"What we try to do is provide as many different avenues for borrowers utilising a variety of different corporate vehicles for their property ownership."
Fleet Mortgages has announced it will now lend to limited liability partnerships (LLPs).
The lender is offering a specific product range to LLPs, in conjunction with its existing proposition for limited company borrowers.
Fleet’s range of products for LLPs includes two-year fixed rates at 3.04% up to 65% LTV, 3.24% at 70% LTV and 3.34% at 75% LTV, all available with a rental calculation of 125% at 5.5% and a fee of 1.5%.
Five-year fixed rates start from 3.44% at 65% LTV and 3.49% at 75% LTV, both with a 1.75% fee.
Additionally, lifetime trackers with no early repayment charges are offered at 3.30% up to 60% LTV and 3.55% up to 75% LTV, both available with a rental calculation of 125% at 5.5% and a fee of 2%.
All products come with either free or discounted valuations.
Fleet is also introducing improved criteria for both LLP and limited company borrowers today, including a personal guarantee requirement for each member of the LLP.
Additionally, it will no longer require all limited company shareholders to be party to the application and provide personal guarantees. Instead it requires all 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 reached.
Steve Cox, chief commercial officer at Fleet Mortgages, commented: “As a specialist in the buy-to-let 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.
“There is further good news for advisers and their landlord clients in terms of our current service levels, where we are able to assess documents within 24 hours, provide same-day DIP reviews and turn valuations around within a day. In an incredibly busy market to have this kind of certainty and speed is proving incredibly popular, and we would urge advisers who are active in the buy-to-let sector to work with Fleet to see how we can help support your business growth.”