If you are looking to purchase or remortgage a buy-to-let property in the name of a Limited Company, Molo will put in place, a fixed charge over your company.
We will also need to ensure that you; as the director or major shareholder of your limited company, are personally liable to make the payments to the mortgage. This is important for us, for changes that you may make to the company, for example; if the company stops trading. The standard method is usually to ask you and your co directors or major shareholders, to sign a personal guarantee.
This enables Molo to associate you with the mortgage, and our charge on the property and company. As the personal guarantee has quite a lot of unavoidable legal jargon, we need you to take independent legal advice as to the signing of this document. You will need to arrange this yourself (usually after you get the mortgage offer) or we can recommend some firms able to do this for you. There will likely be a cost for this as the lawyers will need to digest the personal guarantee and provide you with appropriate advice.
We will not request a charge to be secured over your residential home and we do not place a floating charge over your company, the charge is fixed to the mortgage property only.
Apply for a buy-to-let mortgage as an SPV Limited Company.