26 March 2007

You're Never Too Old To Go Into Debt

Reader RS sent in this bit of madness from the UK:

A 102-year-old man has been given a 25 year mortgage for 200 000 pounds.

The pensioner will be 127 if the loan runs to its full term - five years older than the world's longest living person who died at 122.

The man, from East Sussex, faces repayments of 958 pounds a month on his interest-only loan.

Notice that it's an 'interest-only loan'. He probably expects to snuff it before he has to start paying off the capital.

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