The Cambridge Building Society has today announced the launch of a limited company buy-to-let proposition to support intermediaries and make it easier for landlords to structure their business.
The limited company proposition complements The Cambridge’s current buy-to-let range, which includes holiday let and expatriate lending, and encompasses portfolio landlords.
A total of 10 properties can be held directly with the Cambridge or a maximum value of £4m – with no limits on the number of properties held in the background portfolio.
Directors’ guarantees will be taken against each mortgaged property.
With potential borrowing of up to 80% of a property’s value, up to four applicants and a maximum loan size of £1,000,000, The Cambridge will be launching with three different 5-year fixed rate products which are stressed at payrate with an income coverage ratio of 125%.
Kathy Bowes (pictured), intermediary manager at The Cambridge, said: “With more landlords choosing to use limited companies for buy-to-let purchases, it was important for us to expand our offering.
“This new proposition will help our intermediary partners to meet developing customer needs and provide greater choice in today’s evolving market.
“In addition, we also recently announced changes to our criteria to remove the maximum height limit on blocks of flats built after January 2020 to further enhance our overall Buy to Let proposition.”
