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Renewing BTL's after age 65
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pinchmyself
Posts: 29 Forumite
I have two BTL mortgages with The Mortgage Works on two year deals due to expire next July. I become 65 in May of 2017 and cannot see any restrictions on their website related to renewing the deals after age 65. However I am apprehensive and do not want to get the bad news in 15 months time as I would not be able to repay the loans without selling the properties, when I would get hammered for CGT.
My income is 40% based on the rental income these two properties achieve. Previously I have renewed on their switcher online option as there have been no fundamental changes in my circumstance and I have a great credit history. I would like to keep these going for another 10 years ( hoping to survive !! ) Anyone have any advice for BTL mortgages after age 65 and if The Mortgage Works are likely to allow me to keep renewing given I have never had a problem with the payments or will I have to switch to a longer term at a much higher rate to guarantee another ten years?
My income is 40% based on the rental income these two properties achieve. Previously I have renewed on their switcher online option as there have been no fundamental changes in my circumstance and I have a great credit history. I would like to keep these going for another 10 years ( hoping to survive !! ) Anyone have any advice for BTL mortgages after age 65 and if The Mortgage Works are likely to allow me to keep renewing given I have never had a problem with the payments or will I have to switch to a longer term at a much higher rate to guarantee another ten years?
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