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  • Mortgages & Finance

    Buy-to-let finance for older landlords

    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

    • Aldermore - 85 years at end of term
    • Fleet Mortgages - 85 years at end of term
    • Foundation Home Loans - 85 Years at end of term
    • Hanley BS - No maximum age
    • Kent Reliance - 85 years at end of term
    • Mortgage Trust - 75 years at application or 80 years at end of term
    • National Counties BS - No maximum age
    • Newcastle BS - No maximum age
    • Paragon Mortgages - 75 years at application or 80 years at end of term
    • Precise Mortgages - 80 years at application, 110 years at end of mortgage
    • Shawbrook Bank - 80 years at end of mortgage
    • Skipton BS - 79 years at application or 85 years at end of term
    • The Mortgage Works - 70 years at application, but will accept 35 year term so could be 104 with a mortgage

    Tel: 029 2069 5480

    Email: info@propertytribesmortgages.co.uk

    Web: http://www.propertytribesmortgages.co.uk

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    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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    THIS PROPERTY TRIBES ACCOUNT IS NO LONGER USED. DO NOT SEND PRIVATE MESSAGES.

    YOU CAN REACH ME AT BESPOKE FINANCE for HMO Mortgages, Cheap Life Insurance and Limited Company Buy-to-Let on 08009202001

    How would a JV be viewed by lenders if just one of the applicants were reaching their upper age limits?

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    Hi GT,

    they would work on the oldest borrowers age.  Quite a disadvantage if you have a parent and child mortgage.

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    __________________________________________________________________

    BTL's, residential mortgages, bridging, life cover and estate planning  

    http://www.hdconsultants.net        

    For Commercial Finance, complex BTL and HMO funding, development finance, international and expat mortgages, and portfolio BTL mortgage services Assured Funding website.

    Telephone: 07751042485      01206 654444


    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%.

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    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 article

    See also Lending in later life/growing a portfolio

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    Leeds Building Society has removed the age limit completely on its buy-to-let mortgages, allowing more customers to borrow into retirement.

    The lender has lifted age restrictions on when buy-to-let mortgages mature, continuing a trend of more mortgage providers being willing to lend to older borrowers.

    Full/source article

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    Accord Buy to Let has broadened its age range for landlords.

    Accord has reduced the minimum age from 25 to 18 years old and increased the maximum age at application from 70 to 75 years old.

    The lender has also raised the maximum age at term expiry from 75 to 85 years old and its defined retirement age has increased from 65 to 70 years old for employed applicants.

    Full/source article

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    Over 60s landlords will mostly be retired I presume and with not being able to use property rent as income how do they get these mortgages

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    Pokrok,

    who says that they can't use rental income?  Some lenders will accept BTL rental income, just as if it is the income from a small business.  Which it is!

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    __________________________________________________________________

    BTL's, residential mortgages, bridging, life cover and estate planning  

    http://www.hdconsultants.net        

    For Commercial Finance, complex BTL and HMO funding, development finance, international and expat mortgages, and portfolio BTL mortgage services Assured Funding website.

    Telephone: 07751042485      01206 654444