Our Limited Company Buy to Let products are available for landlords operating via a limited company to purchase or re-mortgage a property, with newly registered limited companies accepted.
Eligibility and applicant criteria
- First time buyers, first time landlords eligible.
- Maximum of 4 Directors – individual credit checks will be undertaken
- Limited Companies registered in the UK only
- No time limit as to how long registered i.e. new SPV’s allowed
- Company must be set up with the principal activity of buying and holding residential investment property and used for that purpose only in line with the appropriate SIC Code
- Regulated or Consumer buy to let not accepted
- HMO not accepted
Loan, Fee and product details
- Fees can be added to the loan for debt for debt remortgages
- Maximum loan size £3,000,000. Loans over this are priced on a bespoke basis and have restricted LTVs
- For portfolio landlords the maximum LTV INCLUDING fees is 75%
- Personal Guarantees for total borrowing (inclusive of fees) taken from all Directors for applications exceeding 55% LTV
Property requirements
- Property must be let on an AST
- Minimum Property Value: £100,000
- Rental assessment is based on occupation by 1 family on an unfurnished let
- Minimum energy performance rating of E on an Energy Performance Certificate (EPC)
Affordability and income criteria
- 2 Year fixed rates: Rental cover 125% of either pay rate +2% or 5.5% whichever is higher
- 5 year fixed rates: Rental Cover 125% of pay rate
- Rental Cover on debt for debt re-mortgage cases 125% of pay rate
- All Shareholders in the Company must be named as Directors
- For unexperienced landlords, at least one applicant must meet the minimum income requirement of £25,000