It also creates a new bespoke application system
Leeds Building Society has launched a new range of buy-to-let mortgages for landlords operating as a limited company.
The mutual’s new limited company range offers a choice of loan-to-value (LTV) tiers, with two- and five-year fixed rate mortgages at 75% and 80% LTV. These include a five-year fixed rate deal at 6.40% up to 75% LTV, with a £999 fee.
The lender said the new range also came with a choice of product fees, with lending criteria aligned broadly to those in the market. The maximum loan term is 40 years and there is no maximum age.
“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,” said Martese Carton (pictured), Leeds Building Society’s Director of Mortgage Distribution.
“Many of the regulatory and taxation changes affecting the private rented sector in the past decade were intended to drive more professionalism among landlords. 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.”
In addition to the new products, Leeds has also created a new bespoke application system for limited company buy-to-let and has expanded its specialist underwriting team to offer dedicated support.
“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,” Carton explained.
“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 launches online tool for aspiring homeowners
In partnership with fintech company Life Moments, Leeds Building Society has become the first lender to launch an online tool that provides impartial guidance on the various available paths to homeownership open to prospective first-time buyers.
The new ‘First Home Helper’ tool has gone live on the Leeds Building Society website, with the aim of helping aspirational homeowners to navigate their home buying options.
The tool works by running through a series of questions that gives potential homebuyers useful hints and tips around their current financial situation, helps them to understand how much they may be able to borrow, and how much they should put away each month. It also provides informative highlights about different mortgages and schemes that are available in the wider market.
The options available to suit different circumstances could include standard or low deposit mortgages, rent to own schemes, family guarantor mortgages, joint borrower sole proprietor mortgages, and shared ownership.
“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,” commented Vanessa Roberts, head of strategy and responsible business at Leeds Building Society.
“The 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.”
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