Norwich and Peterborough commercial launches corporate buy-to-let 3.75% five-year fix

Friday, November 16, 2018 By Aaron Strutt

Norwich and Peterborough's commercial mortgage lending team has launched a 3.75% five-year fixed rate specifically for limited companies, limited liability partnership's (LLPs) or trusts.

There is a maximum loan-to-value of 75% for houses reducing to 50% for flats unless they are in the London area. Flats built within the last 12 months will not be accepted.

The 3.75% five-year fixed mortgage is available for purchases and remortgages (including capital raising) and interest-only is available. There is a minimum term of five years and a maximum of 25 years providing the directors do not exceed the age of 75 at the end of the term.

There is an arrangement fee of 1.25% of the loan and there are decreasing early repayment charges for the full five years. The minimum loan size is £250,000 and after the fixed rate the mortgage will revert to Norwich and Peterborough's current standard variable rate of 4.99%.

The interest cover must meet a minimum of 125% based on pay rate or 5.5% whichever is higher, and the lender will want to know the full details if you have a property portfolio. Applicants will need to provide three years accounts or proof of directors income, plus six months bank statements both business personal.

Aaron Strutt, director Trinity Specialist Finance, says: "Norwich and Peterborough has a strong appetite to lend particularly to experienced landlords with property portfolios. More of the lenders are offering professional landlord rates.

"The specialist lenders are pushing their mortgage rates at the moment to attract landlords with lots of properties."

Call Trinity Specialist Financial on 020 7016 6151 to secure a limited company mortgage

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