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Mortgages for Limited Liability Partnerships (LLPs)

Mortgages for Limited Liability Partnerships (LLPs)

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The Revolution Brokers team regularly works with clients looking for limited liability partnership (LLP) mortgages, with common questions including:

  • Can I go ahead with an LLP mortgage application?
  • What interest rates can I get on an LLP mortgage?
  • How do UK lenders assess my income from my LLP?

We have created our guide to answer all of the frequently asked questions about limited liability partnership mortgages to help you make an informed decision.

If you need more assistance with finding the right LLP mortgage for you, give us a ring on 0330 304 3040.

How does the mortgage assessment process work for a limited liability partnership (LLP)?

As a partner in an LLP, you are considered self-employed, which makes a difference to the mortgage application process.

Factors will include how much your average income is, and how long your LLP has been trading.

However, there is no reason you cannot secure the same competitive rates on a mortgage as an applicant in full-time employment.

What income from my LLP ownership is considered in a mortgage application?

Most lenders will look at your proportion of the net profit of the LLP, as shown in your filed accounts. They might also look at the income you received from the LLP, and ask for your self-assessment tax returns (SA302s) to prove this.

Typically, the maximum mortgage you can borrow is based on a multiple of your average income. The multiple varies significantly between lenders and could be as low as three times, and as high as six times in particular circumstances.

How many years trade does my LLP need to have before I can get a mortgage?

Mainstream lenders will consider applications from self-employed people so long as their LLP has been trading for three years or more. They will ask to see the filed accounts for each year of trading.

However, specialist lenders can work with applicants who have two years of LLP trading and niche providers with just one year.

In the right circumstances, Revolution Brokers even works with lenders who will consider mortgages for LLP partners who have less than one year of trading history. In this case, if you have previous professional experience in the same business sector, it will help strengthen your application.

Can I get a buy to let mortgage as an LLP owner?

You can yes - if you own a limited liability partnership, you can apply for a buy-to-let mortgage provided you meet the other eligibility criteria.

Some lenders do not offer mortgages to any self-employed applicants. More flexible providers will, and others can, but only if you have been trading for a minimum period.

If you are struggling to find the right LLP mortgage, the Revolution Brokers network includes specialist mortgage providers who will consider your application without any requirements around your income or number of years trading, provided your BTL property meets the affordability requirements - i.e. the projected rental income will easily cover the mortgage payments.

Most BTL mortgages do require a higher deposit than a standard residential mortgage. The deposit minimum varies between 15% to 25% depending on the lender.

Is it possible to apply for an LLP mortgage if I have an adverse credit history?

Where you have credit history issues, this will always reduce the number of lenders you can apply to.

However, there are specialist bad credit lenders within the self-employed mortgage market who can accept applications from people with bad credit history.

Revolution Brokers works with a network of niche lenders who offer flexible rates and terms, and can consider adverse credit applications depending on:

  • When the issues occurred - the more time has passed, the better.
  • How severe your credit issues were - minor problems such as missing a phone bill payment will have much less impact than, say, a bankruptcy.

If you are an LLP partner and have had problems with your credit history, give us a call on 0330 304 3040, and we will run through the best options.

What are the eligibility criteria for an LLP mortgage application?

Your income is one aspect of the application, but other factors are often just as important. Lenders will look at:

  • What deposit value you have - the standard minimum is 10% on a residential mortgage, but some lenders can accept a 5% deposit. The higher the deposit you have, usually the better the rates you can achieve.
  • The type of property you wish to mortgage. Non-standard properties, such as those with a timber frame or a thatched roof, can be tricker to a mortgage than typical bricks and mortar properties. For help with an LLP mortgage for a non-standard construction, give our team a call, and we will advise on the right lenders to apply to.
  • How old you are - some high street lenders set caps of 75 or 85 on the maximum age of a mortgage applicant, whereas others have no age limit at all. If you would like an LLP mortgage past retirement age, it is vital to work with an experienced broker.
  • Your expenses - the income calculations will take into consideration any other commitments, such as mortgage payments, loan repayments, or whether you have dependent children.

Expert advice on LLP mortgages

If you would like further support with identifying the right lenders to apply to for an LLP mortgage or expert advice on negotiating the most favourable rates and terms, contact the Revolution Finance Brokers team today.

Call us on 0330 304 3040 or drop a message to info@revolutionbrokers.co.uk and we will be in touch shortly.

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FCA disclaimer

*Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs. Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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