Tuesday, April 03, 2007

Man, 102, takes out 25-year mortgage
This is the triumph of optimism over reality if I've ever seen it.

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.

No comments: