Expert mortgage advice for limited liability partnerships (LLP)

Mortgages for limited liability partnerships

Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender.

Are you in an LLP and looking to buy? Our trusted advisors specialise in helping self employed customers achieve mortgage application success.

Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender.

If you’re in a limited liability partnership, you will normally be treated as self employed by mortgage lenders. This means the way lenders assess your application will be different to standard applicants. Despite the range of self employed mortgage products on the market, the application process can seem complicated. Luckily, our team of expert mortgage advisors specialise in helping self employed and LLP customers achieve their future plans. We’ll scour the market for the best deals available according to your specific circumstances. With us, LLP mortgages are easier than ever!

How long do I need to be in a limited liability partnership business to get a mortgage?

Most high street lenders will want to see 2-3 years of accounts when processing your mortgage application. However, there are lenders out there who will be prepared to consider applicants with less than this. When the Bank Says No has access to a range of specialist mortgage products, allowing us to pinpoint the lender who is best suited to your particular situation. Talk to us today and our experienced mortgage advisors will get to work locating the right option for your needs.

What documents are required for mortgage applications if I’m in an LLP?

You will generally be required to provide tax calculations, SA302 and company accounts to evidence the profits of the business. Certain lenders might also ask for additional documentation which should be verified by the company accountant. Our specialist team have years of experience helping business owners apply for mortgages, so we’ll be more than happy to advise you on the specific documents you will require once we know more about your circumstances.

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How much can I borrow on my mortgage if I’m in an LLP?

Most lenders determine how much they are prepared to lend to you based on income multiples. For the majority of UK lenders, the income multiple used is 4.5x or sometimes 5x. Some lenders will go higher than this and offer 6x income multiples, but this is likely to result in higher interest rates. The final figure the lender lands on will also be subject to an affordability assessment taking into account your monthly outgoings. Our specialist mortgage advisors can help you get started with your affordability assessment so you can work out what the options are. Get in touch today!

Can a limited liability partnership with company debt apply for a mortgage?

It is not uncommon for partners to buy into the company using a loan from the company itself. If this is the case, you may be concerned about the impact this will have on the amount you can borrow. The good news is that it is still possible to achieve a mortgage with company debt. Lenders will need to understand the size of the debt, the general credit history of the business, and other financial information. But, essentially, as long as the repayment of the debt does not impact your income, your chances of success shouldn’t be too badly affected.

LLP mortgages FAQs.

Yes, you can! Some Buy to Let lenders have no minimum income requirements, and many look at the potential income generated instead. However, lenders will still want to be confident that mortgage repayments can be made even during rental voids when the property isn’t occupied. This can normally be evidenced using any surplus rent you build up when the property is let, any surplus income, or any savings you have.

A range of factors will be assessed when applying for a mortgage if you are in an LLP. Some of the things that a lender might look at include age, deposit size, Loan to Value, property type, outgoings/current credit commitments and income. If you have any concerns about how your personal situation may impact your chances of mortgage success, our team will be happy to discuss the finer details with you. We’ll scour the market for the best mortgage deal available to your LLP. Talk to us and we can get started!

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Dedicated mortgage advisors for LLPs.

When the Bank Says No is a team of specialist mortgage advisors supporting the mortgage dreams of clients all over the UK. We have years of experience helping self employed and LLP applicants navigate the more complex application process. With access to the whole of the market and a passion for independent advice, our advisors can help you improve your chances of success and identify the right lender first.

Simplifying your LLP mortgage.

You might be worried the LLP mortgage process is difficult. Actually, with the right team at your side, it’s simpler than you think. Our team of friendly advisors are here guide you through the whole journey from start to finish; from initial enquiry all the way through to successful offer. We’re passionate about helping our clients access the loan they need to purchase their property, even if they are facing numerous obstacles. To us, nothing is more important than helping you achieve your future plans.

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We can support you and help you to make yourself as attractive to banks as possible, ready for your next application!

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In order for us to assess your credit history and suitability for different mortgage products, you will need to check your file.