BM Solutions increases maximum age to 99 on buy-to-let and let-to-buy mortgages
Quick Summary
BM Solutions, previously Birmingham Midshires, has changed its lending policy to increase the maximum age at the end of term for its buy-to-let and let-to-buy customers from 80 years old to 99 years old. A host of other lenders offer older people buy-to-let mortgages, providing the property generates enough rent or applicants have sufficient income to make up any affordability shortfall.
BM Solutions has changed its lending policy to increase the maximum age at the end of term for its buy-to-let (BTL) and let-to-buy customers from 80 years old to 99 years old.
The maximum age at the point of application will remain the same, where the eldest customer must apply before their 75th birthday.
The maximum term will remain at 40 years at application, and the new maximum age policy applies to Personal Named and Limited Company mortgages. Meanwhile, for product transfer applications, the existing term can be amended up to the eldest applicant’s 99th birthday. For further advance applications, the new borrowing term can also be selected up to the applicant’s 99th birthday.
Aaron Strutt, product director at Trinity Financial, says: "More of the lenders will issue older borrowers with buy-to-let mortgages, particularly the smaller building societies and specialist providers. Many of the people we speak to think they are too old to get a buy-to-let mortgage, and they are surprised to hear it's possible to borrow when they are in their 70s, 80s, and even 90s!"
Will other buy-to-let lenders offer older people buy-to-let mortgages?
| Mortgage lender | Maximum age at application |
| Buckinghamshire Building Society | There is no maximum age, but individual circumstances will be taken into account to ensure good affordability and credit history. |
| BM Solutions | The eldest customer must submit the application before their 75th birthday. |
| The Cambridge | No upper age. |
| Chorley Building Society |
The maximum age at the end of the term is 85 for an interest-only mortgage and 90 for a repayment loan. |
| Family Building Society | Maximum age at application 89. |
| Harpenden Building Society | No upper age. |
| Hodge for Intermediaries | The maximum age at application is 88 years. |
| Paragon | 80 years at application, 85 years at end of the term. Exceptions can be considered where eldest applicant is accompanied by younger applicants. |
| Lendco | At least one applicant must be no older than 80 years old at application. Maximum age up to 100 at the underwriters ' discretion. |
| Metro Bank | Age 80 at application. |
| The Mortgage Works | 70 years as standard. For experienced Landlords up to 65% loan-to-value no age restriction applies. |
Source: Knowledge Bank
What works in favour of older people when they want buy-to-let mortgages?
The number one reason is that banks and building societies are more willing these days to lend to older borrowers, whether they want a buy-to-let or a residential mortgage. With most buy-to-let mortgages, many lenders focus on the rental income from the property rather than just the applicant’s personal earnings. Lenders like the Family Building Society say they don’t turn down mortgage applications because of a person's age.
Get expert buy-to-let mortgage advice from Trinity Financial
At Trinity Financial, our team of experienced London mortgage brokers specialises in helping borrowers secure the right deal. We work with all major lenders and can guide you through the full application process.
Call Trinity Financial on 020 7016 0790 to secure an older borrower buy-to-let mortgage or book a consultation
Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage
The Financial Conduct Authority does not regulate most Buy to Let Mortgages
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