HMO mortgages are a type of buy to let mortgage used for investment properites known as House's of Multiple Occupation (HMO). Typically this might include student lets or large shared houses where each individual tenant has their own tenancy agreement. Investing in property can be a great solution to finance freedom, however it is important to plan and seek professional advice.
At Barr Financial we help clients throughout the UK and our aim is simple, to help you achieve your business goals. These types of mortgages are not mainstream which is why it is important that you choose to work with a hmo mortgage broker who has expertise in this area.
HMO Mortgage Broker:
The letting market will continue to provide an important role to play in providing adequate housing needs throughout the country. Of course this can create opportunities for landlords but it is also clear that to maximise a clients portfolio it is important for them to consider HMO afetrall the returns can be significantly greater than a standard AST (assured shorthold tenancy).
To give yourself an idea of how much a HMO mortgage will cost why not try out hmo mortgage calculator:
The lettings market could look very different in a few years from now with current changes coming through which is why it is even more important than ever before to work with a firm who are able to help you with a sometimes complex mortgage requirement and also help you understand your options.
We understand businesses are different and no one solution will fit all. That is why we take the time to understand your business and get to know you (the most important person behind any business). In this technological age and fast paced environment we believe it is still vital to have a personal touch, develop strong relationships with our clients and the lenders we deal with.
HMO Mortgage Requirements:
Lending criteria not only varies from lender to lender but also changes, so before you apply make sure you speak to one of our HMO Mortgage Brokers to check current lending rules. However to give you an idea hmo mortgage requirements are:
- Upto 85% LTV for profesioanl landlords.
- Upto 80% LTV for first time landlords.
- Number of bedrooms can have an impact on options.
- Threshold for rental affordability can vary depending on experience.
- Limited companies allowed subject to personal guarantees.
- LLP's allowed subject to personal guarantees
We have dedicated (and friendly) advisers to help you with experience and expertise to match your requirements. If you would like to read some of our blogs about buy to let please click here or click here to see our about us page. You can of course also subscribe to our regular emails below.
We help clients throughout the UK and are always happy for clients to come and visit our offices or where possible we will happily come and see you. We are a young and dynamic company so you might find it won't be long before we have a local presence in your area.
If you would like to get in touch, please do so and we look forward to helping you.