The Leeds Building Society has reduced rates on its two-year fixed rate large houses in multiple occupation (HMO) deals by up to 0.45 percentage points.
The Society launched a HMO proposition in January 2019 for shared houses as the only lender to offer specific products tailored to small and large HMOs based on planning and licensing requirements.
Highlights of the rate reductions, which will launch on Friday 9 August, include:
- 3.39% two year large HMO mortgage available up to 75% LTV
- 3.34% two year large HMO mortgage available up to 70% LTV
Both products come with £500 cashback upon completion, a free valuation and a £1,999 product fee.
The Leeds defines an HMO as an entire property, house or flat which is let to three or more tenants who form two or more households and who share a kitchen, bathroom or toilet. A large HMO can have more than six occupants.
Matt Bartle, director of products at the Leeds Building Society, said: “We used our extensive experience and expertise within the buy-to-let market, which includes specialist underwriting, as well as portfolio landlord and holiday let ranges, to introduce a unique HMO proposition in January.
“Our rate reductions across our large HMO range is a further example of the support we offer to borrowers who are currently under-served by the wider market.”