The Mortgage Works (TMW) announced on the 4th of April that it is to remove upper age limits at term maturity on its Buy to Let (BTL) mortgages. Adopting a more progressive approach, it will instead introduce a maximum age at application of 70 years and allow for a 35 year mortgage term; acknowledging that many people wish to use BTL as a source of income throughout their retirement.

Currently, many lenders have age restrictions on when BTL mortgages mature. This can typically be 75 for first-time landlords and older (up to 90) for experienced ones. But many existing landlords report difficulties in getting access to the full range of mortgages on offer if they want to borrow beyond their seventies.

The move comes after George Osborne unveiled a major overhaul of the pensions system in the Budget, which allows more of a pension fund to be taken as cash without incurring punitive taxation.