Leeds Building Society has launched a new range of buy-to-let mortgages for landlords operating through a limited company.
The Society has also created a new bespoke application system for Limited Company buy-to-let and has expanded its specialist underwriting team to offer dedicated support.
The new range is intended to complement Leeds Building Society’s existing product offering for this sector.
The new Limited Company range offers a choice of LTV (loan to value) tiers, with two and five year fixed rate mortgages at 75% and 80% LTV.
These include a five year fixed rate deal at 6.40% up to 75% LTV, with a £999 fee.
The new range comes with a choice of product fees, and lending criteria are aligned broadly to those in the market, the mutual said. The maximum loan term is 40 years and there is no maximum age.
“We’ve seen a definite trend over the past few years for more landlords to choose to buy, own and let their properties through a limited company structure, rather than as a private individual,” said Martese Carton (pictured), Leeds Building Society’s director of mortgage distribution.
“Many of the regulatory and taxation changes affecting the private rented sector in the past decade were intended to drive more professionalism among landlords.
“We want to be able to support our intermediary partners as they seek to give their clients the best advice and efficient service in this changing market.
“Building on the Society’s ongoing technology platform upgrades, we’ve added ‘Mortgage Extra’, a bespoke new system to make the application process quick and simple, with a dashboard for brokers to easily view and track their cases’ progress.
“We’re well known for our specialist underwriting expertise, so have expanded our service with dedicated underwriters to assist brokers with queries about Limited Company lending.”
