Complex Buy To Let
Nottingham BS launches into limited company BTL
Nottingham Building Society has launched a limited company buy-to-let (BTL) mortgage offering.
Loans have a rental stress rate of 125 per cent at 5.5 per cent, and the lender said there were no major criteria differences to its standard retail BTL offering which brokers are familiar with.
There are seven products in the range: three two-year fixes, three five-year fixes and a two-year discount product.
The lender said its headline products were a two-year fix at 2.76 per cent with a £999 fee and minimum loan of £30,000, and a two-year fix at 2.79 per cent with a 0.5 per cent fee for a minimum loan of £70,000.
Episode 2: Affordability : Powered by Partnership podcast from Newcastle for Intermediaries
Sponsored by Newcastle for Intermediaries
Head of intermediary sales Nikki Warren-Dean (pictured) said: “Judging from the conversations we’ve been having with our broker network, many landlords are considering structuring their portfolios on a limited company basis, if they haven’t already, so it’s important we offer competitively priced products to suit their needs and that build on our expertise in the BTL space.”
She noted that brokers will also have their own regional business development manager and direct access to underwriters.
Legal & General Mortgage Club head of lender relationships Danny Belton added: “One of the strong points of The Nottingham’s proposition over the years has been in buy-to-let.
“The move to add limited company to the buy-to-let range is very welcome and will most certainly be embraced by intermediaries.
“As with any mortgage sector, competition and choice is vital, and the criteria and products from The Nottingham really do enhance what is available today.”