The maximum term of the mortgage has been raised from 30 to 40 years in a move which it thinks will help serve retirees looking to invest their pension pots in the buy-to-let market.
The lender has also dropped its minimum valuation from £90,000 to £75,000. Both criteria changes extend to its residential mortgage range.
On its residential mortgage range the maximum age at the end of the term has been raised from 65 to 75-years-old. The minimum income requirement has been scrapped leaving applications to be assessed on purely an affordability basis.
The changes were unveiled at The Buy To Let Market Forum in Cardiff today by Steve Griffiths, head of sales and distribution in his presentation ‘The Rise of the Grandlords Pension Freedoms and Buy to Let’.
Griffiths addressed brokers at Cardiff City Stadium and discussed the opportunities which the pension freedoms have handed to retirees and the reality of silver investors turning to the buy-to-let market for investment returns.
Register now for the next three days of The Buy to Let Market Forum, coming to Villa Park Stadium in Birmingham tomorrow, and on to Winchester’s Norton Park Hotel and The Park Royal Hotel in Warrington on the 28 and 29 April.
Follow all the Tweets at #BTL15 and watch out for all our multimedia coverage on Mortgage Solutions.
