Darlington Building Society completes £54,000 Ltd Co BTL for first-time landlords

18 September 2026

Darlington Building Society has completed a £54,000 limited company buy-to-let mortgage at 80% LTV for two first-time landlords purchasing their first investment property through a newly formed special purpose vehicle (SPV).

The case, introduced by David Pringle of 1-2-1 Mortgages, involved two friends looking to take their first step into property investment. Neither applicant owned their own home or had previous private rental sector experience, while the newly formed SPV had no existing properties.

Darlington was able to consider the application under its buy-to-let criteria, which can accommodate newly formed SPVs, non-owner-occupiers, first-time buyers and first-time landlords.

The Society has no minimum income requirement for buy-to-let applications, while no bank statements or proof of income were required as part of the packaging process. Darlington’s lower interest coverage ratio (ICR) calculation on a five-year fixed-rate product also enabled the applicants to achieve the loan required.

The application required further assessment after property-related issues, including wall ties, were identified. Darlington’s business development and underwriting teams worked directly with the broker to establish what reports were needed and keep the application moving through to completion.

Chris Blewitt, Head of Mortgage Distribution at Darlington Building Society, said:

“Limited company buy-to-let is often seen as the preserve of well-established landlords with diverse portfolios, and many lenders tailor their solutions to that market.

“At Darlington, we recognise that for borrowers starting their property journey, buying through an SPV can be a perfectly sensible option. Our criteria reflect the needs of this aspiring landlord cohort and provides practical solutions to the challenges they often face.

“This case shows how knowledgeable Business Development Managers, working closely with underwriters and mortgage brokers, can deliver a fantastic outcome.”

David Pringle, Mortgage Broker at 1-2-1 Mortgages, added:

“It was an absolute pleasure to be able to discuss the case with Darlington’s underwriting team and to secure both an offer and, more importantly, a completion for my clients.

“This was a case that some lenders would deem unacceptable: a limited company buy-to-let purchase for non-owner-occupiers borrowing at 80% LTV.

“Despite property-related issues, including wall ties, the case was kept on track. We were able to discuss the requirements, obtain the suitable reports and move forward to complete on my clients’ first buy-to-let property.

“I will certainly not hesitate to place our next case with Darlington when appropriate. Once again, many thanks.”

For more information, visit: https://www.darlington.co.uk/darlington-intermediaries