An offer was made by Shawbrook for an interest-only product at 4.69%, fixed for five years at 75% LTV.
Shawbrook Bank found a solution for first-time HMO clients after bring approached by broker partner Baya Financial.
Baya Financial has two clients looking to refinance their property having recently converted it into a 5-bed HMO.
This was the first time the couple had looked at the HMO space and therefore had difficulty progressing the case with various lenders due to the perceived lack of previous experience.
An offer was made by Shawbrook for an interest-only product at 4.69%, fixed for five years at 75% LTV.
Emma Cox, sales director at Shawbrook Bank, said: “This case highlights the great work of our broker partner Baya Financial to clearly demonstrate the client’s wider business skills in other sectors to show their suitable experience.
"This case also demonstrates our flexibility when assessing a case and the advantage of brokers being able to speak directly to our underwriting team.”
Ellie Broadhurst, new business manager at Baya Financial, added: “This is yet another reason that we love working with Shawbrook.
"Their willingness to look outside the box and do the right thing by the client really makes them stand out.
"These are clients that will want to continue their relationship with both of us as they have had such a great experience.”
