Coventry increases its maximum buy-to-let age to 85

by Aaron Strutt

Sep 15 2016

Coventry Building Society has increased its maximum age at the end of the term for buy-to-let customers from 75 to 85. The highest age for clients at application is 75. 

Over the last year, more of the banks and building societies have increased their maximum ages and a selection of the smaller societies do not have an age cap at all.

If you are looking to secure a buy-to-let mortgage, you will typically need a minimum income of £25,000 each year. The lender will use the rental income generated from the property to work out how much you can borrow, although some banks can also use personal income or investments to provide a larger mortgage loan.

Kevin Purvey, director of intermediaries at Coventry Building Society, said: “Today’s mortgage market has to adapt to the changing needs of borrowers. With more people working later in life, buy-to-let investors may want to keep their investment property to supplement their income, or to help save for the future.”

For help to secure a buy-to-let mortgage call Trinity Financial on 020 7016 0790.