Lenders introduce remote valuations for older homeowners needing finance in lockdown

Lenders are enabling older homeowners to access a wider range of mortgage products while in lockdown by accepting remote valuations that don’t require visits to a property.

Canada Life is the latest lender to allow remote valuations on all their products, including their over 55 buy-to-let products and second home options. Buy-to-Let mortgages for over 55s were growing in popularity before the onset of the lockdown because they allow borrowers to ‘roll up’ interest on top of the loan, so there are no monthly payments to make – much like a lifetime mortgage.

“Older landlords might have financial worries during lockdown prompted by vacant properties while new viewings can’t take place, or they may have tenants unable to pay rent,” says David Forsdyke, our Later Life Finance expert at Knight Frank Finance. “These products could help them unlock funds or restructure existing mortgages to make it easier for all to cope.”

The expanded list of offers also includes products for second homes, which can be a useful tool for asset-rich, cash-poor homeowners during lockdown.

To better understand all the options available specifically for homeowners over the age of 55, please get in touch. We'd love to help you.