BM Solutions have today changed their maximum age for Buy to Let Mortgage Holders from 80 to 99 years attained.
The maximum age at the point of application for new borrowing, remains unchanged and the eldest customer must submit any application before their 75th birthday.
Maximum mortgage term will remain at 40 years at application.
New maximum age policy applies to both BM Solutions mortgages held in personal names and those held by Limited Companies.
For Product Transfer applications the existing mortgage term can be amended up until the eldest applicant’s 99th birthday
For Further Advance applications the new borrowing mortgage term can be selected up until the eldest applicant’s 99th birthday
This change to BM Solutions maximum age is useful for:
BM Solutions borrowers approaching age 75 or older who previously did not have sufficient time remaining on their mortgage to apply a new rate.
Older potential BM Solutions borrowers considering a new mortgage with the Lender.
How to extend your BM Solutions Mortgage Term
If taking a new mortgage rate (product transfer), Term Extension can be arranged by your Broker.
If you are not taking a new rate at this time, a mortgage term extension can be arranged via the BM Solutions mortgage Servicing Team.
How extending your mortgage term affects your mortgage
If your mortgage is set up wholly on an interest only basis, extending your mortgage term does not alter your monthly payment.
If your mortgage is set up wholly or partially on a capital repayment basis, extending your mortgage term reduces your monthly payment.
Any extension to your mortgage term increases the amount of mortgage interest you will pay during the life of your mortgage