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Family Building Society taking up to eight directors with no personal guarantees for limited company buy-to-let mortgages

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The Family Building Society is accepting up to eight directors on an application for its buy-to-let limited company mortgages.

All of the directors will need to complete the application form and be permanently resident in the UK. The company must be a newly created special purpose vehicle (SPV) with a maximum of three properties.

Aaron Strutt, product director at Trinity Specialist Finance, says: “Family Building Society requires limited company director’s to have a 35% deposit, but if they have a 45% deposit they will not need to provide a personal guarantee.

“The lender applies its standard buy-to-let rates, although the arrangement fee increases to 1.5% of the loan amount. All directors will need a clear credit history with no winding up orders or CCJ’s, and suprisingly the lender does not ask for proof of income.”

Maximum loan size

To work out how much the amount the building society will lend, it uses a rental calculation of 145 of 5.5%. So, if a property generated £3,000 rental income each month, the maximum loan would be around £450,000.

If you are looking for a larger buy-to-let mortgage, the maximum loan size is £5 million as standard, and it can accept applications for larger property portfolio remortgages.

The limited company will need to be setup with one of the Standard Industry Classification Codes of 68100 (buying and selling of own real estate) or 68209 (letting and operating of own or leased real estate).

Family Building Society is the trading name of National Counties Building Society.

Call Trinity Specialist Finance on 020 7016 6151 to secure a limited company buy-to-let mortgage.

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