hmo finance only
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.
HMOs are very popular with individual tenants. They're often affordable and come fully furnished. This is especially true of students, contractors, and overseas workers who are on work visas. HMOs are desirable because of their ease-of-use and low cost.
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.
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.
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. -
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.
Finding the right HMO loan for you can be complicated. Lender criteria vary and each one will have different requirements. Our expert buy to let team is available to assist you in finding the right HMO mortgage.
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.