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BTL mortgages in 2006

Is anybody here familiar with what the BTL mortgage market was like for older borrowers back in 2006? I want to know what sort of term could have been given to someone who was female and 59 - one year from retirement - in 2006. Would a mortgage company back then have entertained a loan going, say, past her 70th birthday, or maybe longer than 10 years?

Also, what may have been the minimum amount a mortgage company would have been interested in lending? Can mortgages be as small as a few thousand, or is it necessarily a larger amount?

I'm trying to assess how hard someone else's muck might hit the fan, and when it might happen, before I get splattered by the fallout.

Reply to
SH
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No idea, bavk in2006 anythinh was possible.

But not this

most lenders had minimum funding amount of 25, 30 or 50,000 pounds

a few thousand - forget it

tim

Reply to
tim.....

I can't imagine they would have been too worried about the minimum loan.

The normal BTL mortgage is relatively high loan to value because the normal BTL business model is a heavily leveraged loan. Since the 1920s stock market crash, it is about the only leveraged investment open to the general public, which is why it is such a risk to the stability of the economy. The 1930s depression wasn't due to the absolute drop in the stock market value but due to defaulting on the loans used to make the investments.

Reply to
David Woolley

Since BtL loans are covered by the rental income, I can't see any reason why age would be an issue. And, back then, they'd have been laxer than now.

If they were just looking for a few grand towards a BtL, they'd probably have gone for a more normal loan, rather than a mortgage.

Reply to
Adrian

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