TMW drops age cap for experienced low-LTV landlords

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The Mortgage Works is removing its age limit for experienced landlords applying for lower LTV loans.

The lender currently has a maximum application age of 70 for all buy-to-let LTVs, but no maximum age for redemptions.

From 18 April there will be no maximum age at application or redemption for experienced landlords looking to borrow up to 65 per cent LTV.

This will apply to purchase and remortgage loans.

The same criteria will also apply to limited company mortgages, currently being piloted by TMW.

TMW director of specialist lending Paul Wootton says: “The group of experienced landlords is both growing and growing older, and market options are more limited for retirees seeking to retain their buy-to-let properties in order to supplement their pension.

“By removing the maximum age when applying for a buy-to-let mortgage, TMW is supporting the increasing market demand in this area.”

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