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‘Lenders should remove maximum lending age for landlords’ – Star Letter 26/02/2021

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  • 26/02/2021
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‘Lenders should remove maximum lending age for landlords’ – Star Letter 26/02/2021
Each week Mortgage Solutions and its sister title Specialist Lending Solutions pick the top comment from our readers.

 

This week’s comment was in response to the article: Buy-to-let market opens up to first-time landlords – Moneyfacts 

Trying to be a Retired IFA said: It’s good to see the market opening back up to firsttime buy-to-let landlords.  

The often-overlooked issue is there is a housing shortage due to underinvestment by the government, so the private sector has stepped up with its own money, at its own risk, to provide a roof over people’s heads for a return. 

The UK economy needs a healthy housing market. Many people need a place to rent as they can’t afford to buy, or don’t want the costs involved meanwhile the population continues to outgrow supply, they added. 

 

No maximum lending age 

They continued: “What mortgagees should do is remove the outdated maximum age to lend to. Why is that relevant anymore especially when a management company looks after the day-to-day affairs of the property?  

“With rising unemployment and stagnate wages the last thing people need is a mortgage liability. Surely, it’s better to rent and have local housing allowance so the place lived in can be made a home. 

Trying to be a Retired IFA added: Owning it doesn’t a home make per se and if all landlords stopped being landlords overnight it wouldn’t solve the housing issue. It would however make it worse for millions who rely on it to provide them a home. 

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