The changes now 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. Geographical restrictions, which previously meant that applications would only be considered from select locations across the UK, have also been lifted.
The product, launched in May last year, is available for loans up to £1.5 million per property to borrowers with a minimum of one years’ experience as an HMO landlord.
Mike Davies, head of business development 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.”
