YBS Commercial Newsletter (This Week’s News – YBS are expanding their HMO product availability)

Launching their HMO product in 2021 was part of expanding their range of buy to let products to support experienced landlords. HMOs were a completely new product for them in YBS Commercial Mortgages and it’s fair to say that they wanted to dip their toe in the water to see how their product would land with brokers and borrowers. YBS have been delighted with the reception the product received. Enquiry levels have been very strong and they have seen some excellent assets being supported, a key feature of their product.

Based on this strong start and following feedback from their brokers they’re pleased to announce that they’re extending the availability of their HMO products, making it accessible to more landlords. The changes mean that landlords can now take out a product in their own name, rather than having the requirement for a limited company to be in place to benefit. The availability of YBS’ Limited Company product remains unchanged as do the other features of the product. The interest rate remains 3.8% with LTVs starting at 65% and a maximum loan value of £1.5 million per property to borrowers with a minimum of one years’ experience as a HMO landlord.

As well as expanding the borrower types who can access their HMO Products YBS have also lifted the geographical restrictions, which previously meant that applications would only be considered from select locations across the UK. Initially their HMO product was available in key university towns. With the lifting of this restriction they’re now able to make their HMO product available across the country.

Tom Simpson, Managing Director at YBS Commercial Mortgages, said:

‘We’re really pleased to demonstrate our continued support for this sector, especially as we’ve seen the need for HMOs increase recently due to the rise in average rents outstripping wage inflation, making it difficult for young or low-income earners to rent a property exclusively. We’re delighted to respond to broker feedback and market demand and make our product more accessible to a wider cross-section of landlords, and in turn, tenants will benefit.’

Changes in our business development team

You will want to join YBS in congratulating their Business Development Manager Andrea Cotton, who will be taking maternity leave later this month. Andrea is expecting her second baby and they all wish her well. Andrea will be returning later this year.

In the meantime YBS will be joined by Christian Gooderson. Christian will be well known to some of their brokers as a part of their lending team in the South East. Christian brings a wealth of experience to the team and he is looking forward to getting to know their panel brokers better.

Products – YBS’ Fixed Rate Buy to Let products

  1. 3.05% 5 year fixed rate for LTV up to 65%
  2. 3.35% 5 year fixed rate for LTV up to 75%
  3. 3.70% 10 year fixed rate for LTV up to 75%

Contact your usual Relationship Director for more information.

Get in touch here.

Commercial Lending Highlights

  • Holiday Let rates 3.85% 5 year fixed
  • Limited company and in personal names
  • Up to 75% LTV
  • First time holiday lets considered

For more information visit here or email Commerciallending@ybs.co.uk

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