Buy to Let lender resumes lending to Ltd Cos to 70% LTV 16.02.2010

Author: David Whittaker Posted on: 17 February 2010

Mortgages for Business is pleased to announce a Buy to Let lender willing to fund limited companies to 70% LTV and a rent cover calculation based on 4.99% at 125%. This effectively means that properties with yields of 4.5% or higher can borrow 70% up to £350,000 of loan amount. Properties with up to £1,000,000 of borrowing will be limited to 65% but only need a yield of 4% to borrow to this level.

Full criteria details will be available to in a few days but this product will only be suitable for single properties made up of one dwelling ie not suitable for freeholds made up of several units. The Limited Company must be a SPV whose sole purpose is the purchase and letting of residential property.

· Fixed at 4.39% until 31 March 2011

· Fixed at 5.29% until 30 Sep 2011

· Fixed at 5.89% until 31 March 2012

These 3 have a 5% ERC during the fixed period and revert to BBR + 3.49% with a 3.5% arrangement fee

· 1 Year tracker at BBR + 3.84% to 31 March 2011 reverting to BBR + 3.49% with 3% ERC until 31 March 2011 and a 3.5% arrangement fee.

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