BTL remortgage for someone over 75 years old

dboswell

Hi, I am making an enquiry for my father in law who turns 74 this year.

He has built up 6 BTL properties, but his current lender has a max age of 75. As it doesnt seem a good time to sell, he would like to remortgage to a lender that would allow mortgages up to 80 or 85.

Can anyone suggest some lenders he could speak to? Someone mentioned Bristol and West or Woolwich.

thanks

David

poppy10_2

Loool, he will be dead soon, why would anyone give him a mortgage?

kingkano

poppy10 wrote: »

Loool, he will be dead soon, why would anyone give him a mortgage?

I personally find that comment very distasteful.

You could be dead tomorrow, so why should anybody give YOU a mortgage?

Rafter

Helpfull Poppy! If he is 74 now his life expectancy is at least 10 years on average. Plus there is plenty of property (and equity) as security making an arbitrary age restriction daft.

dboswell,

I suggest he has a look at seeing whether your wife (and any other dependents) could act as guarantors or first names on the mortgages.

For inheritance tax purposes, it might also be worth seeing if some of the properties can be transferred and then exempted from his estate after 7 years.

Not aware of any lenders with no upper age limit, but someone might have some ideas.

R.

poppy10_2

Rafter wrote: »

Plus there is plenty of property (and equity) as security making an arbitrary age restriction daft.

How do you know? He may well have MEWed all the equity out of the properties, making him a sitting duck for negative equity x6.