Maximum age limit for buy-to-let mortgages is scrapped
Friday 13 April 2018
A building society is set to remove all upper age restrictions across its buy-to-let mortgages for experienced landlords.
The Mortgage Works (TMW), the buy-to-let arm of Nationwide Building Society, will scrap a maximum lending age of 70, after deciding that cases from older borrowers who have long invested in the sector offer no more risk than younger ones, from next week.
From Wednesday April 18, there will be no maximum age at application nor at redemption for experienced landlords looking to borrow up to 65 per cent loan-to-value (LTV) for either purchase and remortgage.
And the same criteria will also apply to limited company mortgages, currently being offered by TMW.
Paul Wootton, TMW’s director of specialist lending, said: “The group of experienced landlords is both growing and growing older, and market options are more limited for retirees seeking to retain their buy-to-let properties in order to supplement their pension.
“By removing the maximum age when applying for a buy to let mortgage, TMW is supporting the increasing market demand in this area.”
TMW recently increased the maximum LTV for buy-to-let mortgages from 75 per cent to 80 per cent for first time and landlords.
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