Specialist buy to let lender Landbay has launched a range of mortgages for trading limited companies buying or remortgaging houses, apartments, HMOs and Multi-Unit Freehold Blocks.
Most buy to let limited companies are set up as special purpose vehicles and so require authentication that they trade in property, but Landbay says trading limited companies can be any small business in any activity which happens to use the firm to buy units which are then let out.
Paul Brett, managing director of intermediaries at Landbay, commented: “As one of the few lenders catering for trading limited companies, brokers now have more choice when advising company directors who do not specialise in property. If small companies have surplus profits, buying property to let can be a tax efficient investment.
“Our appetite for lending has been boosted by our new £1bn funding source over five years from our new friends and partners, Allica Bank.”
Landbay has also increased its maximum loan to value lending on large HMOs/MUFBs up to 12 beds or units; the maximum LTV is now 75 per cent rather than 70, with no upper limit on the number of floors in a property that Landbay will lend on.
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