Leeds Constructing Society has launched a brand new vary of Purchase to Let mortgages for landlords working as a restricted firm.
Along with the brand new merchandise, the Society has created a brand new bespoke software system for Restricted Firm Purchase to Let and has expanded its specialist underwriting group to supply devoted assist.
The brand new vary is meant to enrich Leeds Constructing Society’s current product providing for this sector.
“We’ve seen a particular pattern over the previous few years for extra landlords to decide on to purchase, personal and let their properties by a restricted firm construction, relatively than as a non-public particular person,” mentioned Martese Carton, Leeds Constructing Society’s Director of Mortgage Distribution.
“Lots of the regulatory and taxation adjustments affecting the non-public rented sector prior to now decade have been supposed to drive extra professionalism amongst landlords.
“We would like to have the ability to assist our middleman companions as they search to provide their shoppers the most effective recommendation and environment friendly service on this altering market.
“Constructing on the Society’s ongoing know-how platform upgrades, we’ve added ‘Mortgage Additional’, a bespoke new system to make the appliance course of fast and easy, with a dashboard for brokers to simply view and monitor their instances’ progress.
“We’re well-known for our specialist underwriting experience, so have expanded our service with devoted underwriters to help brokers with queries about Restricted Firm lending.”
Leeds Constructing Society’s new Restricted Firm vary provides a selection of LTV (mortgage to worth) tiers, with two and 5 12 months fastened fee mortgages at 75% and 80% LTV.
These embrace a 5 12 months fastened fee deal at 6.40% as much as 75% LTV, with a £999 charge.
The brand new vary comes with a selection of product charges, and lending standards are aligned broadly to these out there. The utmost mortgage time period is 40 years and there’s no most age.