The Leeds Building Society is updating its bespoke HMO mortgage range for shared houses, adding new five year products.
The products, which have been added after feedback from brokers and will launch on 8 February, come with free standard valuation and £500 cashback.
The five year HMO deals include:
- 2.49% available up to 60% LTV (loan to value) with a £999 fee for small properties
- 2.69% available up to 70% LTV with a £999 fee for small properties
- 3.54% available up to 60% LTV with a £1,999 fee for large properties
- 3.84% available up to 70% LTV with a £1,999 fee for large properties
Matt Bartle, director of products at Leeds Building Society, said: “We became the only lender to offer specific products tailored to small and large HMOs when we launched in January. Since introducing the range, we’ve worked closely with our broker partners to refine our products to ensure they meet the needs of borrowers.
“Following broker feedback we’ve developed these new five year options for small and large HMOs, which we believe will meet the needs of landlords looking to diversify their portfolios and move into this sector.
“Additionally, insight from brokers revealed professional landlords often prefer to use their own legal advisers during the buying or remortgaging process. We’ve listened to brokers and introduced £500 cashback across our new five year HMO range, which could be put towards conveyancing costs should the landlord choose.”
In January, the Leeds Building Society became the only lender to offer specific products tailored to small and large HMOs based on planning and licensing requirements.