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Leeds BS launches limited company BTL range and broadens support for first-time buyers

  • 11/07/2023
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Leeds BS launches limited company BTL range and broadens support for first-time buyers
Leeds Building Society has released mortgages for limited company buy-to-let borrowers and created a new application system.

The products are available up to 80 per cent loan to value (LTV) and include a five-year fixed rate at 75 per cent LTV, with a £999 fee which is priced at 6.4 per cent. 

The range offers a choice of product fees, the maximum loan term is 40 years and there is no maximum age. 

The new application system, Mortgage Extra, gives brokers direct access to underwriters to facilitate the complexities attached to limited company structures and applications. 

Martese Carton (pictured), director of mortgage distribution at Leeds Building Society, said: “We’ve seen 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.  

“Many of the regulatory and taxation changes affecting the private rented sector in the past decade were intended to drive more professionalism among landlords.” 

She added: “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. 

“Building on the Society’s ongoing technology platform upgrades, we’ve added ‘Mortgage Extra’, a bespoke new system to make the application process quick and simple, with a dashboard for brokers to easily view and track their cases’ progress. 

“We’re well known for our specialist underwriting expertise, so have expanded our service with dedicated underwriters to assist brokers with queries about limited company lending.” 


Leeds BS bolsters support for FTBs 

The mutual has also partnered with fintech firm Life Moments to launch an online tool for prospective homeowners. 

The First Home Helper tool will provide impartial advice on the different routes to homeownership which are available for first-time buyers. 

It runs through a series of questions which are set to give users hints and tips related to their current financial situation, such how much they may be able to borrow and how much they should save each month. 

The tool can also suggest the different mortgage types such as joint borrower sole proprietor, guarantor, or rent to own schemes. It will also give them an idea of how long it might take them to get onto the property ladder. 

Vanessa Roberts, head of strategy and responsible business at Leeds Building Society, said: “There has never been a more challenging time to get on the housing ladder, and for many the home buying process can feel confusing and overwhelming.   

“Leeds Building Society’s new First Home Helper online tool will allow those aspiring to get onto the property ladder to explore the different routes to homeownership and offer tips that might help them get onto the property ladder sooner. 

 “Helping aspirational homeowners to get a foothold on the ladder is at the heart of our purpose. Creating this new tool in partnership with Life Moments allows us to support first-time buyers as they navigate the options available to them and give them the confidence to take the first steps towards buying their own home.”   

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