102-year-old takes out 25-year mortgage by Finance News Bulletin

Published: 27/03/07

information Companies & markets Investing Power portfolio Campaigns Mortgages & homesMortgage featuresInsurance Consumer advice Broadband & phones Retirement economy & banking Credit & loans little business Tax & wills Message boards Money blog Tools & calculators inquire an expert Guides Compare & buyA gentleman of 102 has been given a 25day mortgage for £200,000

If he survived to pay off the debt at age 127, he would be the oldest person who has ever livedA QUICK MONEY alteration If you only have one minute to learn how to sort your finances, not remember the rest and read this>> Our 8-step planThe pensioner, from East Sussex, has decided to make repayments of £958 a month, on an interest-only basisHe will employ rental fee from the property to pay them and is understood to be hoping to profit from rises in the possessions's value

It is thought the pensioner sees the buy-to-let market as a method to easy money, despite growing warnings that high possessions prices make it difficult to profit from renting out homesMost banks and building societies have an era limit of 75 But a number of lenders, including the Mortgage Trust, Bristol and West, Woolwich, and Preferred, impose no era restriction He secured his loan through Mortgages for Business, a Kent solid that has helped hundreds of elderly people buy homes

The firm's spokesman Jonathan Moore said the past: 'Even five years ago, anybody over 65 would have been hard-pushed to get any kind of mortgage'But some lenders have eased their limits to keep in pace with the market This 102-year-old has taken this interest-only, buy-to-let mortgage out as an investment in company with his family and his repayments are being covered by his occupant'It's not risk-free if property prices and rental income abruptly fall

But look at the South-East - there's a great property market'hire is absolutely booming because the South-East hasn't got enough houses Many over-65s take out mortgages to spend in buy-to-let because the pensions disaster has left them with insufficient income'Mortgage lenders have become more and more willing to extend large loans to anyone willing to sign on the scattered line, whatever their prospect of paying off the loan

There are said to be thousands of pensioners saddling themselves with big debts that they are unlikely to exist to pay offAs it happens, she pulled off a possessions coup of her own In 1965, when she was 90 years old, she agreed to give her flat to a young solicitor when she died, if he salaried her a pension of £330 a month© 2007 linked Northcliffe Digital Ltd Terms Privacy policy Advertise with us LoansCardsMortgagesInsuranceCompare the most excellent deals around with This is Money

Please decide a loan£ Select a loan term 12 months (1 day 24 months (2 years) 36 months (3 existence 48 months (4 existence 60 months (5 existence 72 months (6 existence 84 months (7 existence 96 months (8 existence 108 months (9 existence 120 months (10 existence GO New praise cardPick your favoured card offer Please choose 0% introductory rate No annual fee Cashback faithfulness scheme All of the above GO Balance transferPlease choose a type of insurance Life insurance Home and inside Car Breakdown services Health - medical Health - dental Travel favorite - dog favorite - cat GO get back ALL FEESAdvice/template letters:BUY-TO-LET TIPSThinking about investing in property This is Money has the most excellent information and

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