Monday, March 26, 2007

Centagenarian secures 25-year mortgage

By Lester Haines
Published Monday 26th March 2007 10:02 GMT

A 102-year-old UK man has secured a £200,000 interest-only mortgage which will cost him £958 a month until he makes the final payment at 127, Ananova reports.

The East Sussex old timer, who intends to use the cash to move into the buy-to-let market, is the oldest person in Britain to be granted a new mortgage. Jonathan Moore, of Mortgages for Business, who arranged the loan for the centagenarian wannabe landlord, explained: "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."
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Which by our reckoning translates as: "They'll lend money to anyone if they see a profit in it."

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