All Posts in Category Buy to Let

TMW scraps age limit for experienced BTL landlords

The Mortgage Works (TMW) is removing all upper age restrictions across its buy-to-let product range for experienced landlords.

Currently, the buy-to-let arm of Nationwide Building Society’s maximum lending age is 70. But having decided that cases from older borrowers who have long invested in the BTL sector offer no more risk than younger ones, TMW will scrap the maximum age restriction for those older borrowers who qualify next week.

From Wednesday 18th April, there will be no maximum age at application nor at redemption for experienced landlords looking to borrow up to 65% loan-to-value (LTV) for either purchase and remortgage.

The same criteria will also apply to limited company mortgages, currently being offered by TMW.

TMW recently increased the maximum LTV for buy-to-let mortgages from 75% to 80% for first time and landlords

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.”

Article courtesy of Landlord Today | Sign up for Landlord Today newsletter | Get this news on YOUR site!

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NatWest and Barclays change rates for BTL mortgage products

Barclays and NatWest have introduced rate changes to some of their buy-to-let purchase mortgage products.

Barclays has raised rates across no fewer than 62 products on its buy-to-let, residential and Help to Buy ranges by up to 12bps.

The lender blamed the recent increase in the cost of funds for the hikes. 

NatWest has also raised rates, which it said reflected ‘current market conditions’.

Some of its two-year fixed rate BTL purchase products have increases of one to 3bps, while some five-year fixed rate purchases are up by between 6 and 11bps.

Natwest has also made changes to some buy-to-let remortgages, particularly the two-year fixed rate deals, which are up by between one and 6bps.

A NatWest Intermediary Solutions spokesman said: “Having reviewed our portfolio we have made some adjustments to rates to reflect the current market conditions and balance our mix of business.”

Article courtesy of Landlord Today | Sign up for Landlord Today newsletter | Get this news on YOUR site!

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Why over-pricing your property is dangerous

According to the February House Price Index Report from Rightmove.co.uk, sellers are 40% more likely to sell their property if priced right when they first come to market. 75% of buyers reported that they were reluctant to even inquire about a property if priced just a few percent too high, therefore, your buyer may not bother enquiring…

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