Landbay has launched a new range of buy-to-let products, with a specific focus on enhancing its HMO offering, making it easier for brokers and landlords alike to access finance for these cases.
The specialist buy-to-let mortgage lender’s product changes will mean small HMO’s will be treated as standard properties, while the minimum property value will be reduced to £120,000.
Highlights of the range include a two-year fixed rate deal at 3.09% at 75% loan-to-value (LTV) and a five-year fixed rate product available at 3.59% at up to 65% LTV.
Paul Brett, managing director of intermediaries at Landbay, commented: “HMOs can offer extremely attractive rental yields, but letting out one property to multiple tenants does come with its complexities. That doesn’t however mean the lending criteria always needs to be, especially when managed by a specialist lender.
“Landlords have had a job on their hands coming to terms with recent tax and regulatory reform, and many experienced investors have been reviewing their portfolios, increasingly looking to HMOs to boost rental income and protect profits. I hope these changes will be well received by any broker with a HMO case to place.”
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