Can I get a mortgage with an LLP?
- A team of down to earth mortgage advisers
- Working for you to find the right lender from a huge panel
- Designed to save you time (and a few headaches!)
Get in touch for an initial fee free, no-obligation chat with an adviser about the most suitable mortgage option for you.
Most buy to let mortgages are not regulated by The Financial Conduct Authority.
Your property may be repossessed if you do not keep up with your mortgage repayments.
Get in touch
Can I get a mortgage with an LLP?
Anthony McQuilliam explains how to get a mortgage in a limited liability partnership.
Podcast approved by The Openwork Partnership on 08/07/2025.
What is a limited liability partnership (or LLP for short)? Can you get a mortgage in an LLP?
A typical example of a limited liability partnership is an accountancy practice. It’s where different partners can limit the liability they have for any bad advice or any rogue business partners.
Partners can run their own separate sets of accounts rather than running it as an individual business.
You can get a mortgage if you are set up this way, but it is a little bit more complex. Essentially, most lenders assess it the same as if you were self-employed. If you’ve got your tax calculations and tax year overviews, lenders will work off those to calculate how much you can borrow.
Can a newly established LLP apply for a mortgage? Can I get a mortgage if I’ve only been in an LLP for a year?
If you have been doing this for less than 12 months, you will struggle to get a mortgage.
However, if you have at least 12 months’ proof and you’ve submitted your tax calculations and tax year overviews to HMRC, you’ve got enough information. You won’t have access to the entire market, but there will still be lenders available based on that one year’s trading.
Lenders get a bit particular with the self-employed and want a longer stretch of income, because they want to see that the business you’re running is sustainable and can generate a profit in the long run. That’s why they usually need at least two years. But again, some lenders will do it based on 12 months.
How are LLP mortgages assessed by lenders? What mortgage criteria does an LLP need to meet?
To calculate your income, they would look at your last year or two years’ tax calculations and tax year overviews.
If you had £50,000 last year as your profit, they would use that for the affordability to work out how much you can borrow. Most lenders will multiply that income from 4.5 times up to seven times salary, before allowing for the cost of dependants, credit commitments, etc.
What documentation will lenders want to see from an LLP?
They will want to see your standard documents, such as your proof of ID, proof of address, bank statements and credit reports. The thing that will be slightly different with a limited liability partnership, is that they will want your last two years’ tax calculations and tax year overviews. They will also require recent partnership bank statements, just to make sure that the funds in there are OK and it’s not running at a loss.
Speak to an expert
Our highly experienced Advisers are ready to help you with either buying or remortgaging a home, protecting your property and lifestyle along with saving you time and effort, ensuring you have a competitive deal right for you.
How much can an LLP borrow? Is there a cap on this? How much deposit is needed?
Some lenders still allow you to put down a 5% deposit for a limited liability partnership mortgage.
With the borrowing amount, every situation is completely different. It will depend on the deposit you have, how many children or other dependants you have, your financial commitments and also how much income your partner earns. Most lenders cap the borrowing at 4.5 times your annual salary.
But if you’ve got a bigger deposit or you earn over a certain amount, some lenders will do anything up to six times your salary.
Can an LLP with company debt apply for a mortgage?
It depends whether the debt is sustainable. So if you’re haemorrhaging money left, right and centre from the business, your debt is costing you £2,000 a month and you’re not earning any profit, you may not be able to get a mortgage. Alternatively they will reduce how much you can borrow.
As long as it’s sustainable and all built within the affordability, there should be no reason why not. It may just affect affordability, depending on how you’re servicing the debt.
What happens if I have bad credit as an LLP partner?
It’s going to limit your options. The more deposit you’ve got, the more lenient the lenders become. With a bigger deposit, if they ever have to repossess the property, there’s less chance of them losing funds when they sell it.
With a bigger deposit, therefore, lenders can take more risk. If you have bad credit you may be charged a slightly higher interest rate and higher product fees upfront, but it is still doable.
Can I get a Buy to Let mortgage in an LLP?
Yes, but you can’t buy a property under an LLP as such – it has to be in your personal name, or you’d set up a Special Purpose Vehicle (SPV) to hold your properties.
You could get a Buy to Let property under those two structures, as long as you match the lender’s minimum income criteria – although this is zero with some lenders. The rental income also needs to stack up, and you’ll need a 25% deposit.
There will also be credit criteria around any previous missed payments, defaults and other issues. If you meet all those requirements, you should be fine to get a Buy to Let property.
How does remortgaging work as an LLP?
The same goes as with a standard mortgage when purchasing a property. You still need the same documentation – your tax calculations, tax year overviews and credit report. That won’t change whether it’s a purchase or remortgage.
If you are applying for a remortgage, our advice is to start at least six months prior to your current mortgage finishing, to give you enough time to get you a new deal locked in and avoid going onto the standard variable rate.
How can a mortgage broker help? Have you got anything else to add?
If you are a limited liability partnership, the complicated structure of your income may throw a few lenders off, especially if it’s not something that particular bank is used to doing.
A broker with experience in this will have access to substantially more lenders compared to you trying to do this yourself. If one particular lender says they can’t do it, a broker will have access to other options.
An experienced broker will know exactly which lender to go to, saving you the time and stress of your application being declined.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
MOST BUY TO LET MORTGAGES ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.
FOR SPECIALIST TAX ADVICE, PLEASE REFER TO AN ACCOUNTANT OR TAX SPECIALIST.
Approved by The Openwork Partnership on 08/07/2025.
Useful Links
- Self-Employed Mortgages
- Agreement in Principle Self-Employed
- Can I get a mortgage with an LLP?
- Self-Employed Mortgage First Time Buyer
- Limited Company Director Mortgage
- Self-Employed 1 Year Accounts Mortgage
- Joint Mortgage Self-Employed
- Mortgage as a Sole Trader
- What is a CIS Mortgage?
- Limited Company Remortgage
- Mortgage for Company Director on PAYE
- Can you get income protection if you are self-employed?
- Umbrella Contractor Mortgages
- Self-Employed Net Profit Mortgage
- Retained Profit Mortgage
- Remortgage When Self-Employed
- Joint Mortgage One Self-Employed, One Employed
- Mortgage for Complex Shareholding
- First-Time Buyer Contractor Mortgage