Some banks are targeting retirees with extended mortgage terms



Property Forum Staff
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I had a conversation with a Nationwide Financial Advisor yesterday, where it appears they now have a Buy-to-Let mortgage product that they would potentially lend to a person of 85 years of age (my father got very excited as he came to Property Investment relatively late in life - 70!). It's nice to see more flexibility now. It would be equally as good to see a product that helps younger people become Buy-to-Let landlords too.

Do Buy-to-Let mortgages take into account your own wage, or are they based purely on the potential rental income of the investment property?


I was always under the impression that buy to let mortgages were based on your own personal income. You could have the highest rental rate in the world but if your buy to let property is not let at any one time then you are losing out on income. I also find it a little strange that some advisers are advertising mortgages which could last until some people are 85 years of age. There will always be assets to fall back on but does anybody really need this kind of grief in later life?


I always thought that the new regime of regulations for the mortgage industry were supposed to protect people from situations where they might struggle to fulfil their mortgage obligations? Surely allowing someone to have a mortgage until aged 85 is potentially dangerous for their wealth?