This is the problem with large language modulators and AI everyone thinks they’re an expert because they can google something.
maybe ask your digital assistant if lending into retirement means an increased PD and what that means?
if high ltv means an increase LGD and what that means for the lender and your rate
and what happens when you triple stack risk?
And then for your knowledge
might as well ask what fixed rate mortgages are priced on
and if all variable rates are priced to BBR
might as well ask if it’s a sensible comparison to compare a high street rate with a rate offered by the likes of pepper - that might’ve saved you the trouble of this thread.
I also said I don’t know how pepper price their retention, I don’t know if they get any bureau info on credit score to offer a risk based pricing model or if they have ltv differentiated pricing. Some specialists have a one size fits most policy which means a higher rate on PT then acquisition because they assume those who credit repair leave. Might be pepper might not.
Your chatbot has also said it is a real risk which it is and I said it is a risk not a certainty because you and your husband/ partner could have absolutely amazing health and you could get a massive lump sum, huge pay rises and you might be able to deal with a shorter term offered by a highstreet lender when you fully credit repair. Stranger things have happened. I also said I don’t know your circumstances only you do and apparently chat gpt. So you’ve misunderstood/ misrepresented what I said.
I was just highlighting a risk that you should go into eyes open rather than just super defensive. No one said you will end up stuck with Pepper but that it is a risk, hopefully you won’t and In 5 yrs you’ll zip off to nationwide or whoever on a 15 year term with a 3% rate.