Banks target over-55s with cheaper loans on buy-to-let

ukcarper

padington wrote: »

You can get a BTL mortage all the way until 75 apparently ...

https://www.moneyadviceservice.org.uk/en/articles/buy-to-let-mortgages

Where do you get deposit.

padington

ukcarper wrote: »

Where do you get deposit.

From your pension tax free lump sum or savings.

ukcarper

padington wrote: »

From your pension tax free lump sum or savings.

I refer you to posts 16 and 23 could up price of property if went for higher LV but then less profit.

purch

padington wrote: »

All my gen x friends have tons of equity in their houses, they just don't know how to unlock it.

Are they particularly thick ?

If they sell their house, and repay the mortgage then they will be left with the equity.

Simples :T

MARTYM8`

ruggedtoast wrote: »

Oh great. Boomer To Let mortgages.

Nationwide via their mortgage works subsidiary are apparently willing to offer pensioners aged 70 35 year mortgages if they want a buy to let loan – but if you actually want to use the mortgage to buy a home to live in yourself their age limit is normally 75.

http://www.dailymail.co.uk/news/article-3026827/Pensioner-mortgages-pay-aged-105-Fears-buy-let-boom-elderly-spend-savings-houses.html

I presume these will be branded ‘die to let’ mortgages.:D

And there was me thinking mutual building societies were set up to support people buying their own homes – so they didn’t have to rent from landlords…….

onlyroz

My husband turns 55 in 3 years. We're thinking of buying a holiday let.

chucknorris

onlyroz wrote: »

My husband turns 55 in 3 years. We're thinking of buying a holiday let.

What attracted you to that? We looked at this a few years ago and came to the conclusion that it looked like the profits did not justify the extra work over a buy to let property. Is it that you wanted a holiday home for yourself anyway? I don't think you can buy a holiday home with a BTL mortgage, but I'm guessing that you probably knew that anyway.

padington

chucknorris wrote: »

What attracted you to that? We looked at this a few years ago and came to the conclusion that it looked like the profits did not justify the extra work over a buy to let property. Is it that you wanted a holiday home for yourself anyway? I don't think you can buy a holiday home with a BTL mortgage, but I'm guessing that you probably knew that anyway.

How would they ever know what your intentions were ?

chucknorris

padington wrote: »

How would they ever know what your intentions were ?

They are specifically banned from buy to let mortgages, are you saying that you would lie? I'm not sure how you might get found out, but it isn't a path that I would want to go down.

onlyroz

chucknorris wrote: »

What attracted you to that? We looked at this a few years ago and came to the conclusion that it looked like the profits did not justify the extra work over a buy to let property. Is it that you wanted a holiday home for yourself anyway? I don't think you can buy a holiday home with a BTL mortgage, but I'm guessing that you probably knew that anyway.

I haven't looked into it closely but I thought that there were holiday-let mortgages available.

Our intention would be to get somewhere in a location that would be easy for us to visit ourselves, but which would generate enough income to hopefully pay for itself. I've been considering Bournemouth, but haven't seriously thought it through yet. My assumptions have been based on using a £50k deposit from his pension to buy a £200k property, which I think would get us a two-bed terrace a few streets away from the beach and within walking distance of the station.