The maximum age at end of the term on the BTL 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 to 21 from 25 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 BTL range effectively give us a retirement BTL product. This reflects demographic changes and the impact of pension reforms announced in the last budget and provides retirees greater when planning their retirement income."
