been covering on their award-winning website. |
| 0:11.0 | I'm your host, Georgie Frost, and joining me today is editor Simon Lambert and personal finance editor Rachel Rickard Strauss. |
| 0:18.0 | And coming up, borrow till you drop. |
| 0:20.5 | A new wave of interest-only retirement mortgages are on the horizon. A great way to cash in on your home to help yourself for your kids or a fresh, disturbing twist in the financialisation of our homes. Also today, the pain of being left out of a will can be immense. How do you go about contesting it? |
| 0:38.1 | Seven top tips to set your kids on the path of a stable financial future. |
| 0:42.9 | Plus, TSB, they may be on their knees, but will they get back up? |
| 0:46.6 | And luxury motoring for less than a fiesta. |
| 0:49.5 | But would you take the gamble? |
| 0:51.2 | All that and plenty more coming up. |
| 0:52.7 | And don't forget, you can stay up to date with all the latest breaking money news. |
| 0:55.9 | Just go to this ismoney.co.uk or download the app. |
| 1:00.3 | This is Money. Brought to you in partnership with NS and I, where safer savings set you free. |
| 1:08.1 | But first, a generation who struck it lucky, as Simon calls it in Britain's housing boom, |
| 1:13.4 | are set to retire. |
| 1:14.8 | Now, four decades of UK house price inflation, in which property value rose 15-fold, |
| 1:20.4 | have left many asset very rich, cash, well, not so much. |
| 1:24.5 | So what do you do if you want to perhaps clear debts, supplement your income, |
| 1:28.2 | or indeed hand the kids some cash to get on the property ladder themselves? Well, we know about |
| 1:33.2 | equity release. That's been around for some time, but still remains relatively niche. But following |
| 1:37.9 | relaxation in the rules, retirement interest-only mortgages are on the horizon, offering people |
| 1:43.9 | more options. |
| 1:45.4 | But a good idea? |
... |
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