New HMO product from SMS

Nia Williams

April 8, 2013

Rates start from 4.39% for up to 75% loan to value and are available for properties with a minimum value of £75,000. The product is only available for experienced HMO landlords.

Ian Balfour, chief executive officer at SMS, said: “We have worked very closely with Melton Mowbray to design a product which provides a really cost-effective alternative for landlords, particularly those with large portfolios, who are looking to drive down costs.

“We are delighted to be working with such an innovative lender. We have been impressed by their enthusiasm for innovation as well as their commitment to the intermediary sector.”

Martin Reason, chief executive officer at Melton Mowbray, added: “The buy-to-let market is particularly vibrant and we are keen to support intermediaries in this important segment.

“SMS has proved to be committed to the cause of broker introduced business and we therefore receive applications that fit our criteria and risk profile allowing us to concentrate our efforts on underwriting and producing offers.

“MMBS are looking forward to working even more closely with SMS and its introducers.”

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