Rates from 1.80%
Understandably many landlords have moved toward HMO mortgages to enable higher yields and maximise profits given the landscape for landlords currently. It also works from a tenants perspective since there is less rental stock being bought right now. The Buy to Let Broker have seen huge strides in the quality of HMO’s over the last decade, with landlords like yourself appreciating the quality of the property does dictate the quality of the tenants available.
It’s no surprise that as a whole of market buy to let specialist, HMO’s are bread and butter to us and a large proportion of property we finance in multi-tenanted.
Get The Inside Track On HMO Mortgages
- Larger Mortgages to £10m
- Larger Suis-generis properties
- Student, Professional, Corporate lets and more
- 85% LTV – or more with additional security
- Individual or shared tenancies
- Guaranteed rental schemes allowable
- Schemes for first time landlords available
- Finance properties at HMO licence application stage
- For your long term sustainability
- Combat tax changes with higher yielding property
- Split your void risk by letting by room
- Property Tax Advice Essential
Why Use The Buy To Let Broker?
- You benefit from human expertise backed by tech.
- Our statistics prove our whole of market status.
- Unparalleled knowledge in the HMO market.
- Unlimited access to HMO lenders.
- Advice based on true total cost including rate and all fees.
- Intricate knowledge of ‘HMO’ and ‘portfolio landlord’ criteria.
- Exclusive & semi-exclusive schemes.
- Experience – it’s what we know and who we know.
- Access to decision makers – underwriters, credit managers & senior personnel.
- No credit checks to get qualified quotes to your inbox.
- Borrow more. We have a number of schemes which go past the normal limits.
- Access to big 4 accountant and specialist conveyancing.
- Zero pressure, digest your quotes in your own time.
- We work and collaborate with you for the very best outcome each and every time.
This Week’s Top HMO Mortgage deals
|LTV %||Final Rate||Maximum bedrooms?|
|Fixed||2.95%||2 years||1%||75||5.6%||No specified limit|
HMO Mortgages – the detail
Since October 2018, 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 many landlords have therefore found themselves needing to comply with these new minimum requirements.
The HMO mortgage market generally sits away from the usual vanilla Buy to Let space (there are one or two notable exceptions to this) more often than not, this can mean a new Licenced HMO lender is required…Read More
Of course, if you’re looking at remortgaging or 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.
A HMO today is defined as a single dwelling, rented to 5 or more people from at least 2 separate households sharing basic facilities ie kitchen or bathroom. All properties fitting this basic definition will require a licence. And importantly may also require planning permission for the area they are located in too. Councils often use Article 4 to restrict or control HMO numbers in a particular vicinity.
HMO mortgages are much of what we do here at The Buy to Let Broker and form an integral part of our lending, we deal with all lenders in this arena and have dedicated underwriters and senior contacts at these lenders, simply because we produce a significant volume of quality business and lenders want to assure us of high service levels, which in turn helps our clients.
Examples of the type of questions we’ll typically ask you to ascertain where we can obtain the most competitive funding will be;
How many bedrooms does the property have? How many is it licenced for? What is the tenancy structure? Tenant type? How much landlord experience do you have? Does it require planning permission?
All of these questions ensure we can manage your expectation correctly as to the products available, ensures the highest degree of certainty we can give very early in the process and mitigates the chances of any disappointment later down the track.
This does also result in us having a very accurate barometer on which lenders will allow what in terms of criteria and we analyse this area of business very carefully to keep our knowledge honed.
We’re conversant in all types of property legislation including Article 4 direction and larger Suis Generis HMO’s.
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