The Coventry’s range is available for both remortgage and purchase cases and up to four directors/shareholders can be named on an application.
Brokers can take advantage of the mutual’s remortgage transfer service for landlords looking to refinance their existing properties.
Accompanying the launch, Coventry for Intermediaries has amended its BTL criteria to increase its maximum lending exposure from £2m to £2.5m. Landlords can now have seven properties with the society and the total portfolio limit has been expanded to 15 properties.
Kevin Purvey, director of mortgage distribution at Coventry Building Society, said: “As a trusted brand in the buy-to-let sector, moving into limited company lending is a natural step for us. Our proposition makes it easier for landlords to structure their businesses in a way that works for them, while also giving brokers the tools they need to provide the best possible service to clients.”
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TMW enhances criteria
TMW, meanwhile, has removed its requirement for all mortgage applicants to be directors.
Applications will now be accepted where one applicant is only a shareholder who owns at least 20% of the shares in the company. The change follows landlord demand and feedback from brokers.
The criteria enhancement follows the society’s decision to lower limited company rates and add a £750 cashback incentive.
Damian Thompson, director of landlord at TMW, said: “We are making this change to address the ever-evolving needs of limited company landlords and their requirements on company structures. The Mortgage Works has been supporting the limited company buy-to-let market since 2018, and this latest enhancement is another example of our continued commitment to the market. It’s also a perfect demonstration of how we continue to listen to and act on feedback we receive from both landlords and brokers.”
If you are interested in keeping up to speed with the BTL sector, you can register for The Buy to Let Event here. There are events across the country in Salford, Birmingham, London and Cardiff.
