Main features include:
- Rates from 4.39%
- LTV up to 75%
- Minimum property value of £75,000
- Experienced HMO landlords only
According to Ian Balfour, CEO at SMS, the new product provides new opportunities for brokers with professional landlords.
He said:
"We have worked very closely with Melton Mowbray to design a product, which provides a really cost-effective alternative for landlords, particularly those with large portfolios, who are looking to drive down costs. We are delighted to be working with such an innovative lender. We have been impressed by their enthusiasm for innovation as well as their commitment to the intermediary sector."
Martin Reason, CEO at Melton Mowbray, commented:
"The buy to let market is particularly vibrant and we are keen to support intermediaries in this important segment. SMS has proved to be committed to the cause of broker introduced business and we therefore receive applications that fit our criteria and risk profile allowing us to concentrate our efforts on underwriting and producing offers. MMBS are looking forward to working even more closely with SMS and its introducers."
