A 102-year-old has been granted a 25-year, £200,000 mortgage. It will run until he is 127.
The pensioner, from East Sussex, is believed to be the oldest person in the UK to be granted a mortgage. The revelation was greeted with alarm by debt advisors.
He faces repayments of £958 a month on the interest-only loan and intends to pay them from rental income and make money from the property’s increase in value over time.