The Hinckley & Rugby Building Society has launched buy-to-let mortgages for limited companies, exclusively available through the specialist mortgage distributor 3mc.
The society has created two bespoke products for 3mc mortgage intermediaries – a two-year discount and a two-year fix. Both are designed for properties held within special purpose vehicle (SPV) limited companies with up to four shareholders.
The mortgages’ maximum LTV is 70% and the ICR (Interest Coverage Ratio) affordability assessment for subject property is 125% at 5.5%. Both have an application fee of £250, a completion fee of £1,250, no ERCs and a scale valuation fee.
The two-year discount charges 2.99% and the two-year fixed rate is 3.30%.
Doug Hall, director at 3mc, said: “Our exclusive pair of limited company buy-to-let mortgages from Hinckley & Rugby offer both great rates and the Building Society’s manual underwriting and individual consideration of all aspects of applications.
“With plenty of current and recent changes in the buy-to-let sector, including within the tax regime for landlords, having the ability to consider a corporate structure to ownership provides investors with more opportunities.”
Carolyn Thornley-Yates (pictured), the Hinckley & Rugby’s head of sales and marketing, added: “As a ‘can do’ lender, we are pleased to be partnering 3mc in introducing limited company buy-to-let which is an increasingly sought for alternative approach.
“There is a relative lack of lenders offering mortgages to be held in the name of a limited company, so we look forward to 3mc bringing our competitive products to brokers and their customers.”