Mortgages for 60+ for BUY TO LET purpose? Which lenders provide them ?

katesheet

What is the availability like to get a Mortgage from lenders for somebody who is in their early 60s years old? for a buy to let purpose (not to live in)


They currently have a property they live in, and want to buy another one to rent out.

a) How are lenders to give a mortgage to 60+ ?
ie, Lenders do consider it, but they look to see xzy

b) What typical minimum % of deposit would be required minimum for a 60+ years old mortgage (for the buy to let purpose)?

c) and what typical rate(s) would they give to these mortgages for ?

d) Do you know any Non high street lenders who offer BUY to let mortgages for 60+ olds (remember, has to be buy to let)


e) What factors would determine a better interest rate in this case? (whether the 60+ year old is working? health issues, etc? what else?

Please can you please answer in a) b) c)...e) format please.

Thank you in advance xx

katesheet

What is the availability like to get a Mortgage from lenders for somebody who is in their early 60s years old? for a buy to let purpose (not to live in)


They currently have a property they live in, and want to buy another one to rent out.

a) How are lenders to give a mortgage to 60+ ?
ie, Lenders do consider it, but they look to see xzy

b) What typical minimum % of deposit would be required minimum for a 60+ years old mortgage (for the buy to let purpose)?

c) and what typical rate(s) would they give to these mortgages for ?

d) Do you know any Non high street lenders who offer BUY to let mortgages for 60+ olds (remember, has to be buy to let)


e) What factors would determine a better interest rate in this case? (whether the 60+ year old is working? health issues, etc? what else?

Please can you please answer in a) b) c)...e) format please.

Thank you in advance xx

Westminster

I've merged your two threads as there is no need to post in 2 closely related forums.

csgohan4

Why do they want to buy at this time? Are they aware of the new tax changes and what legal and financial implications of being a LL?


Have they considered the costs for void periods and eviction costs which run into 4-5 figures.


There will be extra stamp duty to be paid as well.


If they are happy with the above, consider the services of a broker who will be able to answer all of the above tailored tot heir circumstances

BLOW_FLY

That's original, a 60+ yo with a house already wanting to buy up housing stock to farm the younger generation for money.....

Joking aside though, I'd look for the highest LTV I could get on an interest only basis if I was them.

BF

dimbo61

You need a broker ! Who deals in BTL mortgages
You also need to do your homework and find a suitable property in the right location.
Number of bedrooms ? Target market ?
Do you need / use a letting agents ?
Business plan.
Deposit
Yield
145% at 5.5% Mortgage rate ! Earn over £25,000 a year ?

Thrugelmir

Another exam question?

https://forums.moneysavingexpert.com/discussion/5633824

Last time I suggested Google.......