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Get a buy-to-let mortgage even if you’re 85!

Marc Crosby 24th May 2015 One Comment

Reading Time: 2 minutes

..well sort of.

Really it’s that the minimum age you need to be at the end of a buy-to-let mortgage has been hiked up from 75 to 85 by Fleet Mortgages.

They’re a specialist buy to let lender which only began lending mortgages last year. They say that around 50% of its clients have been over 50s.

make-money-at-homeIt’s looking like more and more pensioners will be using the new pension freedoms to invest in buy to lets and it’s likely that there will be more new players in the market who will follow Fleet’s lead.

Bob Young, the firm’s chief executive, says “Fleet Mortgages is committed to evolving and enhancing our criteria in order to ensure it is fit for purpose in a changing marketplace – this why we have increased our maximum customer age, at the end of loan, up from 75 to 85 years old.

“We recognise, for instance, that people are living longer, that landlords want to hold their properties longer into retirement plus there is a growing appetite amongst people over 50 wanting to invest in property.”

Good point. We wouldn’t be surprised if the age limit goes up even further in the next couple of years.

Buy to let mortgages are particularly cheap now with the number available having risen more than three times in the run up to April – it’s little wonder that pensioners are finding this an attractive offer.

If you’re considering investing, however, do bear in mind that rsidential property investments can’t be held in a pension, and only the first 25% of your pension can be drawn out tax free – the rest is subject to income tax.



For many pensioners, the idea of saving for many years only to give loads of it to the Government is not an attractive prospect.

Equally remember that being a landlord can be hard work. There’ll be times you’ll have no tenant at all and when you do you’ll be financially responsible for making sure the property is maintained.

Find out more about investing in buy-to-lets here.

What do you think? Are you tempted to invest in buy to let property? Let us know in the comments below.

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4 years ago

A great idea for anyon of that age.

Jasmine Birtles

Your money-making expert. Financial journalist, TV and radio personality.

Jasmine Birtles

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