Equity release product launched for buy to let mortgages
Equity release specialist Retirement Advantage has launched a range of products specifically for owners of Buy To Let mortgages.
These products will allow landlords to release cash from their portfolio tax free, leaving their entire portfolio intact.
The products impose no affordability checks and will provide a cash lump sum upfront, with interest rolling up for the duration of the loan; some options allow clients to service some or all of the interest.
Further options allow clients to make a contribution of up to 10 per cent of the initial loan amount each year without facing an early repayment charge.
Buy to Let property owners can take out a product on multiple properties, on any property in England, Scotland and Wales worth between £70,000 and £6.
The same operator has launched a range of equity release products for those with second homes that are not buy to lets.
The Second Home Options range will offer a similar set of product options to owners of properties which are not their primary residence as those being launched for Buy to Let mortgages.
Again, loans are available on property values from £70,000 to £6m, with properties above £6m reviewed on a case by case basis. To release equity from a second home, the property must be for the sole occupancy of the owner and must be used by the owner for at least four weeks every year.