Barclays has increased its maximum age limit on its buy-to-let mortgage products from 70 to 80 after receiving a growing number of applications from older borrowers.
The lender said research demonstrated people were living longer which meant landlords wanted to keep their properties for a longer period into retirement.
Barclays has identified an increased appetite from applicants over 50 years of age to invest property which influenced its decision to raise its upper age limit.
A maximum age limit of 70 still applies to its residential mortgage range. In November, the Building Societies Association began a 12-month review into age caps on mortgage lending in the mutual sector. Since then Cambridge and Dudley Building Societies have removed their upper age caps.
Samantha Partington is a freelance trade and consumer journalist writing about property and personal finance. Previously she worked worked for the Daily Mail and Property Week. She is the former deputy editor of Mortgage Solutions and editor of Specialist Lending Solutions.
Before becoming a journalist, Samantha worked as a mortgage broker and latterly for a mortgage, bridging and secured loan lender. Samantha is CeMAP qualified. Follow her on Twitter @SamJPartington1.