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Buy To Let Mortgage Hotline - Call 0117 403 4222

1.75% 2 Year Fixed

  • Overall cost for comparison 4.3% APRC

Representative Example: Mortgage of £120,000 on property valued at £200,000 over term of 25 years. Rate fixed for 2 years after which reverts to Post Office variable rate of 4.74%.

Call Post Office FREE on 0808 178 6813

2.68% 5 Year Fixed

  • Overall cost for comparison 4.0% APRC

Representative Example: Mortgage of £120,000 on property valued at £200,000 over term of 25 years. Rate fixed for 2 years after which reverts to Post Office variable rate of 4.74%.

Call Post Office FREE on 0808 178 6813

Details sort by initial rateLenderInitial rate Rate type Overall cost for comparisonMax LTVProduct feeMonthly cost Enquire
Initial rate: 1.5%
Rate type: Fixed Jan-2020
Monthly cost: £494.37 per month
Max LTV: 60%
Product fee: £2770.00
Overall cost for comparison: 4.4% APRC
Barclays Bank logo 1.5% Fixed Jan-2020 4.4% APRC 60% £2770.00 £494.37 per month get quotes Call direct0117 313 7780
Initial rate: 1.5%
Rate type: Fixed Jan-2020
Monthly cost: £487.37 per month
Max LTV: 60%
Product fee: £1320.00
Overall cost for comparison: 4.3% APRC
Barclays Bank logo 1.5% Fixed Jan-2020 4.3% APRC 60% £1320.00 £487.37 per month get quotes Call direct0117 313 7780
Initial rate: 1.54%
Rate type: Fixed Feb-2020
Monthly cost: £491.63 per month
Max LTV: 60%
Product fee: £1755.00
Overall cost for comparison: 4.4% APRC
Santander UK Plc logo 1.54% Fixed Feb-2020 4.4% APRC 60% £1755.00 £491.63 per month get quotes Call direct0117 313 7780
Initial rate: 1.54%
Rate type: Fixed Feb-2020
Monthly cost: £491.63 per month
Max LTV: 60%
Product fee: £1755.00
Overall cost for comparison: 4.4% APRC
Santander UK Plc logo 1.54% Fixed Feb-2020 4.4% APRC 60% £1755.00 £491.63 per month get quotes Call direct0117 313 7780
Initial rate: 1.54%
Rate type: Fixed Feb-2020
Monthly cost: £491.63 per month
Max LTV: 60%
Product fee: £1755.00
Overall cost for comparison: 4.4% APRC
Santander UK Plc logo 1.54% Fixed Feb-2020 4.4% APRC 60% £1755.00 £491.63 per month get quotes Call direct0117 313 7780
Initial rate: 1.55%
Rate type: Fixed Jan-2020
Monthly cost: £494.30 per month
Max LTV: 60%
Product fee: £2270.00
Overall cost for comparison: 4.4% APRC
Barclays Bank logo 1.55% Fixed Jan-2020 4.4% APRC 60% £2270.00 £494.30 per month get quotes Call direct0117 313 7780
Initial rate: 1.69%
Rate type: Fixed Jan-2020
Monthly cost: £501.19 per month
Max LTV: 50%
Product fee: £2132.00
Overall cost for comparison: 4.4% APRC
Godiva Mortgages logo 1.69% Fixed Jan-2020 4.4% APRC 50% £2132.00 £501.19 per month get quotes Call direct0117 313 7780
Initial rate: 1.69%
Rate type: Fixed Mar-2020
Monthly cost: £496.22 per month
Max LTV: 60%
Product fee: £1670.00
Overall cost for comparison: 4.4% APRC
BM Solutions logo 1.69% Fixed Mar-2020 4.4% APRC 60% £1670.00 £496.22 per month get quotes Call direct0117 313 7780
Initial rate: 1.69%
Rate type: Fixed Dec-2019
Monthly cost: £496.25 per month
Max LTV: 60%
Product fee: £1061.00
Overall cost for comparison: 4.6% APRC
Skipton BS logo 1.69% Fixed Dec-2019 4.6% APRC 60% £1061.00 £496.25 per month get quotes Call direct0117 313 7780
Initial rate: 1.79%
Rate type: Fixed Jan-2021
Monthly cost: £505.95 per month
Max LTV: 50%
Product fee: £2132.00
Overall cost for comparison: 4.2% APRC
Godiva Mortgages logo 1.79% Fixed Jan-2021 4.2% APRC 50% £2132.00 £505.95 per month get quotes Call direct0117 313 7780
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Representative Example:

A repayment mortgage of £120,000 payable over 28 years and 1 month initially on a fixed rate for 2 years at 1.99% and then on the lender current variable rate of 3.69% (variable) for the remaining 26 years and 1 month would require 24 monthly payments of £465.20 and 312 monthly payments of £565.39 and one final payment of £565.19.

 

The total amount payable would be £189,357.67 made up of the loan amount plus interest (£68,161.67), booking fee (£999), completion fee (£30) and valuation fee (£197).

 

In this example the overall cost for comparison is 3.7% APRC representative.

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT

Buy To Let Mortgages For Over 70s

Buy to Let Mortgages for over 70s

Finding the right buy to let mortgage can often be difficult and strenuous, and it gets no easier the older you get. Many lenders now implement an upper age limit for taking out new mortgages, typically between 65 and 70. Therefore, if you are in your 70s and looking to secure a buy to let loan, you might be wondering what options are actually available to you.

Whilst obtaining a buy to let loan becomes more difficult as you enter your 70s, a good number of lenders do not see age as a barrier to getting finance. In fact some lenders have a maximum age of 110! There are still many opportunities available for over 70s to get a good deal on their buy to let mortgage. 

If you over 70 and are looking for a buy to let mortgage, you may want to review some of the changes to the tax rules and regulations that have affected the buy to let mortgage market.

Buy to Let Tax Rules

Landlords can no longer deduct their finance expenses from their buy to let properties to arrive at their profits in a self assessment at the end of the financial year. Consequently, many landlords will see their tax bill increase heavily next year.

The new rules are directed towards private landlords and not at limited companies. Therefore, limited companies do not have to pay tax on their financial costs, as only their profits are taxed.

As a result, private landlords want to set up their own limited company to avoid the new tax rules. However, there are some associated costs that should be considered before setting up a limited company.

Buy to Let Regulation Changes

Due to the changes in how the buy to let mortgage market is regulated, lenders have altered the way they review applications for buy to let mortgages.

Landlords will be expected to provide details of their entire property portfolios, as lenders will now require an in-depth review of the landlord's portfolio. From 2017, lenders will no longer provide buy to let mortgages to landlords with one or more properties that are not profitable. Therefore, it is important to note that landlords can no longer spread equity across their property portfolio. 

To ensure landlords can afford mortgage payments, lenders will apply a stricter income stress test. The stress test will look at the landlord's ability to afford mortgage payments in the event that interest rates increase to 5.5%.

Finally, landlords will need a rental coverage ratio of at least 145% for standard buy to let properties and 170% for houses in multiple occupation buy to lets. Landlords will be expected to provide a valuation from a professional surveyor to support their rental coverage ratio.

The additional 45% to 70% of the rental coverage ratio is there to act as a 'safety net' to account for any period of time that the property is without tenants. 

What should I look for when searching for an over 70s buy to let mortgage?

Like any financial product, it is important to shop around and review all of the options available to you. When comparing different lenders you should consider the following factors.

  • Lenders criteria and your eligibility
  • Fixed rate vs. Variable rate
  • Rate of interest on the mortgage
  • Fees charged by each lender

Gain Advice from a Mortgage Broker or Independent Advisor

Conducting your own research is vital when looking for the buy to let mortgage that suits you, however comparing the options available to you can often be overwhelming. That’s why it is often a good idea to contact a financial advisor to analyse your situation and give you assistance in achieving your mortgage goals. 

If you think you may benefit from the aid of an independent mortgage adviser, you can fill in our online contact form to request a call back from our buy to let advisory team, who can provide you with a free initial consultation about mortgages. Alternatively, you can contact us directly on 0117 403 4222


Buy To Let Mortgage Specialists For Over 70s

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