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Can you get a buy to let mortgage at 60?
It is possible to get a buy to let mortgage at 60 years old. Many buy to let investors at this age are buying buy to let properties to give them an additional retirement income.
It would not make sense for lenders to prohibit people over the age of 60 years from taking a buy to let mortgage when the property could effectively become the person’s pension.
Some lenders are better than others when it comes to lending into retirement. Lenders all have different criteria which need to be met when taking a mortgage.
Some lenders have a maximum age, for example, 75 years old.
However, some lenders do not have a maximum age for the mortgage to need to be repaid. This means that a 60 year old borrower may get a 30-year term on a buy to let mortgage with some lenders.
If you are 60 years old and wondering which lenders can consider you for a buy to let mortgage, you should look for an experienced mortgage adviser who can tell you your options.
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Can you get a buy to let mortgage at 60 if you have bad credit?
You can get a buy to let mortgage at 60 years old even if you have bad credit.
Not every lender is good at lending to people with bad credit so your mortgage adviser will be able to recommend a lender accordingly.
They would need to understand the scope of the bad credit, including how much was owed, who the creditors were, and whether the bad debt is now been repaid.
Adverse credit comes in many different forms such as defaults, arrears, bankruptcies, debt management plans, individual voluntary arrangements and more.
Your mortgage adviser would need to look through your credit file to work out which lenders are best for consideration the bad credit that took place. They would also need to match you with a lender’s criteria which may include rules around the maximum age of applicants.
Make sure you tell your mortgage adviser the full situation so they know what to do.
Find out more about your credit history by going to Check My File where you can claim a free trial.
Can you get a buy to let mortgage at 60 if you are retired?
It is possible to get a buy to let mortgage at 60 if you are retired. Some lenders do need you to have a minimum income criteria on their buy to let mortgages so your pension income would need to be enough to qualify for these lenders.
Some lenders do not have a minimum income criteria when it comes to buy to let properties.
These lenders are more concerned about the rental income that the property will generate when it is let rather than your income.
Your mortgage adviser will be able to recommend a lender accordingly based on your current income.
Can you get a buy to let mortgage at 60 for a commercial property?
It is certainly possible to get a commercial mortgage at age 60. There are commercial mortgages which allow the letting of the mortgaged commercial property.
If you do not plan to occupy the building yourself, some lenders will allow you to rent the space out which could be a useful income in retirement.
Commercial lenders will need to know who the tenant is going to be along with more details of their business.
This is because the rent that is paid for the commercial unit will ultimately be used to pay the commercial mortgage payments when it is paid to the landlord.
If you are age 60 and thinking about buying a commercial property with a mortgage, you should look for a commercial mortgage adviser with plenty of experience.
Your commercial mortgage adviser will likely be a member of the National Association of Commercial Finance Brokers (NACFB).
Can you get a buy to let mortgage at 60 if you don’t own another property?
Many buy to let lenders require you to already own a property before being able to buy a buy to let with a mortgage.
This can either be another investment property or the residential property that you live in.
Not all buy to let lenders have this rule and some will allow you to buy a buy to let property even if you do not own another.
Some lenders have a restriction to say that you need to have owned a property in the past to qualify for a mortgage with them.
Others do not have this restriction and could even allow you to buy a buy to let property with a mortgage at 60 years old as a first time buyer.
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Do you need a certain type of mortgage adviser to advise if you can get a buy to let mortgage at 60?
You do not necessarily need a certain type of mortgage broker to get you a buy to let mortgage at 60 years old.
An important thing to consider when you were choosing a mortgage broker is their past experience.
Some mortgage advisers specialise in different areas so it is important to find out whether they have experience relevant to your own transaction.
For example, some mortgage advisers may specialise in first time buyers whereas others may be more knowledgeable about commercial finance.
If you would like I NEED ADVICE to match you with a suitable mortgage adviser for your situation, please complete the contact form.
Can you get a buy to let mortgage at 60 if you are an expat?
Some lenders can offer buy to let mortgages for people over the age of 60 living overseas.
An expat would be considered a British passport holder that has now moved abroad.
Most lenders do not offer buy to let mortgages to expatriates but there are some that will.
Expat buy to let mortgages are usually more expensive than standard mortgage products for UK citizens.
This is because the lenders consider it higher risk lending to a person located overseas.
Expatriate buy to let lenders will have their own age criteria, but some lenders can lend to expats aged 60 and above.
Conclusion
It is certainly possible to get a buy to let mortgage over the age of 60.
Retired people buy investment properties to increase their pension income so it is good to know that lenders can help accommodate this.
All lenders have their own rules so it is important to find a mortgage broker that can make a recommendation based on your individual situation.
If you would like I NEED ADVICE to match you with an experienced mortgage broker who can give you your options, please complete the contact form.
They are experienced, which can boost your chances of being approved.
