102-year-old highlights new mortgage policies

Posted: 27 Mar 2007 11:58:05 GMT


            Property News - 102-year-old highlights new mortgage policies

The change in the availability of mortgages, including in the buy-to-let sector, in recent years has been highlighted by the news that a 102-year-old man has been given a 25-year buy-to-let mortgage.

The change in the availability of mortgages, including in the buy-to-let sector, in recent years has been highlighted by the news that a 102-year-old man has been given a 25-year buy-to-let mortgage.

Mortgages for Business, which specialises in the buy-to-let sector, gave the mortgage to the unnamed pensioner from East Sussex, who will rent out the property to gain income from the investment.

Commentators have noted that the news reflects a trend which has seen the availability of mortgages to older people soaring, with several lenders imposing no age restriction.

Jonathan Moore, a spokesman for Mortgages for Business, said: "Even five years ago anybody over 65 would have been hard-pushed to get any kind of mortgage.

"But lenders have eased their restrictions to keep in step with the market."

The borrower will use rental income to pay the £958 a month repayments, which are due to continue until he is a world record 127.


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