Leeds Building Society is expanding its options for landlords with the introduction of a new suite of Buy to Let mortgages, specifically designed for those who operate as limited companies. This addition aims to augment the Society’s current portfolio of products in this sector.
Martese Carton, Director of Mortgage Distribution at Leeds Building Society, said, “Over the past several years, we’ve observed an increasing trend towards landlords opting to acquire, own, and let their properties via a limited company structure, as opposed to as private individuals.”
She further elaborated on the recent regulatory and taxation amendments targeting the private rental sector. These changes, she noted, were implemented with the intent to encourage greater professionalism amongst landlords.
“We aim to support our intermediary partners as they endeavour to provide the finest advice and efficient services to their clients in this evolving marketplace,” added Carton.
As part of the Society’s ongoing technological advancements, a ‘Mortgage Extra’ system has been introduced. This customised application system is designed to expedite and simplify the application process, providing brokers with an easy-to-navigate dashboard to monitor their case progress.
Leeds Building Society is renowned for its specialist underwriting capabilities. Hence, it has decided to enhance its service by expanding its specialist underwriting team to address broker queries specifically related to limited company lending.
The new Limited Company range introduced by Leeds Building Society offers landlords a selection of LTV (loan to value) tiers. This includes two and five-year fixed rate mortgages at 75% and 80% LTV. Notably, there’s a five-year fixed rate deal at 6.40% up to 75% LTV, available for a £999 fee.
Alongside various product fee options, the new range’s lending criteria are set to be in line with the broader market. With no maximum age limit, the maximum loan term is fixed at 40 years.