Rapid product transfer avoids SVR on HMO

A portfolio landlord with a six-bedroom HMO successfully completed a product transfer in just two weeks, avoiding the higher costs of reverting to a standard variable rate (SVR).

Product type: Small HMO
Location: Sunderland
Product: Product Transfer Small HMO 2-Year Fixed

Challenge

With a six-bedroom HMO, the case required specialist handling. HMOs are often more complex to underwrite, and time was of the essence; the landlord’s existing fixed-rate mortgage was nearing its end. Facing the prospect of switching to a more expensive SVR, the client needed a fast, reliable solution. The broker needed a lender to manage a non-standard case quickly and efficiently.

Solution

With the introduction of our new product transfer range, the broker had the perfect tool to meet the client’s needs.

Using our intuitive portal, the broker selected the expiring product and initiated the transfer application in just a few clicks. Thanks to our indexed valuation process, the application required no physical valuation, enabling the Small HMO transfer to move swiftly to a mortgage offer.

Outcome

Within two weeks, the client had transitioned to their new two-year fixed-rate product, avoiding the additional costs and complexity of an SVR or full remortgage.

The broker and landlord were thrilled with the result, a fast, hassle-free product transfer tailored to a more complex property type.

A seamless application process like this makes all the difference in today’s market for us brokers and, more importantly, our clients. Quick, straightforward, and hassle-free—just how it should be!