SIC codes for property investment companies (SPVs)

A Standard Industrial Classification (SIC) code is a way of describing a company’s main business activity. In the UK, limited companies register their SIC code(s) with Companies House, and those codes can be relevant in buy-to-let lending—particularly where the borrower is a property investment company (often set up as an SPV, or special purpose vehicle).

For landlords using a limited company structure, getting the SIC code right is about more than paperwork. It helps align the company’s stated purpose with the way the business actually operates, which can reduce friction when a lender reviews the application.

What is a SIC code?

A SIC code is a five-digit number used to classify the nature of a business. Companies can hold more than one SIC code, but they must identify their main activity.

In a mortgage application, the SIC code is one of the pieces of information used to understand what the company is set up to do. It can influence how the lender categorises the business model and the associated risk.

Why SIC codes matter for buy-to-let company mortgages

For buy-to-let landlords, the key point is that lenders want the company’s profile to be consistent and understandable.

Common reasons SIC codes become important include:

• Business model clarity: The SIC code helps indicate whether the company is set up for property investment/letting or for trading activities.
• Underwriting assumptions: Lenders may treat different types of activities differently when assessing risk.
• Consistency checks: If the SIC code suggests one activity but the application documents show another, it can create questions.
• Faster categorisation: Even before detailed financial review, the SIC code can provide an early snapshot of the company’s stated purpose.

SIC codes commonly used for property investment companies

There are many SIC codes available. The examples below are commonly seen in property investment and landlord limited company structures, but the “right” code depends on the company’s actual activities.

68209: Other letting and operating of own or leased real estate

This is often used where a company buys and holds property to generate rental income.

68100: Buying and selling of own real estate

This is more commonly associated with companies that acquire property with the intention of resale.

68320: Management of real estate on a fee or contract basis

This is typically associated with property management activity—such as managing properties on behalf of others for a fee.

68310: Real estate agencies

This code is generally linked to agency activity, such as sourcing properties or acting as an intermediary.

SPV vs trading company: how SIC codes can affect lender perception

A common theme in buy-to-let lending is the distinction between:

• Property investment (often SPV-style): focused on holding property and receiving rental income.
• Trading activity: focused on buying and selling, development, or other commercial trading models.

While lenders will look at the full picture, the SIC code is one of the signals they use to understand which category the company appears to fall into. Choosing SIC code(s) that reflect a letting and holding model can be more consistent for landlords operating an SPV.

Can a company have more than one SIC code?

Yes. A company can register multiple SIC codes. However, it’s generally best to keep the selection relevant and coherent.

Practical considerations include:

• Main activity matters: The SIC code marked as the main activity is typically the most significant.
• Avoid unnecessary complexity: Adding codes that don’t reflect the company’s real purpose can create confusion.
• Match documents to reality: The company’s stated activity should align with what you’re applying to do.

Common SIC code mistakes to avoid

SIC codes are easy to get wrong if they’re treated as a one-off admin task. Issues that can cause delays or questions include:

• Using a code that reflects resale/trading when the strategy is long-term rental income.
• Choosing a management/agency code for a company that only lets its own properties.
• Having multiple codes that don’t fit together into a clear business model.
• Changing the company’s approach without reviewing whether the SIC code still matches.

How to approach SIC codes when setting up or refinancing

When you’re planning a limited company buy-to-let, it can help to think of SIC codes as part of the company’s overall “story” for lending.

A sensible approach is to:

• Confirm the company’s main purpose (letting and holding vs trading vs management services).
• Ensure the SIC code(s) are consistent with the intended strategy.
• Keep the SIC code selection simple and relevant, especially for SPVs.

If you’re unsure, speak to our brokers for guidance on how your company structure and documentation may be viewed by lenders.

Related topics for buy-to-let landlords

If you’re structuring a limited company purchase or remortgage, it can also be useful to consider how your company setup interacts with the wider mortgage process, including limited company lending considerations and property investment structures.

This page is for general information only and does not constitute personalised mortgage or financial advice. Mortgage eligibility, criteria and requirements vary between lenders and can change. You should seek tailored advice based on your individual circumstances before making any financial decisions.

Authoritative reference: Companies House guidance on SIC codes: https://www.gov.uk/government/publications/sic-codes