"Many brokers don’t feel confident dealing with limited company applications and can be confused about the steps they need to take to support clients working under a limited company. "
- Martese Carton, director of mortgage distribution at Leeds BS
In support of brokers who are active in limited company buy-to-let lending, Leeds Building Society has announced a range of improvements to its service.
The mutual aims to support brokers dealing with complex buy-to-let cases for borrowers who are operating within a limited company structure through enhanced underwriting and improved criteria, underpinned by direct access to its BDM team.
The society launched its limited company buy-to-let product range last year, and is now offering:
• Enhanced underwriting service from a team of specially trained experts,
• Comprehensive support from its network of BDMs across the country,
• A dedicated solicitor panel with full coverage across England, Wales and Scotland,
• A packaging checklist and affordability calculator,
• A bespoke application system for quick and easy case progression,
• Improved Interest Cover Ratio and stress rate.
In June, the Society conducted research with its broker partners that highlighted that an easy application process was the most important factor (16%) when considering lenders for limited company buy-to-Let applications. Clear criteria requirements came in a close second (14%).
Martese Carton, director of mortgage distribution at Leeds Building Society, said: “In 2023, a record-breaking 50,000 landlords launched limited companies, proving the popularity of this method almost a decade after it began growing in popularity.
“However, many brokers don’t feel confident dealing with limited company applications and can be confused about the steps they need to take to support clients working under a limited company.
“As such, we want to be able to support our intermediary partners as they guide their clients in this changing market.
“Our broker partners trust us to offer specialist support and find the right solution for each case, and this move to ramp up service and support for limited companies will further streamline processes.
“Our teams are on hand to guide brokers through the process, particularly for those with complex scenarios or who may be new to working with limited companies.”
