According to the Society, it has created two bespoke products for 3mc mortgage intermediaries – a two-year discount and a two-year fix. Both are designed for properties held within special purpose vehicle (SPV) limited companies with up to four shareholders.
The mortgages’ maximum LTV is 70 per cent and the ICR (Interest Coverage Ratio) affordability assessment for subject property is 125 per cent at 5.5 per cent. Both have an application fee of £250, a completion fee of £1,250, no ERCs and a scale valuation fee.
The two-year discount charges 2.99 per cent and the two-year fixed rate is 3.30 per cent.
Doug Hall, director at 3mc, said: “Our exclusive pair of limited company BTL mortgages from Hinckley & Rugby offer both great rates and the Building Society’s manual underwriting and individual consideration of all aspects of applications.
With plenty of current and recent changes in the BTL sector, including within the tax regime for landlords, having the ability to consider a corporate structure to ownership provides investors with more opportunities.”
Carolyn Thornley-Yates, Hinckley & Rugby head of sales and marketing, said: “As a ‘can do’ lender, we are pleased to be partnering 3mc in introducing limited company BTL which is an increasingly sought for alternative approach.
There is a relative lack of lenders offering mortgages to be held in the name of a limited company, so we look forward to 3mc bringing our competitive products to brokers and their customers.”
