Hinckley and Rugby adds new limited company BTL deals

Hinckley and Rugby Building Society has released two new products for limited companies, exclusively available through specialist mortgage distributor 3mc.

The new buy-to-let products are a two-year discount and two-year fix.

Both products are designed for properties held within special purpose vehicle companies with up to four shareholders.

The mortgages’ maximum LTV is 70 per cent, with the interest coverage ratio affordability assessment for subject property being 125 per cent at 5.5 per cent.

Both BTLs have an application fee of £250, a completion fee of £1,250, no ERCs and a scale valuation fee.

The two-year discount has been set at 2.99 per cent while the two-year fixed rate is higher, at 3.30 per cent.

Earlier this month, the building society’s chief executive for 30 years Chris White retired, and was replaced by Colin Fyfe who previously was chief executive at Darling Building Society. He outlined his intention to introduce new products when he took up the role.

3mc director Doug Hall says: “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.”

Hinckley and Rugby Building Society head of sales and marketing Carolyn Thornley-Yates adds: “As a ‘can-do’ lender, we are pleased to be partnering 3mc in introducing limited company BTL. We look forward to 3mc bringing our competitive products to brokers and their customers.”

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