Darlington increases max LTV on Ltd Co BTL
Darlington Building Society has increased the maximum LTV across its limited company buy-to-let range from 75% to 80%.
The move builds on the society’s entry into the limited company market in November last year and reflects the growing demand from landlords to place their investment properties in a SPV.
Darlington’s limited company buy-to-let range continues to include a two-year fixed rate at 5.29% and a five-year fixed rate at 5.39%, offered with a £999 product fee plus valuation fee.
Products can be used for purchase or remortgage, and are available to first-time buyers and first-time landlords, with no minimum income or ownership period.
The loans can also be used for holiday let properties and applications benefit from a non-restricted solicitor panel.
This new enhanced criteria reflects Darlington Building Society’s wider investment in specialist lending. The society broadened criteria in its Professionals range for key workers in July and entered the foreign currency mortgage market in August, giving brokers more routes to support clients with complex income or overseas earnings.
Chris Blewitt, head of intermediary distribution at Darlington Building Society, said: “Limited company buy-to-let is not new, but the needs of these borrowers have shifted. In the past it was largely the space of specialist lenders working with portfolio landlords. We are now seeing more interest from those with smaller holdings and first-time buyers or first-time landlords. This is a space where Darlington has always been strong.
“As a lender that understands individual cases and the profile behind them, we felt the market needed our support now more than ever. Raising LTV to 80% gives brokers an extra tool when helping clients structure their borrowing in a way that suits long term plans.”