Precise ups age limit on second charge B2L


Precise Mortgages is extending its upper age limit on second charge buy-to-let mortgages to 110.

Last month the lender changed its criteria on first charge buy-to-let loans to allow a customer to apply at the age of 80 for up to a 30 year term, up to 110 years old.

The lender extended the same terms yesterday to second charge buy-to-lets.

Precise Mortgages managing director Alan Cleary says: “The logic for that is that many customers use buy-to-let to generate income in retirement, and forcing the customer to sell a buy-to-let property just because they’ve reached an arbitrary age is not necessarily a good thing.

“They might be reliant on that for income, or it might just be the best investment they’ve got.”