It aims to offer more choice to buy-to-let borrowers
Offshore bank Skipton International has announced the rollout of its limited company buy-to-let product, after a soft launch in late 2022.
According to the Guernsey-licensed bank, this method of managing a UK buy-to-let portfolio is becoming a popular vehicle in which to purchase properties across Great Britain. Estate and letting agent Hamptons estimates that around 40% of all new buy-to-let purchases are now made via a company structure, which is a record figure.
To establish a company for the properties, a landlord must first set up a special purpose vehicle (SPV) for holding and renting property. This is more commonly known by the name ‘limited company’.
“Limited company lending is proving to be increasingly popular for purchasing properties for rental purposes in the UK,” Roger Hughes (pictured), business development manager at Skipton International, said.
“There is much for landlords to consider regarding moving into limited company status, and, as always, it depends entirely on individual circumstances. We can currently assist with purchases in England and Wales.”
Hughes added that Skipton wanted to offer more choice by rolling out this alternative to a growing number of buy-to-let borrowers for their UK property purchases.
“Our sales team here at Skipton will be happy to assist with any questions about the limited company mortgage product we offer,” he said. “Further details can be found on our website.”
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