Precise Mortgages ups age limit on second charge buy to let mortgages.

March 2, 2016

The specialist lender, Precise Mortgages, has announced this week that it will be raising its upper age limit on all first or second charge buy to let mortgages to an outstanding 110 years’ old.

This follows the initial move made by the lender to change its criteria on first charge buy to let loans, in order to allow customers to apply for a mortgage at the age of 80 for up to a 30 year term, taking the client to 110 years old. This is thought to be ignited by the fact that many individuals use buy to let to generate income in retirement, yet are sometimes forced to sell a buy to let property once they reach what is considered an arbitrary age. Whether these individuals are reliant for income purposes, or even simply as the best investment they have, this is clearly not a good thing for many.

Thus providing a better solution for older borrowers who can afford the interest but not the capital, many industry figures have argued that it would be far better to pay interest for life as oppose to renting after selling a house to pay off the mortgage. Whereas in this case, with interest only for life, the capital can then be paid off on death or sale of the property.

Meanwhile, Shawbrook Bank has equally been improving its investment range, yet for residential products instead. Now introducing a 30 year interest only residential investment mortgage, Shawbrook’s latest range carries a maximum interest only period of 30 years and comes in the form of 3, 4 and 5 year fixed terms.

These products include a 2.99% rate for simple residential assets, (let to single households or private tenants), 3.49% for small Homes of Multiple Occupancy (HMOs) up to 6 bedrooms, and 2.99% for multi-units of up to 4 flats on one title or with separate leaseholds.

This is a report direct from Enness Private, written by Natasha Tulett

Enness Private

We arrange large mortgages secured against international property for global individuals.

You May Also Enjoy

Home and Living

Domestic Fridge Recycling in the UK: Compliant, Convenient and Eco Friendly with Recycling4you

Every year thousands of fridges in the UK reach the end of their useful life and must be replaced. These appliances cannot simply be left out with general waste or dumped at the nearest tip. They contain hazardous materials such as refrigerant gases and insulating foam which require careful handling in accordance with strict legislation.…
Read More →
Estate Agent Talk

Buy-to-Let Explained: How It Works and Is It Worth It?

Buy-to-let is one of the most popular property investment strategies in the UK, attracting investors who want to generate regular rental income while benefiting from long-term property value growth. Whether you are a first-time landlord or someone considering adding property to an existing investment portfolio, understanding how buy-to-let works is essential. If you are exploring opportunities with Whitegates…
Read More →
Letting Agent Talk

The Hidden Cost of Deposit Disputes for Letting Agents

Nobody gets into lettings because they love arguing over oven grease. Yet for a growing number of letting agents across London and beyond, deposit disputes at the end of a tenancy have become one of the most quietly destructive parts of the job — eating into time, draining morale, and slowly eroding the trust that…
Read More →
Breaking News

Britain’s strongest housing markets revealed

The latest research from Benham and Reeves reveals the best-performing housing markets across Great Britain when it comes to the average rate of house price growth seen over the course of 2025, with the northern regions and Scotland outperforming most of the rest of the country with annual price growth of up to 11%. Last…
Read More →
Rightmove logo
Breaking News

Over £900 million economic opportunity lost to property fall throughs

Analysis from the UK’s largest property platform Rightmove reveals there is an economic opportunity of over £900 million in England if the number of property transactions falling through can be reduced The calculations show that nearly £392m in potential estate agency revenue and £515m in potential government stamp duty receipts were lost last year to…
Read More →
Breaking News

Landlords chasing rental arrears of £470m

The latest research from Propoly – the platform that automates compliance, reduces risk and protects landlords – has revealed that landlords in England deal with more than £470 million worth of rent arrears in a year, with the largest number of tenants in arrears found in London and the North East. Propoly has analysed the…
Read More →