Think you can’t get a buy to let mortgage because of your age? Think again…
Many buy to let mortgage lenders impose a maximum age restriction of 75 years on maturity of the loan… fine if you’re happy to sell up when you reach this age, but what if you’re not?
You may be interested to know that our lending brand Keystone Property Finance has a solutions for landlords borrowing either personally or via a limited company.
Limited company applicants:
Keystone does not impose any maximum age restriction for directors of limited companies (trading or SPVs) and will offer terms up to 25 years! There is only one other lender in the market which can currently match this. The majority of lenders will cap the maximum age for company directors at somewhere between 70 and 80 years.
So, if age is a factor and you aren’t already operating via a limited company perhaps it’s time to consider making the switch. Corporate structures aren’t for everyone and we recommend that you take professional advice from your accountant first.
If you’ve decided that borrowing in your personal name is still the best option for you, then fear not, Keystone will accept individual applicants up to 85 years at the end of the loan term, although it is worth bearing in mind that you will have to apply by your 80th birthday.
On a more positive point however, if you are applying as part of joint application and the second applicant is younger than you, their age can be used to extend the loan term.
If you are approaching 80 and apply for a mortgage in your personal name the maximum term you will get with Keystone is five years (taking you to your 85th birthday).
If however, you are approaching 80 and apply for a mortgage in your personal name with another applicant who is 60 – you could get a 25 year term (taking the second applicant to their 85th birthday and you to your 105th!)
Keystone is one of the few lenders which offers the same pricing to both individuals and limited companies, so if any of this sounds of interest to you, do get in touch. You can contact me on my direct line 01732 471627 or call the main number 0345 345 6788.
If you need any assistance call the main broker hotline on 0345 345 6788.
You may also be interested in:
FAQs on Ltd Co borrowing for buy to let
Frequently asked questions on limited company borrowing for buy to let mortgages.
How the new buy to let underwriting standards will affect lenders and borrowers
Steve gives his views on what the implications of tougher interest cover ratios and increased background checks will mean for landlords and buy to let lenders.