Leeds Building Society has expanded its portfolio by introducing a new range of buy-to-let mortgages intended for landlords operating as limited companies.
The new range aims to offer a wider range of options for landlords and complements the society’s existing product line.
The new mortgage options were developed in response to observed trends in the property market. Martese Carton, Leeds Building Society’s director of mortgage distribution, noted that there has been 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.”
The Society’s response to this market shift includes the creation of a bespoke application system, ‘Mortgage Extra’, which is designed to simplify and expedite the application process. As Carton stated: “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.”
In terms of the specifics, the new Limited Company range offers a selection of loan-to-value (LTV) tiers, with 2- and 5-year fixed-rate mortgages available at 75% and 80% LTV.
Among the offerings is a 5-year fixed-rate deal at 6.40% up to 75% LTV, which carries a £999 fee. The lending criteria are in line with those prevalent in the market, and there is no maximum age limit, with the maximum loan term being 40 years.
Leeds Building Society is also ramping up its support services. The firm has increased the size of its specialist underwriting team to provide a more focused service for brokers dealing with Limited Company lending.
