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25 Year Mortgage For Man Aged 102

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Richard Shone, 75, from north London, has taken out a 25-year interest-only mortgage of £120,000 - due to be paid off when he reaches 100 - to buy property in his area.

He and his wife, Janet, 73, plan to add the property to their portfolio of 10 "buy-to-let" homes which they have built up since they retired.

Mr Shone, a retired maths teacher, insists he does not lie awake at night worrying about his loans, which total hundreds of thousands of pounds.

"It's like playing Monopoly, but with real houses," he said. "It can be quite stressful. But I enjoy it."

Any chance we could send this old guy, his wife , the lenders et al To Jail. That they go directly to Jail. Do not pass Go. and do not collect their £200 :lol:

Maybe the govt has a new dastardly plan to get the housing market moving again? Ask the banks to lend to the over 75s for a few years, to make the figures look good. So what that it will all go t*ts up again in 5-10 yrs when they all die.....the govt of the day will be long gone.........scandalous.

<edited for typos>

Edited by Agentimmo
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"It's a new phenomenon," said Jonathan Moore, of Kent-based Mortgages for Business, the broker that arranged the loan for the 102-year-old and has given mortgages to hundreds of pensioners.

"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."

Point of note for anyone who's invested in Mortgages for Business: their mortgage book is probably full of chronic, worthless, ultra-subprime rubbish like this.

Here's that name again: Mortgages for Business.

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