The short answer is yes, however, up until fairly recently the answer was a resounding ‘no’! In the constantly changing Equity Release market lenders have introduced several new products including BTL (Buy to Let) Lifetime mortgages.

How much can I borrow? If you’re over 55, under 90 and own a BTL property you could borrow between £10K (minimum) and £750K (maximum) dependent on the value of your property and your age. For example: at the time of this article if you are 55/56 years old you could release: approximately 20% of the value of your property, age 65/66 30% and aged 70/71 35%. This is lower than regular BTL mortgages so checking with a BTL mortgage specialist is probably your first stop.

A Lifetime mortgage allows rental property owners to borrow against their homes and being able to choose if they wish to make any payments or not. If as an owner you choose not to make payments the interest rolls up over the life of the plan, which is typically paid off on sale of the property or death of the applicant and subsequent sale of the property.

One of the big benefits, other than the fact that no monthly payments are required, is that there are:

• NO affordability checks and NO minimum income requirements
• Valuations are FREE
• Interest Rates are FIXED FOR LIFE
• Early Repayment Charges are fixed and defined so if you sell the property during your lifetime there are NO nasty shocks in regards to any levied charges for paying the loan back early……you know from day one what they will be.

Other terms and conditions may apply, feel free to contact us or Freephone 0800 1000 170 8am – 8pm 7 days if you have any further questions.

Regulatory Information:

Equity Release Council Product Standards These products do not meet all of the product standards as they are not secured on the main residence. The following standards do not apply:
• The right to remain in the property for life, or until the customer moves into long term care
• The right to move to a suitable alternative property.
However, the remaining standards do apply, including a No Negative Equity Guarantee, fixed interest rates and independent legal advice. Regulation and the FSCS whilst our Buy-to-Let Mortgages share characteristics with a Lifetime Mortgage, they are not a Lifetime Mortgage, as defined by the FCA.
There are two different types of mortgages for Buy-to-Let properties, and our products can be used for either scenario:
• ‘Buy-to-Let’ is used to describe most mortgages on properties that are let out. These are not regulated by the FCA. This means that your customer will not benefit from the protection of the FCA conduct rules or the Financial Services Compensation Scheme (FSCS).
• ‘Consumer Buy-to-Let’ is used to describe mortgages on properties that were not originally purchased to let out. These are regulated by the FCA. This means that your customer will benefit from the protection of the FCA conduct rules and the Financial Services Compensation Scheme (FSCS).