Market Harborough offering limited company and trust mortgages
Market Harborough is offering a corporate buy-to-let and holiday mortgages suitable for limited companies, limited partnerships and trusts.
The rate tracks the Bank of England base rate plus a margin of 3.74%, currently giving a pay rate of 4.24%. The overall cost for comparison is 4.4% APR.
The minimum loan size is £100,000 per property and the maximum loan size is £1.5 million per property. The loan-to-value is 70% in London or 65% outside of London.
Aaron Strutt, product manager at Trinity Financial, says: “More of the lenders are starting to offer specialist products to cater for companies purchasing or refinancing properties, particularly since the tax changes were announced in the chancellor's Autumn statement.
“The minimum term is five years and the maximum term is 25 years, providing the director’s age does not exceed 80 at the end of the term.”
Early repayment charges apply from the first three years and up to 10% of the outstanding balance can be repaid per annum without charge. There is a 1.6% arrangement fee.
The building society uses an interest cover stress test of 125% at 6% to work out how much it will lend. If a property generates £2,000 each month, the lender will provide a £320,000 mortgage.
For help to secure a corporate buy-to-let or corporate holiday let mortgage, call Trinity on 020 7016 0790.
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