My current lender is unable to extend the period of the loan as I shall be 75 years of age. What are my options for remortgage?

I have an existing buy to let mortgage with Birmingham Midshires due to expire in 2017. BM is unable to extend the period of the loan as I shall be 75 years of age. I would be seeking to extend the loan period rather than liquidate the outstanding loan either by selling the mortgaged property or from my own funds. The mortgage is currently on an interest-only basis, the original period being 12 years, at a very preferable rate (sub 1 per cent) with regular monthly overpayments made by standing order. Please advise on likely options for remortgage.

Your choice of lender is restricted as many providers impose a maximum age limit of 75 on maturity of the loan. However, we have access to a handful of lenders who will go up to 85 years at the end of the term, which would give you another nine years of investment, so do get in touch to talk through the options. Bear in mind that some of these lenders impose a minimum income requirement in addition to the rent, so your options could be reduced further if you are a full time landlord with no other income. I’m afraid that rates will be higher than the low reversion rate you are currently paying so you might want to get in touch now whilst mortgage rates are at an all-time low

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