{"id":18630,"date":"2018-07-06T09:45:38","date_gmt":"2018-07-06T08:45:38","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=18630"},"modified":"2018-07-06T09:45:38","modified_gmt":"2018-07-06T08:45:38","slug":"new-buy-to-let-mortgage-products-could-boost-retirement-income","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-us\/2018\/07\/06\/new-buy-to-let-mortgage-products-could-boost-retirement-income\/","title":{"rendered":"New buy-to-let mortgage products could boost retirement income"},"content":{"rendered":"<p><strong>Retired landlords finding it difficult to access mainstream mortgages have been offered a helping hand by mortgage provider Retirement Advantage.<\/strong><\/p>\n<p>Older buy-to-let landlords seeking safe ways to generate income could benefit from the lender&#8217;s specialist <a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2018\/02\/22\/the-rise-of-the-silver-spenders-why-over-55s-are-upsizing-to-new-builds\/\">over-55<\/a> buy-to-let product range.<\/p>\n<p>Last year, Retirement Advantage launched its over-55 <a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2018\/07\/02\/low-purchase-price-key-to-getting-best-buy-to-let-yields-for-landlords\/\">buy-to-let<\/a> products enabling older landlords to release cash from their property <a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2018\/06\/14\/maximising-mortgage-interest-tax-relief-for-landlords\/\">tax-free<\/a> and keep their <a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2018\/04\/24\/large-portfolio-landlords-expanding-uk-optimism-prevails\/\">property portfolio<\/a> intact. This month\u2019s reduction in interest rates and an increase of the loan-to-value ratios across the range offer an attractive proposition to more <a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2018\/01\/23\/more-focus-on-mortgage-financing-options-older-generation\/\">mature borrowers<\/a>.<\/p>\n<h4>More options for older borrowers<\/h4>\n<p>The \u2018over-55 buy-to-let lifestyle\u2019 product has had its monthly interest rate dropped from 6.26% to 5.99%, and the loan-to-value (LTV) raised by 5% for a 73-year-old to 32%. Plus, the lifestyle mortgage has no <a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2018\/06\/20\/lenders-revitalise-interest-only-mortgage-market-to-meet-borrower-needs\/\">interest payments<\/a>; instead, the interest is rolled up and added to the total mortgage every month.<\/p>\n<p>The \u2018over-55 buy-to-let voluntary select\u2019 mortgage is down from 6.45% to 6.18%, and the LTV for a 73-year-old again has been raised by 5% to 32%. This mortgage allows landlords to <a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2018\/07\/04\/homebuyers-could-save-thousands-if-they-understood-the-jargon\/\">overpay<\/a> by up to 10% every year without incurring an early repayment charge, which means that they can choose how much interest to pay.<\/p>\n<p>Lending in later life is on the increase as people live and work for longer, retire later and the cost of living continues to increase. The recent introduction of RIO (<a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2018\/05\/22\/mortgage-borrowing-into-retirement-is-a-reality\/\">retirement interest-only<\/a>) mortgages has demonstrated the need for more lending options for older customers, and catering to the buy-to-let market is a huge boost for retired landlords needing to re-evaluate how they use their properties to <a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2018\/06\/19\/property-investments-more-reliable-than-pensions-to-fund-retirement\/\">generate income<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Retired landlords finding it difficult to access mainstream mortgages have been offered a helping hand by mortgage provider Retirement Advantage. Older buy-to-let landlords seeking safe ways to generate income could benefit from the lender&#8217;s specialist over-55 buy-to-let product range. Last year, Retirement Advantage launched its over-55 buy-to-let products enabling older landlords to release cash from<a class=\"excerpt-read-more\" href=\"https:\/\/www.buyassociationgroup.com\/en-us\/2018\/07\/06\/new-buy-to-let-mortgage-products-could-boost-retirement-income\/\" title=\"ReadNew buy-to-let mortgage products could boost retirement income\">&#8230; Read more &raquo;<\/a><\/p>\n","protected":false},"author":3380,"featured_media":9845,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[8,4,26],"tags":[25,341,352],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/posts\/18630"}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/users\/3380"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/comments?post=18630"}],"version-history":[{"count":0,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/posts\/18630\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/media\/9845"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/media?parent=18630"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/categories?post=18630"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/tags?post=18630"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}