Over 55 Buy-to-Let Options

Our Over 55 Buy-to-Let Options are secured against a Buy-to-Let Property. This means that Landlords can release cash from their property tax free, leaving their entire portfolio intact.

The equity you release from your property is yours to do whatever you like with, and our range of products means you can choose whether you wish to make any repayments:

Over 55 Buy-to-Let Lifestyle

There are no interest payments to make on our Over 55 Buy-to-Let Lifestyle Mortgage. Instead, the interest rolls-up and is added to the mortgage each month.

Over 55 Buy-to-Let Voluntary Select

Our Over 55 Buy-to-Let Voluntary Select Mortgage allows you to pay back up to 10% of the initial loan amount each year, without being charged an early repayment charge. This means that you can choose how much interest to pay, and you can choose to pay back some capital each year too.

You can choose how much to pay (minimum £50) and how frequently. The flexible payments mean that you can maintain control of your mortgage, and you can choose whether to pay off some of the interest and/or capital each year. The voluntary contributions are not mandatory so if you do not make any payments there are no penalties.

Product features

  • No affordability assessments
  • No minimum income requirements
  • Open ended term, so no refinancing at a later date
  • Fixed interest rate 
  • Fixed early repayment charges
  • Retained ownership - as long as you abide by the Terms and Conditions of the loan, you will always retain ownership and control of your property

Property eligibility

To be eligible for a Retirement Advantage Buy-to-Let Mortgage, your property will need to meet some key requirements, the most basic of which are:

  • It must be in England, Scotland or Wales
  • It must not be lived in by you, the owner, or your family
  • It must be let out under an Assured Shorthold Tenancy (AST)

Regulation

Retirement Advantage is regulated by the Financial Conduct Authority (FCA).

However, the majority of our Over 55 Buy-to-Let Mortgages are unregulated. Whilst our Buy-to-Let Mortgages share characteristics with a Lifetime Mortgage, they are not a Lifetime Mortgage, as defined by the Financial Conduct Authority (FCA). Instead, they are a Buy-to-Let mortgage. This means that you will not benefit from the protection of the FCA conduct rules or the Financial Services Compensation Scheme (FSCS).

Equity Release Council

Retirement Advantage are a member of the Equity Release Council.

However, our Over 55 Buy-to-Let Mortgages do not meet all of the Councils product standards because the mortgage isn’t being secured against your main residence. Instead, money is being unlocked from your Buy-to-Let property. Therefore the right to remain in the property for life, or until you move into long term care, do not apply as these standards are designed to protect you only in your main residence.

In addition, our Over 55 Buy-to-Let Mortgages do not include the right to move the product to a suitable alternative property.

The remaining product standards apply in full to this product range, including a fixed interest rate for the life of the loan, a No Negative Equity Guarantee, and an independent valuation.

The interest rates on our Over 55 Buy-to-Let Options are currently:

Product Monthly interest rate (MER) Annual interest rate (AER)
Over 55 Buy-to-Let Lifestyle 5.99% 6.16%
Over 55 Buy-to-Let Voluntary Select 6.18% 6.36%

Our additonal borrowing rates

If you want to borrow more money in the future, the interest rate of additional borrowing may be charged at a different rate to your intial loan. It could be higher or lower. You can view our current additional borrowing rates for cash reserve facility withdrawals and further advances here.

Our Guide to our Buy-to-Let Products explains our products and their features in more detail. Or, if you want to read about our range of lifetime mortgages, you can download our Guide to Equity Release, which gives an overview of what a lifetime mortgage is and how it could meet your needs.