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From April 18th The Mortgage Works (TMW) will be removing the maximum age limit criteria on its Buy to Let mortgages up to a maximum of 65% Loan to Value for ‘experienced’ landlords for both purchases and remortgages. This will also include Limited company mortgages.
An experienced landlord is considered by TMW as: “An applicant who has owned and let a Buy to Let property for at least the last six months (they may or may not own and occupy their own home).”
The maximum age for first time landlords or for mortgages over 65% LTV will remain 70 years old at application.
TMW director of specialist lending, Paul Wootton said: “The group of experienced landlords is both growing and growing older, and market options are more limited for retirees seeking to retain their Buy to Let properties in order to supplement their pension.
“By removing the maximum age when applying for a Buy to Let mortgage, TMW is supporting the increasing market demand in this area.”
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