UK Landlord Forum / Life

Hi all,
I would like to ask if anyone here is older than 50 and have BTL with mortgage. I am 47, have a one bedroom BTL flat with interest only mortgage. Value of the property is £200k and mortgage £116k. I was lucky to have a low rate of 2.1% last 5 years but now facing 4.5% rise as I need to remortgage.

My question is: can I get a decent mortgage once I reach 50 years old as all 20years mortgages will creep into my retirement age and I am not sure how favorable mortgage providers are, but surely there must be landlords over 50 with BTL mortgages (interest only or repayment).

The rent easily cover an interest only mortgage of £950 rent to £450 mortgage/month (interest only) or £750/month (repayment).

The repayment option is a bit tight but still durable or just stick with interest only. But is this my last time to remortgage and then it will not be possible to remortgage because of my age? How does it work? Will I have to repay the mortgage or sell it?

I would appreciate your thoughts/experience/advice, thank you!

It's not an issue. Forget retirement age, you can fairly easily get mortgages you'd almost certainly be dead way before they end.

Hi, thank you for your response. Well, the mortgage broker already mentioned that the new mortgage will be only for 17 years due to my age. Therefore monthly payments higher than with the 20 or 25years. I think I need to have a chat with him again.

Yes. I'm 64 and had mortgages that went some way past that.

Thank you for your reply. Were the mortgages the full length of 20 or 25 years or the reduce length of 15 years or so.

The last one was 25 years (I think), and it was a few years ago, but it would definitely have ended when I was in my 80s.