In support of brokers active in limited company buy-to-let (BTL) business, Leeds Building Society has introduced a range of improvements to its service.
The mutual aims to support brokers dealing with complex BTL cases for borrowers operating within a limited company structure through enhanced underwriting and improved criteria, underpinned by direct access to its business development manager (BDM) team.
The society launched its limited company buy-to-let product range last year.
The range includes enhanced underwriting, support from its network of BDMs across the country, a solicitor panel with full coverage across England, Wales and Scotland, a packaging checklist and affordability calculator, an application system for quick and easy case progression, as well as improved interest coverage ratio (ICR) and stress rates.
Martese Carton, director of mortgage distribution at Leeds Building Society, said: “In 2023, a record-breaking 50,000 landlords launched limited companies, proving the popularity of this method almost a decade after it began growing in popularity.
“However, many brokers don’t feel confident dealing with limited company applications and can be confused about the steps they need to take to support clients working under a limited company.
“As such, we want to be able to support our intermediary partners as they guide their clients in this changing market.
“Our broker partners trust us to offer specialist support and find the right solution for each case, and this move to ramp up service and support for limited companies will further streamline processes.
“Our teams are on hand to guide brokers through the process, particularly for those with complex scenarios or who may be new to working with limited companies.”
Sarah-Louise Hay, mortgage and protection adviser at McClean FS in Aberdeen, has seen an increasing number of clients investing in property as an income source, and a surge in landlords choosing to operate under limited company structures.
She said: “Limited company buy-to-let cases can be particularly complex and time consuming so it’s good to see lenders like Leeds taking extra steps to make things as simple and quick as possible.”
