Man, 102, takes out 25-year mortgage
Brendan Montague
Times Online
A pensioner aged 102 has been granted a 25-year mortgage despite the fact he would have to live until 127 to pay the loan back.The property investor from East Sussex has taken out an interest-only £200,000 mortgage and hopes to meet the £958 monthly repayments with income from rent as he joins a growing army of retired people hoping to cash in on buy-to-let schemes.
Most lenders set a limit at 75 years for mortgage applicants but a handful, including Woolwich, and Bristol & West, have no such restrictions. This has led to a rush of applications from older investors.
rob: and they hassled emma and me for months about being freelancers when we applied for our mortgage. months!
dan: rob, it says right there in the story that this guy is part of an army. a growing army, of people with nothing better to do than practice kicking ass. are you gonna tell him he can’t buy a house?