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Compare Buy to Let mortgage rates for retired people

Since April 2015 older people have had more flexibility over what they can do with their retirement savings, when new pension rules were introduced by the UK government in April 2015.

And it’s not surprising that many are considering investing in the property market, given the rise in property prices over recent years.

How investing in a rental property could help you:

  • to generate income to help fund your retirement
  • to pay for care home fees
  • to create capital growth to pass on to family members
This makes our LTV . Invalid LTV.

Call Post Office 0808 178 6813
Post Office logo
Fixed Jan-2022 From Post Office
Initial rate 1.40% Jan-2022
Maximum LTV 60%
Overall cost of comparison 4.7% APRC
See deal
£500 Cashback
Top UK BTL 2 Year Fixed Deal
Call Royal Bank Of Scotland 0800 096 7447
Royal Bank Of Scotland logo
Fixed Mar-2022 From Royal Bank Of Scotland
Initial rate 1.35% Mar-2022
Maximum LTV 60%
Overall cost of comparison 3.9% APRC
See deal
Call NatWest 0800 158 2934
NatWest logo
Fixed Mar-2022 From NatWest
Initial rate 1.35% Mar-2022
Maximum LTV 60%
Overall cost of comparison 4.3% APRC
See deal
Call Virgin Money 0330 057 1528
Virgin Money logo
Fixed Mar-2022 From Virgin Money
Initial rate 1.45% Mar-2022
Maximum LTV 60%
Overall cost of comparison 4.9% APRC
See deal
Call Post Office 0808 178 6813
Post Office logo
Fixed Jan-2022 From Post Office
Initial rate 1.47% Jan-2022
Maximum LTV 60%
Overall cost of comparison 4.6% APRC
See deal

Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

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Buy to let mortgage for retired people

More pensioners investing in buy-to-lets

Commentators are talking of “the age of the silver landlord” as increasing numbers of over-65s are investing in the buy-to-let (BTL) sector, according to recent figures from Commercial Trust.

The number of people aged 65-75 applying for buy to let mortgages in 2018 was up by 5.43% compared with the previous year.

New purchases by over-55s accounted for almost 30% of Commercial Trust’s figures for 2018: an increase of 8% over the previous year.

And across all buy-to-let purchases and remortgages, over-55s accounted for 39% of all business, an overall increase of 4%.

New BTL mortgage products available for older borrowers

The trend for buy to let investment by older people has been recognised by lenders, with many of them increasing their maximum ages for buy to let mortgage applications, or the maximum age permitted at the end of term.

In spring 2019 one major high-street lender has increased the maximum age at end of mortgage to 75 to 85 years – allowing a 65 year-old to apply for a full 20-year buy to let mortgage.

Previously the maximum age at application was 50.

Another allows borrowers to finish a mortgage at 110 years old, while other lenders have no maximum age criteria at all.

Plenty of mortgage deals to choose from

Consumer magazine Which? found that that, in 2019, 65% of the buy to let mortgages on the market allowed maximum ages at the end of term of 85 and above, and 9% have a maximum age of 95.

One-fifth of the BTL mortgages offered have no maximum age at all.

Lower rates offered, smaller deposits required

At the same time there has been a trend in the mortgage market towards offering very long-term mortgages: up to 40 years.

Longer mortgages offer substantially cheaper monthly repayments (the same amount of money is repaid over a longer time-frame), which can be very attractive for older borrowers on fixed incomes.

However, the overall cost of the borrowing is substantially higher, with the (lower) interest being charged over a much longer period.

There are also an increasing number of buy to let mortgage deals available to buyers with smaller deposits. The standard BTL deposit required used to be 25%, but in 2019 a number of mortgage lenders are offering deals to investors who are able to put down only 20%, or even 15% deposits.

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Latest news

Cost of fixed rate mortgages have started to increase as Bank of England rate rise looms

A number of high street banks have started to increase their mortgage rates. The reason for this is that banks are having to pay more to access the funds they lend out to UK homeowners.

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