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Welcome to Day 4 of "Finance Trending Topics" Week, powered by Property Tribes' broker partner, John Charcol.The PT Brokers Team went through all the discussions in the Mortgages and Finances Tribe and looked to see which topics were trending.We then joined forces with John Charcol spokesman, Ray Boulger, to create a raft of exclusive video content addressing these issues.Today Ray addresses the issue of lending for older landlords and, in the video in the footer of the thread, how to transition from a small landlord to a portfolio landlord:
The week is shaping up as follows:Monday - Launch of "Finance Trending Topics" Week - discussing financing trends and the week ahead/Basic criteria to qualify for a BTL mortgage.Tuesday - Brexit from the broker's perspective/Is the BTL sector in decline?Wednesday - Mortgages for the self-employed/HMO mortgages in the light of new regulationsThursday - Lending for landlords in later life/Moving from small to portfolio landlordFriday - mortgages when tenants are in receipt of housing benefit or Universal Credit/Mortgages if you do not own your own residential property.Tune in daily for a new video instalment of this mini-series!The PT Brokers Team on 0333 363 6507 are here to provide all kinds of finance for the PT community. From BTL to limited company mortgages, and from HMOs to holiday lets, PT Brokers have access to the whole of market and can assist with all your financing needs.As part of the partnership, John Charcol have been providing a number of resources and guides to assist landlords.For example, there is the whole of market mortgage sourcing tool located on the "Mortgages" tab:Tune in ALL THIS WEEK for "Finance Trending Topics" Week!SEE ALSO - Buy-to-let finance for older landlordsUP NEXT - Growing a property portfolio - resourcesDON'T MISS - Guide: Giving up day job to become a landlordNOW WATCH:
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 article
Teachers Building Society has made various changes to its buy-to-let criteria, including an increase in maximum age, while the society has also reduced its standard coverage ratio to 125%.
The maximum age at end of term has risen to 83, while the maximum mortgage term has increased to 40 years.
Natwest is 70 (ie when the term will end) so these other mortgage companies offer a lot more scope for the older investor.
Commercial Trust have reported a 4% increase in the proportion of buy to let purchases and remortgages from the over 55s, from 2017 to 2018. Last year, this age group represented 39% of this buy to let activity, having accounted for 35% in 2017.The trend for more, older buy to let mortgage applicants, has been recognised by a number of lenders, who in recent times have increased the maximum age at which an applicant can apply for a buy to let mortgage, or the maximum age permitted at the end of the mortgage term.
Santander recently increased their maximum age at the end of the mortgage term criteria from 75 to 85 years old, and the maximum mortgage term on its buy-to-let range from 25 years to 40 years.
Some lenders offer buy to let mortgages with no maximum age at application, while a number of the more established lenders have a maximum starting age of 80 years old.
Precise are happy for those borrowers meeting criteria, to finish the mortgage at 110 years old, while The Mortgage Works sets no maximum age at term end, for experienced landlords.Full/source article