First Time HMO Mortgages
Rates from 3.19%
If you aren’t a current landlord and haven’t had any previous landlord experience historically, the HMO mortgage market can be tough to break into, you may have already 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 not having the experience isn’t a complete barrier, we can still source finance for those starting out as a landlord buying HMO property. It’s also very important to note that we do successfully ‘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.
Our HMO Mortgages
- We can genuinely ‘break the rules’ for strong cases.
- Larger Suis-generis HMO’s
- Student, Professional, Corporate lets and more
- Upto 80% LTV for first time landlords
- Individual or shared tenancies
- Guaranteed rental schemes allowable
- For landlord longevity
- Mitigate harsh tax changes with higher yielding property
- Combat void risk by letting per room
- *Property Tax Advice Essential
Why Talk To Us?
- Mortgages with the human touch.
- We regularly utilise every HMO lender.
- Unmatched experience of the HMO market.
- Unrivalled and unlimited access to HMO lenders.
- True total cost advice, taking into account all payments and all fees.
- Intricate knowledge of ‘HMO’ and ‘portfolio landlord’ criteria.
- Exclusive plus semi-exclusive deals.
- Experience – we are very well connected within the market.
- Access to key decision makers – dedicated underwriters & credit managers.
- We don’t credit check you until you are ready to apply following quotes.
- We can assist with high quality tax advice and conveyancing expertise.
- We give you as much time as you need to consider quotes – no pressure.
- We’ll collaborate with you and give you the confidence to transact.
In A Hurry? Talk To An Expert
This Week’s Best HMO Deals
|LTV %||Final Rate||Maximum bedrooms?|
|Fixed||3.19%||2 years||1.5% of loan||65||6.83%||8, more by exception|
|Discount||3.49%||2 years||1.5% of loan||65||6.83%||8, more by exception|
|Fixed||3.79%||5 years||2%||75||6.83%||8, more by exception|
First Time Landlord HMO – 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 HMO’s 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
Today, a HMO is essentially a single dwelling which is rented to 5 or more people from at least 2 separate households sharing certain rooms ie bathroom or kitchen. Nowadays, properties fitting this more simplistic definition will need a licence. It’s really important to note that planning permission could also be needed for the area they are located in too. Councils can and often do utilise Article 4 to restrict or control HMO numbers in certain areas.
HMO mortgage transaction are common her at The Buy to Let Broker, we deal with every lender in this area and have our own specified underwriters and senior contacts at these lenders. This is simply because we produce a large volume of well presented, quality business, therefore lenders want to ensure we have high service levels, which in turn helps our clients.
We’ll generally ask you questions such as the below in order to ascertain where we can obtain the best funding for you;
How many bedrooms does the property have? What is the tenancy structure? Tenant type? How many is it licenced for? Does it require planning permission? We’ll also ask you some basic questions on your own situation and preferences.
We can then manage expectations much more easily as to the products available for first time landlord HMO borrowers such as yourself – we like to give the highest degree of certainty we possibly can and as early as we can, this reduces the chances of any disappointment throughout the process.
We’re constantly keeping on top of criteria as we’re consistently advising on and processing first time HMO transactions
We can certainly help with all types of property legislation including Article 4 and larger Suis-Generis HMO’s.
Get Expert Advice From Our All-Star Team
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.