Phil Rickards, head of BM Solutions, has said the lender will not offer limited company buy-to-let products as there is a worry clients are not being advised by tax experts every time.
Speaking on Mortgage Solutions Television in association with BM Solutions, he said limited company buy-to-let mortgages were “not an area” for the lender due to them being “very specialist” and requiring a certain standard of assistance.
He said he was “not entirely confident” that landlords taking out buy-to-let mortgages through limited companies were receiving expert guidance every time.
This was causing the lender to have reservations about accepting such business onto its books.
Rickards (pictured) said: “If you’re a mortgage broker, there’s no way you should be writing an off-the-shelf limited company buy-to-let product, on offer from a number of really good lenders, without your customer having gone through expert tax advice.”
He continued: “And I’m not entirely confident that happens on every occasion, so it would worry me if we were taking business on to our books that wasn’t assessed on an expert basis.”
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Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
