http://www.mirror.co.uk/news/topstor...name_page.html
A MAN of 102 has been given a £200,000 mortgage to be repaid over 25 years.
The pensioner will be 127 if the loan runs its full term beating the record of the world's longest living person who died aged 122. The average British male lives to 75.
The OAP, from East Sussex, faces repayments of £958 a month on his interest-only loan. He has said he wants to "get into buy-to-let" market and intends to use the rental income to pay the mortgage and capitalise on property price increases.
He is the oldest person in Britain to be given a new mortgage. There are now thousands of pensioners borrowing money to buy property in the hope of beefing up their pensions.
Most lenders offer mortgages to people up to the age of 75. But some have no age limit. Jonathan Moore, of Mortgages for Business, arranged the loan for the 102-year-old.
He said: "It's a new phenomenon. Five years ago, anybody over 65 would have been hard-pushed to get any mortgage. But lenders have eased restrictions to keep in step with the market."
Mr Moore added that many pensioners take out loans in partnership with their children who take on the properties when they die. Retired maths teacher Richard Shone, 75, of North London, has just taken out a 25-year interest-only loan of £120,000. He said: "It's like Monopoly but with real houses."
But experts warn taking on a mortgage in old age could lead to debt problems. Gordon Lishman, of Age Concern, said: "It's crucial they think through the long-term implications.
"Changes in circumstances, such as retirement illness and disability, divorce and bereavement can all contribute to debt problems later in life
A MAN of 102 has been given a £200,000 mortgage to be repaid over 25 years.
The pensioner will be 127 if the loan runs its full term beating the record of the world's longest living person who died aged 122. The average British male lives to 75.
The OAP, from East Sussex, faces repayments of £958 a month on his interest-only loan. He has said he wants to "get into buy-to-let" market and intends to use the rental income to pay the mortgage and capitalise on property price increases.
He is the oldest person in Britain to be given a new mortgage. There are now thousands of pensioners borrowing money to buy property in the hope of beefing up their pensions.
Most lenders offer mortgages to people up to the age of 75. But some have no age limit. Jonathan Moore, of Mortgages for Business, arranged the loan for the 102-year-old.
He said: "It's a new phenomenon. Five years ago, anybody over 65 would have been hard-pushed to get any mortgage. But lenders have eased restrictions to keep in step with the market."
Mr Moore added that many pensioners take out loans in partnership with their children who take on the properties when they die. Retired maths teacher Richard Shone, 75, of North London, has just taken out a 25-year interest-only loan of £120,000. He said: "It's like Monopoly but with real houses."
But experts warn taking on a mortgage in old age could lead to debt problems. Gordon Lishman, of Age Concern, said: "It's crucial they think through the long-term implications.
"Changes in circumstances, such as retirement illness and disability, divorce and bereavement can all contribute to debt problems later in life
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