Precise Mortgages, the specialist lender, has improved the lending criteria on its residential and buy-to-let product ranges to allow more people access to loans.
The maximum age at the end of the term on the buy-to-let range has been increased from 75 to 85, and pension income is now allowable as the sole income source. The improvements are designed to help what are being referred to as “silver landlords”, who use rental properties as part of their retirement income planning.
In addition, the minimum age on the residential range has been reduced from 25 to 21 to help younger first-time buyers secure a foothold on the property ladder.
Alan Cleary, managing director for Precise Mortgages, commented: “The changes to the buy-to-let range effectively give us a retirement buy-to-let product. This reflects demographic changes and the impact of pension reforms announced in the last budget, and provides retirees greater [options] when planning their retirement income.”
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