Coventry Building Society has announced an increase in the age in which it will lend to buy-to-let investors to a maximum of 85 years, up from age 75.
The minimum age at application will be 75, and it is available on all buy-to-let products. The maximum loan size will be £1m.
Coverntry’s move sees it come into line with rival Nationwide Building Society, which upped its maximum age for mortgage maturity from 75 year to 85 year back in May.
The key difference between the two lenders is the loan size: Nationwide’s option is available on all standard Nationwide mortgage products up to 60 per cent loan-to-value and a maximum loan size of £150,000.
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.
“We have therefore reviewed our lending policies to adapt to these changes, while of course remaining committed to lending responsibly”.
