The Mortgage Works (TMW) is removing all upper age restrictions across its buy-to-let product range for experienced landlords.
Currently, the buy-to-let arm of Nationwide Building Society’s maximum lending age is 70. But having decided that cases from older borrowers who have long invested in the BTL sector offer no more risk than younger ones, TMW will scrap the maximum age restriction for those older borrowers who qualify next week.
From Wednesday 18th April, there will be no maximum age at application nor at redemption for experienced landlords looking to borrow up to 65% loan-to-value (LTV) for either purchase and remortgage.
The same criteria will also apply to limited company mortgages, currently being offered by TMW.
TMW recently increased the maximum LTV for buy-to-let mortgages from 75% to 80% for first time and landlords.
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.”
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