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Maximum age and term increases will benefit ‘older’ buy-to-let investors

Mike Wakeford

Typically, those who are older and have applied for a buy-to-let mortgage have faced barriers due to the limited options available to them. 

However, with an increasingly ageing population, mortgage lenders are now realising the demand for mortgages from older buy-to-let investors and are raising the maximum age limit in addition to reviewing the length of terms.

A number of lenders have increased the maximum age by which a mortgage has to be repaid to 85 which could open the market to older potential investors.  This means that someone aged 60 will be able to take out a 25 year buy-to-let mortgage (subject to them meeting the bank’s usual lending requirements).  With the previous usual maximum age limit of 75, the oldest you could be to take out a mortgage with a 25-year term was 50.

Santander has been amongst the first lenders to also raise the maximum buy-to-let mortgage term from 25 years to 40 years, which could be of interest to those looking for longer-term borrowings. 

If you are currently a buy-to-let investor and would like to expand your portfolio, or you are just taking the first steps to invest, contact your local Moore office today where we can provide you with expert advice on your tax position.