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May 7

2019
by Millie Wickens
Age is no longer a limit for buy to let borrowing

Buy to let lenders are encouraging borrowers to stay in the market well into retirement as they lift age limits on mortgages.

Figures from consumer group Which? suggest two out of three of the 2,057 deals available to landlords have a maximum age limit of at least 85 years old.

Some go farther – with 9 per cent offering mortgages to borrowers up to 90 years old and a fifth without any age limit at all.

Around 1,000 mortgage deals are available for terms of up to 40 years, which means a buy to let borrower aged 45 years old can easily expect to have a mortgage on a private rented home for 45 years.

This seems to be working as the latest buy to let mortgage data from lender trade body UK Finance reveals landlord remortgages are outnumbering loans to buy new homes to let by nearly three to one.

Borrowing to buy a new property to rent dropped by 7.7 per cent to 4,800 for the 12 months to the end of February 2019.

Remortgages were up 2.1 per cent with 14,400 loans agreed over the same term.

“Buy-to-let house purchases continue to contract due to tax and regulatory changes, buy-to-let remortgaging has increased as borrowers move from fixed rate mortgages and lock into new attractive rates,” said a UK Finance spokesman.

Meanwhile, The Mortgage Lender has launched a new buy to let remortgage deal with interest rates starting at 3.44 per cent for a two-year fixed rate and 3.7 per cent for a five year fixed rate, both at 70 per cent loan-to-value.

The deals are offered to landlords with houses in multiple occupation (HMOs) and blocks of flats as well as corporate and individual borrowers.

The lender adds a 1.5 per cent to 2 per cent of the loan as a completion fee to the loan.