Minimum and Maximum Age
The minimum age for taking out a residential mortgage of any mortgage product is 18. The minimum age for taking out buy to let mortgages is 21. Usually, the maximum age considered at the end of the mortgage term should be 70, or your state retirement age – whichever is sooner.
For joint mortgage applications, the eldest person of the two applicants would be used on application.
Loan Purpose
For Buy to Let customers:
- Purchasing or remortgaging properties in England, Wales and mainland Scotland
- Raising capital for business and non-business purposes including raising funds to purchase another buy to let property
- Remortgages are acceptable at or after the property remortgaging has been owned for size months since purchase date.
- Raising funds for home improvements within the landlords portfolio
For Residential customers:
- Purchasing or remortgaging properties in England, Wales and mainland Scotland
- Purchase property for residential use only with no exception to let.
- Purchase property for mortgage applicants residents with no exception to sublet
Mortgage offer validity
Mortgage offers are valid from the date the offer was made up to 6 months. There are mortgage offer extensions that may be granted in some cases upon lenders discretion.
Capital Overpayments and Allowance
Both residential and buy to let mortgages allow overpayments up to 10% of mortgage balance on an annual basis from the anniversary of completion. This will have a zero penalty on your mortgage.