The changes in the budget giving access to pension pots has meant a flood of elderly landlords are expected to hit the rental scene.
BTL lenders are re-considering their lending restrictions to cater for the ballooning market in elderly investors. With many pensioners holding large capital pots in the existing residential properties lenders see them as a safe bet despite any fragility in their health.
Currently most BTL lenders have age restrictions on when a mortgage will mature, typically 75 is the limit.
However, Mortgage Works are launching a product with a application age limit of 70, with a 35 years term mortgage product!
Now that would make the landlord 105 years old by the time their BTL mortgage matures.
Search the whole BTL mortgage market free
This will become the norm
ReplyDeleteBanks will be in a winner