Over 55 Buy-to-Let Lifestyle Option

Here’s everything you need to know about our Over 55 Buy-to-Let Lifestyle Option ­– key features, how it works, helpful links, guides and brochures.

Available to landlords aged over 55, our Buy-to-Let Lifestyle Option lets you release cash from your property with no minimum income requirements and no affordability assessments.

Each of our products offers different amounts you can borrow with different interest rates.

View our rates.

This product is an interest roll-up over 55 buy-to-let mortgage, which means you don’t need to make any payments. The interest will build up and we’ll add it to your mortgage balance each month.

A further advance allows you to borrow more funds from your property.

You can do this any point, as long as your application meets our lending criteria and there’s still enough equity in your property.

Do I qualify?

In order to apply, you’ll need to:

• Take additional financial advice
• Borrow a minimum of £4,000
• Let us know what you’re using the money for

How do I apply?

1. Seek advice from your financial adviser. You can find an adviser at the Equity Release Council if you don’t have one.
2. Your financial adviser will contact us to start the application process
3. We’ll send them an application form. They’ll discuss this with you and help you complete it.
4. If your application is successful, we’ll pay the money directly to you

If you take a further advance, the value of your property might need to be reassessed and you may have to pay additional fees. Your financial adviser can provide more details.

View our charges

Interest rates

We apply a fixed interest rate to each further advance. This is based on the further advance interest rate for your product, at the time you apply. This rate may be higher or lower than the interest rate applied to your initial advance.

View our additional borrowing rates

You can choose to repay some or all of your mortgage at any time, but an early repayment charge may apply if you repay your loan earlier than expected.

Our early repayment charges apply for the first eight years of the initial advance or further advance.

Our early repayment charges are fixed so you know exactly how much it will cost. Our charges are set out in the tables below.

Over-55 Buy-To-Let Lifestyle Option

We also won’t apply an early repayment charge where:

• Repayment takes places after your death or the death of the remaining borrower
• The early repayment charge term has expired

Retained ownership

You will always own your property and be responsible for maintaining it, as long as you follow the terms and conditions of the mortgage.

No repossession

You’ll be able to keep your property until you die, as long as you follow the terms and conditions of the mortgage. Your property will not be repossessed if you don’t make payments.

Fixed interest rates

Your mortgage interest rate will remain fixed for as long as you have it. We also apply fixed interest rates to any additional borrowing. The rate for additional borrowing is set at the time you apply and can be different from the initial loan interest rate.

No negative equity guarantee

When your property is sold and the proceeds after solicitors’ and estate agents’ fees are not enough to pay the amount you owe, we won’t ask you or your beneficiaries to pay the shortfall. Any amount left over from the sale of your property will belong to you or your beneficiaries, if your property is sold for more than the amount you borrowed.

Regulation

Whilst our buy-to-let mortgages share characteristics with a lifetime mortgage, they are not a lifetime mortgage. Instead, they are a type of later life buy-to-let mortgage.

Our buy-to-let mortgages can be used on both buy-to-let and consumer buy-to-let properties.

We won’t charge you a valuation or completion fee to set up this mortgage. You’ll still need to pay solicitor and adviser fees.

View our charges.

Example charges

*You may also need to pay disbursements