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.
HMOs often come furnished. This is another cost to be aware of. Traditional buy to rent properties are usually unfurnished.
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.
The landlord can manage an HMO property through a single agreement or a separate contract for each tenant.
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.
Number crunching is essential to make an HMO financially viable. Our HMO mortgage advisors can help maximize your rental income by analyzing your proposal. Secure a great deal to make your HMO profitable. Most lenders who offer preferential rates often work with mortgage brokers.
HMOs are complicated and many buy-to-let lenders will not lend to novice landlords. Lenders have different criteria, but typically, one to two year of experience as a landlord suffices. While lenders may accept new landlords, it is not common for them to require that the property be managed by an agent. Our buy to ten team can help determine if you will qualify for an HMO-mortgage.