Complex Buy To Let
Hinckley and Rugby BS launches limited company buy-to-let mortgages
Hinckley and Rugby Building Society has launched a buy-to-let (BTL) range for limited companies.
The mutual will offer a two-year discount product and a two-year fix through mortgage distributor 3mc.
Both are designed for properties held within special purpose vehicle (SPV) limited companies with the two-year discount rate at 2.99% and the two-year fixed rate at 3.30%.
The mortgages’ maximum loan-to-value (LTV) is 70%, while the interest coverage ratio (ICR) affordability assessment for the subject property is 125% at 5.5%.
Both have an application fee of £250, a completion fee of £1,250, no early repayment charges and a scale valuation fee.
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Doug Hall, director at 3mc, said that with plenty of current and recent changes in the BTL sector, having the ability to consider a corporate structure to ownership provides investors with more opportunities.
Hinckley & Rugby BS head of sales and marketing Carolyn Thornley-Yates (pictured), said: “As a ‘can do’ lender, we are pleased to be partnering 3mc in introducing limited company buy to let which is an increasingly sought for alternative approach.
She added: “There is a relative lack of lenders offering mortgages to be held in the name of a limited company, so we look forward to 3mc bringing our competitive products to brokers and their customers.”