Aldermore is buckling under a flood of buy to let mortgage inquiries from the over 70s in anticipation of next year’s pension freedom law change.
With a maximum application age of 75, Aldermore is one of the few buy to let lenders accepting older investors.
Account manager Ed Brown told brokers at a buy to let conference that the lender was inundated with inquiries from older customers looking to invest in buy to let with money drawdown from their pensions from April 6, 2015.
“We are finding a lot of people who are thinking of taking out a buy-to-let for the first time at the age of 70 plus – without intending to go into this space it’s opened up a niche area for us,” said Brown.
Skipton Building Society will have more than 50 product portfolio of buy to let mortgages available from today.
The vast range includes two, three and five year fixes for buying and remortgaging rental properties.
The headline deal is a fee-free two year fix at 60% loan to value at 3.09%
Kris Brewster, Skipton’s head of products, said: “We now have a total of 54 products in our buy-to-let range to give landlords and potential landlords much more choice and as many different options as possible to help suit their many different needs.”
Kent Reliance Building Society has revamped specialist buy to let mortgages, reducing minimum loans for HMOs, student lets, companies and multi-units
From November 20, The Mortgage Works will increase the in-house rental stress test on new applications where loan to value is between 65%-75% to 125% at an interest rate of 5.49% from 125% at 4.99%.
First time landlords can also take advantage of 80% loan to value.
Barclays is also offering the ‘Great Escape’ mortgage deal to buy to let landlords
Landlords to switch rates without take free legal advice and a free valuation plus take a £400 cashback.
The deal offers two-year fixed rate deals – at 3.65% and 60% loan to value and 4.15% at 75% LTV.
Andy Gray, Barclays managing director of mortgages, said: “Our deals are aimed at landlords who might worry it would cost them too much to move to better rates elsewhere.”