YBS Commercial expands its BTL range with a new HMO product
YBS Commercial Mortgages has announced the launch of its latest product for homeowners – a new HMO product with a 3.9% rate, fixed for five years, on an interest-only basis, with a maximum loan-to-value of 75% .
The lender’s latest offer is available to borrowers with at least one year of experience as an HMO owner, for loans ranging from £ 500,000 to £ 1.5 million per property. The property must have no more than 12 bedrooms and be leased (or intended to be leased) to professionals, key workers or students.
Applications will be screened from select locations in the UK, based on a demand analysis, including London, Manchester, Birmingham and Bristol.
Mike Davies, Business Development Manager at YBS Commercial Mortgages, said: “We are very happy to add this new product to our range, demonstrating our continued support to sectors being revived following the impact of Covid. We know that there is a growing demand for mortgages in this area from brokers and their clients, and we are happy to give investors additional choice when developing HMOs for students and those in the Higher Education.
“The HMO market has evolved over the past 10 years and is becoming mainstream for tenants and landlords, with increasingly high standards of ownership.
“A significant proportion of UK professional owners own one or more HMOs as part of their larger asset portfolio, and they are attractive to investors, offering higher returns than standard rental purchases.”