If you are eager to get onto the buy-to-let property ladder and are aged 50+ then we’ve got some good news. The number of mortgages available for older investors is rapidly increasing.
A study from Which? Has shown that 1,341 of the 2,057 buy-to-let mortgage products currently on the market, have a maximum age limit at the end of the loan term of 85 years and above. This means that it equates to 65% of the total number of mortgage products.
Using data from Moneyfacts, the study was able to ascertain around 30% of mortgage products have a maximum age of 85 years, while 9% have a maximum age of 95. Meanwhile, exactly 20% of current loan products have no age limit at all.
For years it has been a struggle for 50+’s to find a lender willing to provide them with a mortgage, but now older borrowers are being spoilt for choice as high-street banks and building societies are eagerly offering new products and changing existing terms to meet an ageing population.
The emergence of the challenger banks is slowly eroding the dominance of the UK’s established lenders and, in this respect, things for the buy-to-let investor have never been so good.
As well as benefitting from looser lending criteria, landlords are also enjoying an environment of plunging interest rates, lower deposit requirements, and an ocean of fee-based incentives.
“All in all, despite the challenges faced in today’s market, investing in property at any age is still one of the best ways to make your money work.” Louise McDonald, Head of Residential Auction.
Once you have got a mortgage in place, the next step will be renting the property out. When you get a tenant, they will pay your mortgage for you and could also potentially provide some extra income.
If you have always been keen to invest in a property, why not start now? With so many options in place, even for the older generation of potentials investors and investors alike, today is a great day to take the plunge.
Buying a property from our auction is a fantastic way to grab yourself a bargain. Take a look here at a number of opportunities that’re going under the gavel at our next property auction on the 10th June 2019.
If you have some queries, why not get in touch with our property experts who can give you professional advice. Click here or call on 0161 443 4740.
Take a look at some bargains going under the gavel this June.