Barclays has increased its age cap for those applying for buy to let mortgages from 75 to 80 with immediate effect.
The personal finance press is reported that a note issued from Barclays to mortgage brokers says: “We have recognised a growing appetite for people over 50 years of age to invest in property and landlords wanting to hold onto properties longer into retirement, therefore increasing the age cap will provide greater flexibility for our customers.”
At one time Barclays had no upper-limit for would-be borrowers but introduced the 75 years cap in 2012.
Many lenders have age restrictions on when buy to let mortgages mature - some as low as 75 for first-time landlords.
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Ageism was abolished years ago for mortgage’s in the USA, congratulations Barclays for bringing our little country into the 21st century and lets hope the other banks follow!
So Barclays do not think that BTL mortgagees are "twice as likely to default" as noted in the previous article! The mind boggles and makes you wonder is Carney of the Bank of England paving the way for even more restrictions of this market.
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