I have a 6 and had a similar problem. There is a brake booster within the braking system that looks like a bomb (Seriously). It presurises the system and these can run low on air which results on a ever extending brake peddle and eventually loss of brakes. You can't refil them so it will be a case of buying a new one. Off the top of my head i think it was around £25 - £40. Give dave at motormec a call and they will be able to get one for you. Dave runs a 6 series so knows the car really well. Fitting it should be quite simple, but it is hard to get a grip on it to undo and tighten it up, but should be no more than an hours work for a competant mechanic.
Motormec's number is 01502 500590 and are a BMW only specialist and supply any Genuine BMW part. Say you are a BMW Car Club member and you will be able to get a 10-15% discount.