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Mortgage

Saffron introduces Limited Company Buy-to-Let mortgage

Saffron Building Society has launched a Limited Company Buy-to-Let mortgage aimed at landlords with multiple properties.

Recent tax changes mean that some private landlords will be better suited to running their investment properties through a limited company. As a result the need for a mortgage to accommodate this situation is set to increase and has inspired Saffron to meet this demand.

The product is for purchase or remortgage up to 75% LTV, can be taken as capital repayment or interest-only and is fixed at 3.17% for two years until 31.10.2021.

Minimum loan is £30,000 up to a maximum of £1 million and the product has a 2% arrangement fee. Overpayments of 10% can be made each year penalty free but there is an early repayment charge of 2% over the two years.

Anita Arch, Saffron’s head of mortgage sales, commented: “With interest rates predicted to remain flat for the next 20 year (according to the Bank of England), many investors continue to see buy-to-let as a solid method to receive a good return on investment.

This said, landlords could be negatively impacted by the current changes in tax law and receive a reduced income as a consequence. Our new Limited Company Buy-to-Let mortgage creates a new option for intermediaries to consider and introduce to their customers to address this.”

Source: By Joanne Atkin

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