2 replies to this topic

[Rogerdodger]

102 year old man takes out 25 year mortgage

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.

I just get a bad feeling about this one.

[Sentient Being]

Yeah, I saw something on TV the other day about a couple in their later years taking out a 250K mortgage, barely able to make payments and the payments are about to nearly double, And he lost his job. Who the heck is going to give a 25 year loan to an elderly man that can hardly make payments. Every time banks forget what it means to control risk, we go through this. I'm still not sure I buy into this "end of the world" senerio with home values, adjustable loans, sub-prime loans but some people sure did go in over their heads and their friendly banker helped them to do it.

[PorkLoin]