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First Time HMO Mortgages

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First-time landlord HMO

Homeowners With No Landlord Letting Experience

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If you aren’t currently a landlord and don’t have any previous landlord experience, the HMO mortgage market can be tough to break into. You may have found that many HMO lenders require you to have a certain period of ‘landlord experience’ to qualify to borrow, this can be anything from 6 months to 3 years. BUT…

With expert advice, not having the experience doesn’t have to be a barrier and you can secure some great deals to get you started as a landlord buying HMO property.  We are also sometimes able to ‘break the rules’, by gaining exceptions from specialist lenders for strong cases where the minimum threshold isn’t reached, but lenders are happy to lend.

No matter how complex your needs, our expert mortgage advisors will be able to discuss all options available to you to find the right one for your first investment.

This Week’s Best First Time HMO Mortgage Deals

TypePay RateUntilArrangement
LTV %Final rate (SVR)Maximum bedrooms?
Fixed1.22%2 years£1995604.44%5
Fixed1.62%5 years£1995604.44%5
Fixed3.05%2 years1% of the loan704.20%No Limit

What An HMO Mortgage Can Do For You?

There are lots of benefits to choosing an HMO (house of multiple occupancies) as opposed to a traditional Buy to Let for your first investment and here are some of them:

  • You can secure greater rental yields with multiple tenants.
  • You can be considered for larger Suis-Generis properties.
  • You can rent the property out to vary of sectors – students, professionals, Corporate lets and more
  • You can secure up to 80% LTV for first-time landlords.
  • You can accept individual or shared tenancies.
  • Guaranteed rental schemes allowable.
  • You can reduce your void risk by letting per room.

As with all Buy to Let properties, we highly recommend that you seek tax advice as well to ensure that all of your finances are in order.

The Buy to Let Broker Mortgage Experts
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Why Use A Mortgage Broker?

Using a mortgage expert can always be beneficial but this is especially true when it comes to your first investment. By picking up the phone and calling us today:

  • You’ll get the latest mortgage advice from a qualified expert with unparalleled knowledge of the HMO market.
  • You’ll be able to compare every deal on the market in one go.
  • No automated responses – you’ll be able to discuss all of your questions with a human that understands your unique needs.
  • You’ll get unlimited access to every HMO lender.
  • You’ll get advice based on the true total cost, taking into account all payments and all fees, not just the initial rate, so there are no nasty surprises.
  • You’ll get access to exclusive plus semi-exclusive deals, not available from the high street banks.
  • You’ll get access to the key decision-makers for your application – dedicated underwriters & credit managers.
  • Your credit rating is safe with us, as no credit checks are needed to get your free quote.
  • You’ll get as much time as you need to consider quotes – no pressure.

Got Questions? Talk To An HMO Expert Now

    First Time HMO Landlord – the detail

    Many more properties have fallen under the remit of a licenced HMO, this is down to the HMO definitions being more broadly defined than ever before – and therefore there is much more rental stock out there under the ‘HMO’ banner.

    The HMO mortgage market generally sits away from the usual vanilla buy to let space (there are one or two notable exceptions to this) but more often than not, a specialist lending for Licenced HMOs is needed.

    Of course, if you’re looking at purchasing an existing HMO, knowing how and where to get the best possible mortgage products with a lender that allows a licenced HMO to your requirements is an absolute must, even more so where you aren’t an existing landlord…

    Read More

    Start Your Living Your Best Landlord Life

    Your first HMO mortgage deserves to be the best possible HMO mortgage and that is where we can help. Give us a call on 08009499410 or fill in your info below and one of the team will give you a call back.

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      We’d strongly recommend that you take professional property tax advice prior to entering into any buy to let ventures.