Leeds BS enhances support for limited company BTL brokers
Metro Bank has expanded its employment and income criteria to offer greater flexibility for mortgage borrowers.
The specialist lender will now accept court-ordered child maintenance payments and foster income as part of a customer’s income. In addition, customers with less than six months of employment history, due to a career break or parental leave, will also be considered under the new guidelines.
These changes, the lender said, were designed to assist families navigating more complex financial situations.
“Family finances and income streams have become more complicated in recent years and, after listening to broker feedback, we’re really excited to introduce these enhancements,” said Charles Morley (pictured left), director of mortgage distribution at Metro Bank. “We hope that by widening the criteria, we can help more families take that necessary first or next step on the property ladder.”
Meanwhile, Leeds Building Society has announced improvements to its service for brokers managing limited company buy-to-let cases.
The mutual has introduced enhanced underwriting, direct access to its business development manager (BDM) team, and a dedicated solicitor panel covering England, Wales, and Scotland. These enhancements aim to streamline the application process for brokers handling complex cases.
The lender also improved its interest cover ratio and stress rate to provide greater affordability options.
“In 2023, a record-breaking 50,000 landlords launched limited companies, proving the popularity of this method almost a decade after it began growing in popularity,” said Martese Carton (pictured right), director of mortgage distribution at Leeds Building Society. “However, many brokers don’t feel confident dealing with limited company applications and can be confused about the steps they need to take to support clients working under a limited company.
“As such, we want to be able to support our intermediary partners as they guide their clients in this changing market. Our teams are on hand to guide brokers through the process, particularly for those with complex scenarios or who may be new to working with limited companies.”
Read more: Your guide to Metro for intermediaries
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