Mortgages for HMO

Did you know that some landlords could be in breach of their mortgage conditions?

We all know that regulations for landlords have become tighter over time, particularly the regulations around Houses in Multiple Occupation, also known as HMO.

Landlords now require a license from their local authority if the property they let is an HMO, this is when 3 or more unrelated people live at the property as at least 2 separate households – for example, 3 single people with their own rooms, or 2 couples each sharing a room.

Your local authority will contact your lender as part of the HMO licensing procedure, if you are not on an HMO BTL mortgage product you are in breach of your mortgage conditions and the lender can call in the loan. In this case, a standard BTL product is not sufficient

If you have an HMO on a standard buy-to-let mortgage it is essential you speak to us about remortgaging to an HMO product as soon as possible.

With rising interest rates, remaining on a standard variable rate has become untenable for many borrowers, this also might be a good time to re-evaluate your entire portfolio. Perhaps you may wish to raise some capital for essential works or even purchase another property. If you would like to discuss the options available to you, speak to a member of the team or our senior broker, Danny O’Keeffe on 0208 364 3444 alternatively schedule a call back by clicking on the button below.

With the continuing popularity of Air B & B, Holiday Let’s have become popular over recent years, particularly due to the pandemic which prompted many people to holiday in the UK and consider a life outside the hustle and bustle of the city. Similarly to HMO’s, this type of letting cannot be done on a standard buy to let mortgage without breaching your lender’s mortgage conditions. It is, therefore, necessary to have a bespoke Holiday Let mortgage product. The good news is that these products represent yet another strand to our mortgage offering. We’re delighted to have access to a number of competitive products. Get in touch to learn more on 0208 364 3444.

Competitive Holiday Let Lending is Now Available

Holiday Let’s have become popular over recent years, particularly due to the pandemic which prompted many people to holiday in the UK and consider a life outside the hustle and bustle of the city. These products represent yet another strand to our mortgage offering. We’re delighted to have access to a number of competitive products. Get in touch to learn more on 0208 364 3444.

Leave a Reply

Share This

Copy Link to Clipboard

Copy