Wasn’t too long ago when you could count the
number of lenders offering Limited Company Borrowing with one hand
Moving forward to today and more and more lenders have seen the shift in client habits and have entered the market or indeed plans are in place to do so.
Whilst this has been driven mainly by the Section 24 changes announced in 2015 and taking full effect by 2020 changing the ways interest could be offset as an expense and how rent is taxed (among other things, see my blog section for more on this), there are other numerous benefits with Limited Company borrowing when weighed up against proceeding your personal name, especially around Pension, Inheritance and Legacy planning.
You also typically find that the rental stress testing is more favourable and so more funds can be borrowed than on a personal name Buy to Let or Holiday Let.
Whilst every client’s circumstances are different, similar to Residential Mortgages, regardless of your income, credit profile, age, there will numerous lenders we can look to proceed with for your property plans.
All of them is the simple answer. Whether this is a standard BTL Residential house or flat, HMO’s, MUFB’s, Care Homes, Holiday Let’s, Commercial, Semi-Commercial the list goes on!
Very simple, a quick visit to Companies House will lead you through the process and usually takes no more than 15 to 20 minutes provided you have a name in place and of course that name isn’t already taken.
Similar to trying to get an email address, Companies House will quickly tell you if the name is taken.
You will also need the right SIC Code which, whilst most lenders prefer 68209, please to check with your Accountant that the code is relevant for your plans.
As long as the company shows on Companies House we can proceed. There are a few other elements to note for example setting up a bank account however we can run through the details as required.
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Yes you can is the simple answer however as this presumably operates in other areas of business other than property, would be deemed ‘trading’ by lenders. Most lenders don’t lend to trading businesses and the ones that do, tend to come with the higher rates and fees.
Therefore setting up a new company, or SPV (jargon for a company that specialises in property only) would usually mean a wider range of lenders to chose from and lower cost rates. Whether a property is deemed ‘trading’ or an ‘SPV’ is in part driven by the SIC codes
In most cases lenders are happy for the funds from one company to be transferred to another company via an inter-company loan, which we can go through in more detail as needed.
As always, whilst more and more transactions are operated through a Limited Company, that’s not to say it’s for everyone and as always at The Wright Mortgage Broker we would take your requirements into account and advise accordingly so you can reach your property aspirations.
Registered in England and Wales No. 16065530
The Wright Mortgage Broker is an Appointed Representative of Connect IFA Limited 441505 which is Authorised and Regulated by the Financial Conduct Authority and is entered on the Financial Services Register:
https://register.fca.org.uk/s/ under reference 1023919.
The FCA do not regulate some forms of Business Buy to Let Mortgages and Commercial Mortgages to Ltd Companies.
The information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Typically there will be a fee for mortgage advice, the precise amount will depend on your circumstances which you will be made aware of before you choose to proceed, but typically this is £450.00.
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Not all services we offer are covered by the FCA
Commission Disclosure: We are a credit broker and not a lender. We have access to an extensive range of lenders. Once we have assessed your needs, we will recommend a lender(s) that provides suitable products to meet your personal circumstances and requirements, though you are not obliged to take our advice or recommendation. Whichever lender we introduce you to, we will typically receive commission from them after completion of the transaction. The amount of commission we receive will normally be a fixed percentage of the amount you borrow from the lender. Commission paid to us may vary in amount depending on the lender and the product. The lenders we work with pay commission at different rates. However, the amount of commission that we receive from a lender does not have an effect on the amount that you pay to that lender under your credit agreement.
It is our intention to provide you with a high level of customer service at all times. If there is an occasion when we do not meet these standards and you wish to register a complaint, please write to: Compliance Department; Connect IFA Ltd, 39 Station Lane, Hornchurch, RM12 6JL or call 01708 676110. If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service www.financial-ombudsman.org.uk
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