Leeds to launch 5-year HMO mortgage range

Michael Lloyd

February 6, 2019

Leeds Building Society will update its HMO mortgage range for shared houses and launch 5-year products on 8 February.

They come with free standard valuation and £500 cashback.

The 5-year HMO deals include two deals with a £999 fee for small properties, one at 60% at 2.49% and the other at 70% with a rate of 2.49%. There’s two other products, both with a £1,999 fee for large properties, one at 3.54% available at 60% and the other 3.84% available at 70%.

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 5-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 5-year HMO range, which could be put towards conveyancing costs should the landlord choose.”

In January, Leeds Building Society became the only lender to offer specific products tailored to small and large HMOs based on planning and licensing requirements.

A growing number of landlords are currently reviewing their property portfolios due to new regulations and tax changes.

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