too old to get a buy-to-let mortgage?

RunDMc

Hello,

Advice needed please.

What is the age limit to get a buy to let mortgage and what are the legal requirements involved for a 3rd person to countersign a buy to let mortgage?

Thanks Dan

Yorkie1

Could you explain what you mean by your second question? Do you mean someone who is not on the mortgage but acts as a guarantor, or do you mean something else?

holly_hobby

Its more max age at redemption which determines the max term (which can be upto 90 yrs depending on other factors of the app).

If q2 is a guarantor situ, the requirement is that the property is self sufficient (ie rental income 125% of mge interest at 6%), if it doesn't meet these requirements, you wont secure a BTL mge - there is no accomodation for guarantors. If the applicants are first time landlords, you're looking at circa 75% max ltv.

If you mean can you have 3 mortgage applicants and property owners, then yes, upto 4 individuals may be party to a mortgage (joint mortgagors) , although in respect of applications where income is assessed, such as residential applications, only a max of 3 incomes may be utilised, along the lines of 3 x main & 1 of the 2nd and 3rd applicant (but will vary between lenders) - but this isn't necessarily an issue on BTL due to no min income reqs with various lenders.

If you wish to mortgage in 3 names and have 3 owners, then discuss withyour conveyencer the merits of holding the property under a joint tenancy (where equittible ownership is equally apportioned, and the rights of the decd owner automatically transferring to surviving owners on death), or tenants in common (where the equittible ownership may be unequally divided, with the individuals able to bequeath their share to parties, other than their fellow owners, on their death)

Sourcing of a BTL mge, well I would always suggest a broker, which will give your the widest choice of suitable lenders and products.

Hope this helps ...

Holly x