HMOs are houses of multiple occupancies. Unlike a regular rental property, which will contain one family, HMOs are lived in by several unrelated people, each paying their rent.
For landlords, these are excellent earners as a per person, per room rate can often far exceed the amount made from renting the entire property to one person/family. Students will typically live in shared accommodation, but in many parts of the country, there is good money to be made from professional house shares. This is especially true in high priced areas like London and the south-east.
Multi Let Finance products
When it comes to obtaining an HMO mortgage, the process is largely the same as that with buy to let mortgages. However, the number of lenders willing to finance a multiple occupancy purchase will be significantly reduced. Some buy to let lenders will permit landlords to rent rooms to up to four people, without enforcing any additional requirements, but others will be far less lenient, and it is important to know who to apply to before starting the house buying process.
In some cases, you will need to obtain a multi-let license from your local authority, and securing finance, in this case, is even trickier. Thankfully, at Ravenwood Services, we have professional advisors who can talk you through the do’s and don’t s of multi-unit let mortgages and guide you on your next steps.
There are a lot of details that we need to know before we decide what HMO lender to approach for an application. Did the property have a license with the existing owner? Are you converting a family home to a Multi let? What are the exact number of Bathrooms and Kitchens? The more information we have will mean that we can get you the best deal available.
Hmo Mortgage Lenders
We have a relationship with all the specialist Hmo lenders. Not only that, so more conventional But to let lenders that can be persuaded to “let through” some types of homes of multiple occupancy properties on normal buy to let terms.
If you have any queries, please call our London office phone number. Our specialist brokers would love to help.
If your looking for a remortgage lousy credit as long as you have good proofs of your income it should go through quite easily as long as the loan to value isn’t too high.
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How much money can I borrow?
You can borrow 70% of your home’s valuation. For example, if your home is worth £290000 you can borrow £203000.