Over 55 Buy-to-Let Options

Our Over 55 Buy-to-Let Options are secured on Buy-to-Let properties. They allow Landlords to release cash from their property tax free, whilst leaving their entire portfolio intact.

Your customers can choose to make voluntary capital and interest payments, or let the interest roll-up.

  • 8 year fixed early repayment charges.
  • Free valuation, with no cap.
  • No affordability assessments.
  • No minimum income requirements.
  • Customers have a fixed interest rate for life.
  • Open ended mortgage term.
  • Option to make voluntary payments.

You can find out more about our product features in our Over 55 Buy-to-Let Options At a Glance guide.

  • Customers can release between £10,000 and £750.000.
  • The interest rate applied to any additional borrowing may be higher or lower than the interest rate applied to the initial advance.
  • There are two options in our product range
    • Over 55 Buy-to-Let Lifestyle.
    • Over 55 Buy-to-Let Voluntary Select.
  • We define a Buy-to-Let property as a property that:
    • The owner does not occupy
    • Is let out with an Assured Shorthold Tenancy (AST) in place.

Our Over 55 Buy-to-Let Options are mortgages.

There are two different types of mortgages for Buy-to-Let properties:

  • ‘Buy-to-Let’ is used to describe most mortgages on properties that are let out. These mortgages are not regulated by the FCA.
  • ‘Consumer Buy-to-Let’ is used to describe mortgages on properties that have been inherited or were preciously the owner’s main residence. These mortgages are regulated by the FCA.

Our Buy-to-Let Options can be used for either scenario.

We have chosen to present the information we provide to your customers about these products in the same format as our regulated products.

Your customer won't benefit from the protection of the FCA conduct rules or the Financial Services Compensation Scheme (FSCS), as the products are not regulated. Most forms of Buy-to-Let Mortgage are not regulated by the Financial Conduct Authority (FCA), however if the property was not originally purchased with the intention of letting it out, it may be regarded as a Consumer Buy-to-let which is regulated by the FCA.

This product range is also not covered by all the Equity Release Council product standards as it is not a lifetime mortgage and it is not secured on the borrowers’ main residence. However a No Negative Equity Guarantee is still offered.

These options provide a number of features and benefits, but you and your customer will need to consider how the product will meet their needs and circumstances.

Benefits of a Buy-to-Let mortgage:

  • Your customer can retain ownership of their property for the rest of their life.
  • The money your customer releases is tax free.
  • The ‘No Negative Equity Guarantee’ means that your customer will never owe more than the value of their property.

Potential risks of a Buy-to-Let mortgage:

  • Taking out a Buy-to-Let mortgage may affect your customer’s entitlement to state benefits and grants.
  • A Buy-to-Let mortgage may reduce the size of your customer’s estate.
  • A Buy-to-Let mortgage is a significant financial decision, not for short-term financial needs.
  • A Buy-to-Let mortgage may work out to be more expensive in the long-term than selling the property.
  • You will not benefit from the protection of the FCA conduct rules or the Financial Services Compensation Scheme (FSCS).

Click here to view our initial advance and further advance interest rates and LTVs.

"We want to gift money to our grandchildren using the money tied up in our Buy-to-Let property"

Read James and Sophia's story

"When I moved into long term care I rented my house out to tenants. Now I want to release money from my property to help pay for the care I'm receiving"

Read Maria's story

"I want to stop making payments on my Buy-to-Let Mortgage, but mainstream lenders won't remortgage my property"

Read Ben's story

You can log-in to our straightforward and easy to use KFI generator and online application system to generate a quote or submit your customer’s application to us.

Log in to our KFI generator and online application system here.

Not registered with us? Find our registration forms in the document library.

Interested in more? Why not look at...

Buy-to-Let Mortgages

Your Landlord clients can release wealth from their property tax free, leaving their portfolio intact 

Buy-to-Let Mortgages

Lifetime Mortgages

Help your clients unlock the wealth stored in their property

Lifetime Mortgages

This website is for UK professional advisers only and is not approved for use by private customers.

Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Canada Life International Limited and CLI Institutional Limited are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority.

Canada Life International Assurance (Ireland) DAC is authorised and regulated by the Central Bank of Ireland.

Stonehaven UK Limited and MGM Advantage Life Limited, trading as Canada Life, are subsidiaries of The Canada Life Group (U.K.) Limited. Stonehaven UK Ltd is authorised and regulated by the Financial Conduct Authority. MGM Advantage Life Limited is authorised and regulated by the Financial Conduct Authority.