TMW scraps maximum age limit for experienced landlords
The Mortgage Works (TMW), the buy-to-let lending arm of Nationwide Building Society, is removing its age limit at application for experienced landlords with a large deposit.
There had previously been a maximum age at application of 70 for all landlords, but no maximum age at redemption.
Now there will be no maximum age at all for experienced landlords looking to borrow up to 65% of the property’s value, to either purchase a property or to remortgage.
The same criteria will also apply to limited company mortgages, currently being piloted by the lender.
There is no change for landlords who need to borrow more than 65% of the property’s value or for first-time landlords, where existing age restrictions will remain in place.
TMW recently increased the maximum loan-to-value size available for buy-to-let and let-to-buy mortgages from 75% to 80% of the property’s value.
Paul Wootton, TMW’s director of specialist lending, 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.”