OneSavings Bank announced a series of changes to its HMO proposition.
The specialist lending and retail savings group recently introduced a new approach to buy-to-let and HMO valuations which included new valuation fee scales and lending based on investment value, and are now hoping to take these measures one step further.
For Precise Mortgages, the amendments include increasing the number of bedrooms on HMO applications up to six, while Kent Reliance for Intermediaries will allow HMO applications up to eight bedrooms, and will consider more as an exception.
Meanwhile, InterBay Commercial will now accept any size HMO application with no limit on bedrooms.
Alan Cleary, group managing director, mortgages, OneSavings Bank, commented: “Ultimately for brokers, these changes ensure that their HMO cases will be directed to the specialist teams that are best placed to handle them, regardless of size or complexity.
“Whether the cases involve investment valuations, large loan sizes or even complex company structures, we have the expertise within the OneSavings Bank group to consider every case.”
Cleary added: “Intermediaries are absolutely fundamental to the success of the group and pivotal in providing borrowers with successful outcomes. Our message to them is ‘watch this space’ as there will be many more exciting developments ahead.”