Buy to Let Maximum age 110 with Precise Mortgages!

by Neil Patterson

12:00 PM, 19th January 2016
About 3 years ago

Buy to Let Maximum age 110 with Precise Mortgages!

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Buy to Let Maximum age 110 with Precise Mortgages!

Precise mortgagesPrecise Mortgages have today launched a new flexible criteria for landlords looking to finance their portfolios into retirement with a maximum age of 110.

The maximum age at the point of application is 80 with a possible loan term of 30 years taking the borrower to 110.

Precise have also launched a new range of HMO products for experienced Buy to Let landlords. The definition of experienced is having held at least two Buy to Let properties for at least two years.

MD of Precise Mortgages, Alan Cleary, said “forcing a customer to sell a buy to let property just because they reach 75 is not a good thing, they may be reliant on it for income or it may just be a bad time to sell.

“Our change to policy means that customers can choose whether to hold onto their Buy to Let if it suits them irrespective of their age.”

“We are making our entire range of buy-to-let deals more flexible because we believe borrowers and landlords should be able to invest their money the way they choose. This goes for those choosing to invest in higher yield HMOs where products are too limited at the moment.”

HMOs will be valued as a single dwelling but multi-occupancy rental income will be used to assess the loan. Up to a maximum of six bedrooms 80% LTV and a loan of £500,000. Maximum exposure is 10 properties up to £5million with Precise.

For further advice and assistance please complete the contact form below and you can also view all Buy to Let mortgage products using our mortgage sourcing calculator click here

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Comments

Howard Reuben CeMap CeRER

12:06 PM, 19th January 2016
About 3 years ago

Precise Mortgages are innovative, flexible and very helpful behind the scenes with us Brokers too.

I've worked with them many times and so we know their requirements and systems and can help get cases through very quickly.

I'm just wondering who will remortgage these new cases when they expire at the borrowers 110th birthday 🙂

Dr Rosalind Beck

10:27 AM, 20th January 2016
About 3 years ago

Hi Neil
I liked this bit especially:

'MD of Precise Mortgages, Alan Cleary, said “forcing a customer to sell a buy to let property just because they reach 75 is not a good thing, they may be reliant on it for income or it may just be a bad time to sell.'

I wish the Government would take that into account with C24.

They do seem to have some great terms. Do you know if they only allow you to have 10 mortgages with them or 10 in total?

Neil Patterson

11:37 AM, 20th January 2016
About 3 years ago

Hi Ros,

It is maximum 10 with them but you can have as many as you like elsewhere 🙂

Neil Patterson

11:39 AM, 20th January 2016
About 3 years ago

Reply to the comment left by "Howard Reuben" at "19/01/2016 - 12:06":

Hi Howard,

If you get to 110 everything after that is a bonus 🙂

Howard Reuben CeMap CeRER

11:58 AM, 20th January 2016
About 3 years ago

Reply to the comment left by "Neil Patterson" at "20/01/2016 - 11:39":

I've only just reached 50 - so I'm not even middle aged yet based on that expiry date. I feel all young and alive again now 🙂


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