YBS Commercial amends HMO criteria

Following broker feedback, the lender has changed the criteria which had required HMO borrowers to have a limited company vehicle for a mortgage. 

Additionally, it lifted geographical restrictions which had meant that the lender only considered properties in certain locations in the UK.  

YBS launched its HMO product in May last year. It is available for loans up to £1.5m per property to borrowers with at least one years’ experience as an HMO landlord. 

Mike Davies (pictured), head of business development at YBS Commercial Mortgages, said: “We’re really pleased to demonstrate our continued support for this sector, especially as we’ve seen the need for HMOs increase recently due to the rise in average rents outstripping wage inflation, making it difficult for young or low-income earners to rent a property exclusively. 

“We’re delighted to respond to broker feedback and market demand and make our product more accessible to a wider cross-section of landlords, and in turn, tenants will benefit.”