Fleet Mortgages has expanded its lending criteria and to cover loans to limited liability partnerships.
The buy-to-let specialist lender has launched a specific product range for LLPs, alongside existing deals for limited company landlords.
Fleet’s range of products for LLPs includes:
Two-year fixes at 65% loan to value at 3.04%, 70% LTV at 3.24% and 75% at 3.34%. These loans are available with a rental calculation of 125% at 5.5% and a fee of 1.5%.
Five-year payrate fixes at 65% LTV at 3.44% and 75% LTV at 3.49%. Both deals come with a fee of 1.75%.
And lifetime trackers with no early repayment charges, offered at 60% LTV at 3.3% and 75% LTV at 3.55%. Both products are available with a rental calculation of 125% at 5.5% and a fee of 2%.
The firm says all of the above products come with either free or discounted valuations.
As part of these moves, Fleet is also including a personal guarantee requirement for each member of the LLP.
However, it no longer requires all limited company shareholders to be a party to the application and provide personal guarantees.
Instead, it requires all limited company directors, and any shareholders with a 25% or greater holding to be party to the mortgage, and where the cumulative total of these applicants’ shareholding is below 75%, further shareholders will need to be added until a 75% shareholding is amassed.
Fleet Mortgages chief commercial officer Steve Cox says: “As a specialist in the BTL market, what we try to do is provide as many different avenues for borrowers utilising a variety of different corporate vehicles for their property ownership.
“That’s certainly been the case with our limited company range and we’re very pleased to be able to expand the reach of our lending with specific options for LLP borrowers including two-year fixes, five-year payrate options and lifetime trackers.
Cox adds the firm’s service levels means it is able “to assess documents within 24 hours, provide same-day decision-in-principle reviews and turn valuations around within a day”.
