Buy to let

ollie2008uk

I have s question for buy to let, my mum wants to buy a 2nd home to rent (as an early pension). However she is 51, basically can she have a 25 year BTL mortgage on the 2nd property or will she only get the term until 68?

Mortgage works state max age at application is 70 and the term is from 5-35 years?!

Senior_Paper_Monitor

.... and her "max (actual) age at application will be 51", which is 'less than 70'.


Will be other, potential better, options.

I would strongly recommend that she obtains professional advice on this transaction (i.e mortgage adviser).

kiddakidda

Is it going to be interest only?

ollie2008uk

No repayments i believe

GMS

Many Buy to Let mortgages are broker only so your Mum would benefit from using one

ollie2008uk

GMS wrote: »

Many Buy to Let mortgages are broker only so your Mum would benefit from using one

Thanks for the advice, She is aware and uses a mortgage broker anyhow. However they are now closed until Monday and I suggested that this forum would be a good place to answer a question she had.

Thanks again for your suggestion.

dimbo61

Does your mum have a 20/25/30% deposit ?
Many BTL mortgages are Interest Only.
The rent needs to be 125/130% of the mortgage cost at 6/7%
IE rent £500 then mortgage £400 ( 125% of mortgage )
Find a good broker and read GM excellent post on being a Landlord