Launching Limited Company BTL to add to our range of products that are supportive of BTL landlords.
We accept applications for buy to let mortgages from a limited company.
The information below is intended to give you an idea of eligibility for our Limited Company Buy-to-Let mortgages. Meeting the below criteria is not a guarantee of acceptance, applications will also be subject to additional underwriting criteria, credit checks and assessment of a suitable property.
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Limited Company Buy to Lets |
We will only lend to SPV Limited Companies based in the UK with one of the following SIC codes: 68100 - buying and selling of own real estate 68209 - management of real estate on a fee or contract basis 68320 - other letting and operating of own or leased real estate We will consider newly formed SPVs.
Trading Limited Companies, Partnerships or Limited Liability Partnerships will not be permitted.
Layered companies are not accepted.
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Minimum / Maximum Term |
5 years – 40 years |
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Minimum Loan |
£25,000 |
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Maximum Loan |
£1,000,000 |
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Repayment Basis |
Repayment Interest Only |
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Minimum Property Value |
£50,000 |
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Loan to Value |
Maximum 75% - subject to product availability. |
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Maximum number of properties |
Up to 3 properties |
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Rental Calculation |
The rental income must cover at least 125% of the monthly interest payment on an interest only basis calculated at the rate of 7.50%. |
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Maximum Directors |
Limited Company should not have more than 4 directors and they must own 100% between them. Personal guarantees for the full loan amount will be required for all directors of the limited company; a floating charge will not be required. Directors must meet the standard BTL age requirements:
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Minimum Income |
£20,000 minimum income is required (single or joint) |
We will only lend to SPV Limited Companies based in the UK with one of the following SIC codes:
68100 - buying and selling of own real estate
68209 - management of real estate on a fee or contract basis
68320 - other letting and operating of own or leased real estate
We will consider newly formed SPVs.
An SPV Limited Company is set up solely for the purpose of buying, letting and selling residential BTL property. If the limited Company trades in additional industries, this is not acceptable.
The SIC code of a company confirms the nature of trading. Leek Building Society accept any/all of the SIC codes 68100, 68209, 68320.
Layered companies are not accepted. A layered company is where another company has a shareholding in the proposed company, or where the proposed company has a shareholding in another company.
Yes, we will require first legal charge over the security.
No. We do not offer Limited Company BTL mortgages for Holiday Lets.
Leek Building Society received the award of Best Building Society 2023 at the British Bank Awards, sponsored by Smart Money People, on 11 May 2023.
Leek Building Society is a trading name of Leek United Building Society, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority with firm reference number 100014. Our details can be found on the Financial Services Register at https://register.fca.org.uk/s/. Leek United Building Society’s address for service is 50 St. Edward Street, Leek, Staffordshire ST13 5DL.
