If this guy can get a mortgage so can you - GoFuckYourself.com

Phoenix · 03-26-2007, 02:30 PM

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

Peaches · 03-26-2007, 02:39 PM

In the US you are protected against loan discrimination due to age as long as the person is of legal age to sign a contract. Not sure what the laws are in the UK.

dakota1358 · 03-26-2007, 02:46 PM

I'd be extremely lucky to make it to 75 much less 102.You never know maybe he'll live long enough to repay the loan

PowerCum · 03-26-2007, 03:12 PM

If he has some real estate or other properties he just selling them to the bank for Ł200k.
Not a bad deal because once dead he will not need these properties and the bank will just auction them to cover the costs of the loan + some extra cash.
I guess he must have some house or some land on his name appraised at near Ł250k or a bit more, so the bank will have absolutely no problem recovering the money from the loan.

If I was 102 years old I would do the same

also think about how much free advertisement is that for the bank. Basically for $400k you appear on every news media on he world

V_RocKs · 03-26-2007, 03:18 PM

Now he can house his girlfriend.

pornguy · 03-26-2007, 03:21 PM

Something tells me they wont get paid.

woj · 03-26-2007, 04:48 PM

Quote:

Originally Posted by pornguy

Something tells me they wont get paid.

sure they'll get paid, he dies, they auction off the house and get their money back...

crockett · 03-26-2007, 04:56 PM

It's a interest only loan, so they have nothing to lose. When he dies they take the house.

RF_Erick · 03-26-2007, 07:03 PM

Sign me up!

03-26-2007, 02:30 PM	#1
Phoenix BACON BACON BACON Industry Role: Join Date: Nov 2002 Location: Poems everybody, the laddie fancies himself a poet Posts: 35,457	If this guy can get a mortgage so can you 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 __________________ Skype Phoenixskype1 Telegram PhoenixBrad https://quantads.io

03-26-2007, 02:46 PM	#3
dakota1358 Confirmed User Join Date: Oct 2005 Location: Baltimore,Md Posts: 2,114	I'd be extremely lucky to make it to 75 much less 102.You never know maybe he'll live long enough to repay the loan __________________ Carmen Cocks Rocks

03-26-2007, 03:12 PM	#4
PowerCum CjOverkill Industry Role: Join Date: Apr 2003 Location: Woldwide Posts: 1,328	If he has some real estate or other properties he just selling them to the bank for Ł200k. Not a bad deal because once dead he will not need these properties and the bank will just auction them to cover the costs of the loan + some extra cash. I guess he must have some house or some land on his name appraised at near Ł250k or a bit more, so the bank will have absolutely no problem recovering the money from the loan. If I was 102 years old I would do the same also think about how much free advertisement is that for the bank. Basically for $400k you appear on every news media on he world __________________ CjOverkill Traffic Trading Script Free, secure and fast traffic trading script. Get your copy now

03-26-2007, 03:21 PM	#6
pornguy Too lazy to set a custom title Industry Role: Join Date: Mar 2003 Location: Homeless Posts: 62,911	Something tells me they wont get paid. __________________ PornGuy skype me pornguy_epic AmateurDough The Hottes Shemales online! TChicks.com \| Angeles Cid \| Mariana Cordoba \| MAILERS WELCOME!

03-26-2007, 04:56 PM	#8
crockett in a van by the river Industry Role: Join Date: May 2003 Posts: 76,806	It's a interest only loan, so they have nothing to lose. When he dies they take the house. __________________ In November, you can vote for America's next president or its first dictator.

03-26-2007, 02:39 PM	#2
Peaches Old broad Join Date: Oct 2002 Location: Away Posts: 13,933	In the US you are protected against loan discrimination due to age as long as the person is of legal age to sign a contract. Not sure what the laws are in the UK.

03-26-2007, 03:18 PM	#5
V_RocKs Damn Right I Kiss Ass! Industry Role: Join Date: Dec 2003 Location: Cowtown, USA Posts: 32,397	Now he can house his girlfriend.

03-26-2007, 07:03 PM	#9
RF_Erick Confirmed User Join Date: Oct 2005 Location: Baltimore,Md Posts: 946	Sign me up! __________________ Exclusive Reality Feeds - [email protected] - ICQ: 4144516