More lenders are seeing the benefits of supporting older investors in buy-to-let properties.
Santander has recently joined others in increasing the maximum age for its buy-to-let mortgages from 75 to 85 years and making changes to its affordability calculator.
The aim is to open the market to more potential older investors.
Borrowers aged 65 can now begin new 20-year mortgages and there are now also remortgage opportunities for existing landlords.
The recent amendments have also seen the maximum lending term rise from 25 years to 40 years for Santander’s buy-to-let products.
In addition, the lender is increasing the maximum loan-to-value on its residential part mortgages from 75 per cent loan-to-value to 85 per cent loan-to-value, with a maximum of 50 per cent on interest-only offerings.
Santander head of channel development Graham Sellar says: “By increasing both the maximum term and maximum lending age on our BTL mortgage range, we are hoping to help landlords reap the benefits of their investment for longer.”
