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Saffron introduces new HMO mortgage products

Saffron Building Society has launched a new range of Houses in Multiple Occupation (HMO) mortgage products to the market. 

The four new products form part of the Saffron’s expanding portfolio of specialist mortgages.                                                                             

The new products include a 75% loan-to-value (LTV) two-year fix at 3.37%.

The specialist lender has also launched a 65% LTV two-year fix at 3.57%.

In addition, the lender has launched a 75% LTV three-year discount product at 3.64%, as well as a 65% LTV three-year discount at 3.94%.

The three-year HMO discount products are aimed at landlords investing in properties that require a level of light refurbishment prior to renting the property. This may be cosmetic work, work to meet HMO regulation or light internal structural work to create additional bedrooms.

In addition to the new HMO mortgage options, Saffron has introduced an improved 3.44% (SVR-2.2%) three-year discount BTL light refurbishment product with an LTV of 75% giving even further choice to those wishing to secure an income from rental property.

These new mortgages are open to applications from private landlords or landlords operating as a limited company.

Anita Arch, head of mortgage sales at Saffron Building Society, said: “The recent changes to buy-to-let regulation have resulted in landlords looking at how they can maximise rental yield - Houses in Multiple Occupation have become a key area of focus.

“The HMO products we’ve introduced are designed to not only increase landlord’s income, but in the most efficient way possible creating new opportunities for intermediaries and their customers.”

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