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Leeds returns to HMO lending with two products

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  • 01/11/2021
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Leeds returns to HMO lending with two products
Leeds Building Society has added products to its houses in multiple occupation range as it begins lending again in this sector.

 

The products come out tomorrow and will be offered with free standard valuation and has a £999 product fee.

The offering includes a two-year fixed rate for a small HMO, defined as having up to or including six occupants, which is available up to 3.27 per cent. It is available up to 60 per cent loan to value (LTV).

The lender has also brought out a two-year fixed rate for large HMOs, defined as six plus occupants, which has a rate of 3.6 per cent and is available up to 75 per cent LTV.

Both permit 10 per cent capital over repayments per year, and the rates are in place until February next year and then there is a one per cent discount from the buy-to-let (BTL) variable rate until February 2027.

Matt Bartle (pictured), products director Leeds Building Society, said that he was pleased to announce the return to HMO lending as it looked to support the evolving BTL market.

He said: “As we start to move forward following the pandemic, we’re starting to see more students back at university or applying for courses in our university towns and cities, which may be of interest to those landlords seeking new opportunities.

“Our range of products and lending criteria is under constant review and it’s important to us to work closely with our broker partners to be able to assist borrowers who are not well served by the wider market.”

He added that a healthy housing market needed a mixture of tenures.

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