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So what are the options for older buy-to-let applicants? Currently many lenders have an upper age limit of 75 years at the end of the term of the mortgage with a minimum term of 5 years. This could prove difficult for those who are already 70 or those looking for a longer term mortgage.
However, there are a number of lenders who have a more accepting stance towards older applicants. For example, Fleet Mortgages, Foundation Home Loans, Kent Reliance and Aldermore all have an upper age limit of 85 years at the end of term and National Counties Building Society has a maximum age of 89 years at the end of term. Again the minimum term with these lenders is 5 years.
For those looking for a longer term mortgage, The Mortgage Works (TMW) has a maximum age of 70 at application but with a maximum term of 35 years. Precise Mortgage has a maximum age of 80 at application with a maximum term of 30 years, which leads to the possibility of a landlord aged 110 with a buy-to-let mortgage.
Lenders that will lend over the age of 75
Tel: 029 2069 5480
Had a laugh with a lender BDM today about this.
They had the "Unique Selling Point" lists outlining that the max age at end of term being 80, well I wasnt impressed.
Put it this way she did not beleive me about Precice Mortgage age limit, went home with a copy of Precise Mortgages criteria to show product manager.
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How would a JV be viewed by lenders if just one of the applicants were reaching their upper age limits?
Retirement Advantage has cut rates and increased loan-to-value (LTV) ratios across its older borrower buy-to-let range.
The products, launched last year, allow landlords over the age of 55 to release cash from their buy-to-let properties tax free.
The monthly interest rate on the over 55 Buy-to-Let Lifestyle product has been reduced from 6.26% to 5.99%, while the LTV for a 73-year old increases from 27% to 32%.
On Retirement Advantage’s other over 55 Buy-to-Let Voluntary Select product, the monthly interest rate has been cut from 6.45% to 6.18%, while the LTV for a 73-year-old also increases from 27% to 32%.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Hinckley & Rugby Building Society has removed all upper age restrictions across its entire mortgage range, including buy-to-let products.
Hinkley & Rugby’s maximum lending age was 75 at term end, but the lender has decided that cases from older borrowers, including those with experience of investing in the BTL sector, offer no more risk than younger ones.
Carolyn Thornley-Yates, head of sales and marketing at Hinckley & Rugby, said: “From talking to brokers every day we have become increasingly aware of the opportunity for a common sense, manual lender to look in depth at cases where the borrower would be 75-plus at term-end.
“People are living longer, working later and, in increasing numbers, wanting to finance a mortgage into part-time employment and their retirement.
“There is a combination of house value, income, loan to value and other circumstances where lending into a borrower’s 80s and 90s is affordable.”Full/source articleSee also Lending in later life/growing a portfolio