Buy-to-let mortgages potentially available to 105-year-olds through The Mortgage Works
Older borrowers looking to secure buy-to-let mortgages are being offered longer mortgage terms through the broker-only lender The Mortgage Works.
The Mortgage Works is owned by the Nationwide Building Society and it is accepting buy-to-let applications from borrowers aged up to 70.
As the society potentially offers a 35 year term it is possible the lender will ask for the mortgage to be repaid by the borrowers 105th birthday.
Recent reforms to pension rules means the over-55’s will be given access to billions of pounds to withdraw and use as they please. This has led to even more interest in the buy-to-let market particularly as savers look to get a better return on their money.
Henry Jordan, managing director of The Mortgage Works, told The Telegraph: "Using buy-to-let as a long-term investment is growing in popularity among people who want to maintain their options and potential sources of income into retirement.
"The prospects of the new measures regarding pensions could see even more considering it as an option for their retirement savings."
If you are looking for help to secure a mortgage, call Trinity on 020 7016 0790.