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HMOs often come furnished. This is another cost to be aware of. Traditional buy to rent properties are usually unfurnished.

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HMO licences can be obtained from local councils. They are valid for five year if approved. HMO licences can be obtained for each individual property and not just for the landlord. If an HMO requires a licence, for example, a landlord may need to have a licence for each of his three properties.

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My HMO can target which type of tenants? - Low-cost/affordable housing / housing benefits tenants: Some landlords choose to sell their entire properties to the local authorities to be used as low-cost housing. This allows them to earn a steady income while also getting a discount. - Working professionals are increasingly renting their homes into their 30s and 40s. They seek out higher-spec properties with more bathrooms, but they also want stable tenants who live a more peaceful life. -

hmo mortgage products
hmo mortgage interest rates

hmo mortgage interest rates


Individual tenants love HMOs because they are affordable and fully furnished with all bills. This is especially true for international students, contractors and employees on work visas. HMOs are attractive because they allow you to'move straight in' at a very low cost.

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HMO mortgages take the same amount for lenders to process as any other buy-to-let mortgage. Each case is different. Pre-pandemic it would take three to four months to receive a purchase offer, and another four to six weeks to complete.

hmo mortgages 2020

hmo mortgages 2020






HMO Valuations- Lender methods can vary when it comes to valuations. Some lenders combine traditional surveyor inspection with comparing it with like-for-like properties in the same region. If there are no HMOs within the area, then the valuation is based upon the amount achieved as if it was a single household. The method doesn't take into account the extra income HMOs typically attract through multiple rental incomes. This can limit the amount you are able to borrow.

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Traditional rental properties don't have to be located in a particular area. The country's leading letting agents have rented property in virtually every location. They can be rented in any location: rural, urban, or country.