Whole of market brokers for Ltd Co BTL mortgages

landlordspv

Hi, I have two properties that are let out. Both are owned personally by me.

Because of the changes in the tax environment, it does not make sense to buy any more properties in that manner. There are a lot of motivated sellers in my area right now and so quite a few good deals to be had. So I intend to buy under an SPV using a ltd co mortgage which is new to me.

I talked to two brokers who offer ltd co btl mortgages and both of them gave me a small selection of lenders and products, both were completely different. I asked them if they were "whole of market" but they gave inconclusive responses to that question.

So I was hoping someone could tell me if there is such a thing as a whole of market broker (essentially someone who has access to all or the vast majority of products out there) for ltd co mortgages? Or is it still a niche area?

ACG

There is no such thing as whole of market anymore. The terminology changed a few years ago. That being said, we still market ourselves as whole of market as that is the term most people know.

The limited company BTL market is still in its infancy an is getting better all the time. Some brokers have taken to it, other brokers have shied away (I was one of the first to do them in the group of brokers I know, but eventually I pulled the plug on BTLs and now we refer them off to someone else), it is quite a specialist market there is a lot more to it than just the rates/fees.

Some lenders want you to get face to face legal advice (which costs), most need you to give personal guarantees, some underwrite in the same way as a normal BTL others have extra requirements. Do not get caught up in the rates/fees too much, get the broker who instils the most confidence/has the most experience, that is what you will be paying for and that is what you want. You want someone who can offer that extra little bit, not just treat it like a transaction, BTLs are not like they were 5 years ago. It is quite a specialist field now.

landlordspv

Thanks ACG, that makes sense.

Neither of the brokers I spoke to instilled much confidence but they are both local to the area. Might it make sense to cast my net wider? As I guess pretty much everything can be done over the phone and remotely nowadays.

csgohan4

you don't need to use local but it would ideal. I used one in Manchester and I lived down south beyond London

Get one based on reputation and not the conveyor belt broker

landlordspv

I don't think any of the 'conveyor belt brokers' do company btls.

But to be fair, L&C has served me well enough in the past when I have needed btl mortgages and remortgages

csgohan4 wrote: »

you don't need to use local but it would ideal. I used one in Manchester and I lived down south beyond London

Get one based on reputation and not the conveyor belt broker

ACG

We have customers from Brighton up to Scotland. As you say, these days everything can be done via the phone/email.

We only meet maybe 10% of our customers and that is normally because they prefer to do things face to face, but it is not a requirement. That being said, I have someone I used to work with who will only do the mortgage if he has met the person - but he is bobbing on a bit :P

It is whatever works I suppose. You might like the idea of someone local so if there is a problem you can go and knock on.

haras_nosirrah

I have a number of clients doing limited company buy to lets for exactly the same reason you have put.

The rates are a bit higher than standard buy to let but as long as you have the correct spv and a bank account in the company name to pay the direct debit from there is nothing too complicated about it from a brokers point of view as long as you have experience doing them.

The lenders are more restricted but new lenders are coming in all the time.