Fleet Mortgages has increased its upper age limit to 85 years at the end of the mortgage term, up from its previous limit of 75 years.
The move is sure to be welcomed by older residential property investors whose choice of buy to let mortgage products is limited because the majority of lenders impose a maximum age of 75 years on maturity of the loan.
Commenting on the change in criteria, Bob Young, Chief Executive of Fleet Mortgages said:
“Fleet Mortgages is also committed to evolving and enhancing our criteria in order to ensure it is fit for purpose in a changing marketplace – this why we have increased our maximum customer age, at the end of loan, up from 75 to 85 years old.”
He went on to explain:
“We recognise, for instance, that people are living longer, that landlords want to hold their properties longer into retirement plus there is a growing appetite amongst people over 50 wanting to invest in property. Since launch, close to 50% of all our applications are from borrowers over 50.”
Fleet now joins the likes of Keystone Buy to Let Mortgages, Foundation Home Loans, Aldermore and Kent Reliance which all have upper age limits of 85 years.
Last year, Jeni Browne, Head of Buy to Let and Residential Lending at Mortgages for Business blogged about age restrictions and buy to let mortgages. She was dumbfounded by The Mortgage Works decision to remove age limits on when its buy to let mortgages could be repaid but, crucially, at the same time, imposed a maximum age of 70 years at the start of the mortgage.
Landlords and investors can access intermediary-only lender, Fleet Mortgages via Mortgages for Business and a small number of other brokers.