The Sunday Times - We took out a marathon mortgage until we’re 105
Keith and Pamela Travis paid £17,500 for their first home in Cumbria in the 1980s and, following various moves went mortgage-free in 2011. They bought a four-bed house in Tunbridge Wells, Kent, and it is now worth £700,000.
They have just taken out a 40-year home loan, stretching until they are 105 and 104 respectively.
“Parents are feeling the pressure,” Aaron Strutt of the broker Trinity Financial told The Sunday Times. Even risk-averse older borrowers are turning to specialist mortgages to help their children, he added, but this could make them financially vulnerable.
“If something goes wrong or there is a family fallout, they will be liable for the debt. They may need the cash to live on as they get older.”
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