Can polish bank (GetinBank) give a 30 year mortgage to a 65 year old man (British) legally and without breaking any European guidelines for mortgages?
I mean the man will be 95 years old when the mortgage term will be over. Are there any guidelines that have been broken here?
The mortgage has been given to a friend of mine, I was under the impression the mortgage was for 20 or 25 years, but the facts are it is for 30 years, making my friend 95 years old after mortgage term is completed! He is was 65 when the mortgage was issued.
Thank you in advance.
A bank is a commercial lender of money, which weighs up the pros and cons of any and every loan and grants it, whe they do, in terms they accept. They will not lend illegally (one would hope).
In the UK and elsewhere there are deals set up for older people who want to get at some of the caspital tied up in their homes - it is usually very expensive, but people do it. The bank has a charge over the property, so they know their money is safe :)
