Our Limited Company Buy to Let products are suitable for landlords operating via a limited company to purchase or re-mortgage a property.
Whatever your clients’ needs, they will also be guaranteed:
- A decision made by a skilled and knowledgeable underwriter, rather than an automated credit scoring system
- A fast and reliable service
- Rental Cover on debt for debt re-mortgage cases 125% of pay rate. Fees may be added to the loan.
- If your client is creditworthy but has been struggling to find a mortgage to suit their specific needs, we may be able to help.
And if one of our existing mortgages doesn’t quite fit, then we may be able to tailor a mortgage to suit their precise needs.
Product Criteria for Limited Company Buy to Let mortgages
- 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. Fees can be added to the loan for debt for debt remortgages
- Property must be let on an AST
- Rental assessment is based on occupation by 1 family on an unfurnished let
- No adverse accepted
- Regulated or Consumer buy to let not accepted
- HMO not accepted
- Minimum income requirement £25,000
- First time buyers, first time landlords allowed.
- For portfolio landlords the maximum LTV INCLUDING fees is 75%
- Minimum energy performance rating of E on an Energy Performance Certificate (EPC)
- 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 – no other trading purposes permitted.
- Certificate of Incorporation to be provided
- Latest set of accounts to be provided (where the company has been set up for more than 18 months)
- All Shareholders in the Company must be named as Directors
- Personal Guarantees for total borrowing (plus accrued interest & costs) taken from all Directors
- Any proposed changes to Directors during life of mortgage must be subject to our approval
- Maximum of 4 Directors – individual credit checks will be undertaken
- Details of all properties each Director has an ownership in (either in own name or a business name) must be provided.
READ OUR GUIDANCE NOTES AVAILABLE WITHIN OUR SUPPORTING DOCUMENTS SECTION ON OUR WEBSITE.
At any time during the life of the mortgage, the applied rate will not go below a floor of 2.00%. Rates are variable unless stated.
* Overpayments of up to 10% of the amount originally borrowed can be made penalty free per annum