Buy-to-let investors can now be 85 at the end of the term, up from 75.

The criteria change came at the same time the buy-to-let and specialist lender announced a series of rate reductions across its product range for individual landlords.

Borrowers at 75% LTV can now fix for five years at 4.09%, a reduction of 10 basis points. The product comes with a 1% completion fee.

At 80% LTV borrowers can opt for a three-year tracker at LIBOR plus 3.39%, giving an initial pay rate of 3.95%. The product comes with a 2% completion fee.

Also at 80% LTV, landlords can fix for two years at 3.99%, a reduction of 80bps, with a 2% completion fee.

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There has also been a 10bps rate cut on Fleet Mortgages’ limited company, two-year fixed rate offering, available up to 80% LTV. This brings the rate down to 4.79% and comes with a completion fee of 1.5%.

Bob Young (pictured), chief executive officer of Fleet Mortgages, said: “Fleet Mortgages is also committed to evolving and enhancing our criteria in order to ensure it is fit for purpose in a changing marketplace – this why we have increased our maximum customer age, at the end of loan, up from 75 to 85-years-old.

“We recognise, for instance, that people are living longer, that landlords want to hold their properties longer into retirement plus there is a growing appetite amongst people over 50 wanting to invest in property. Since launch, close to 50% of all our applications are from borrowers over 50.

“We suspect that with the newly-introduced pension freedoms there will be a small, but perhaps growing, number of retirees who wish to use money from their pension pot to purchase a buy-to-let investment. It’s therefore important that our criteria reflect these changes and uniformly unambiguous which will make life easier for all our stakeholders, particularly brokers and their clients.”