HMO Mortgage for applicants who cannot provide proof of their personal income
pplicants may be employed, or self employed, but cannot provide proof of their income. They may be employed and paid cash in hand, or have bonuses, or overtime, which is not guaranteed. They may be self employed with annual accounts that show minimal, or no, net profits.
Subject to a sufficient deposit, or equity in the property, the lender will not require a guarantor and will not require a second property as additional security. The HMO mortgage will be secured by way of a 1st charge on the property being purchased, or remortgaged.
Applicants may employed and be paid in cash, or can be self employed with no accounts. Employed positions where there may be a high degree of commission, overtime, or bonus payable, which is not guaranteed.
- Part time employed, full time employed, or self-employed
- Self employed with no accounts
- Employed positions with commission
- Employed with non guaranteed bonus or overtime
Applicants should be UK residents and between the ages of 21 and 70 at the time of application and employed, self employed or retired. A maximum of two applicants is allowed, one of whom can be a first-time buyer. At least one applicant must be an existing landlord and an owner occupier
- UK residents with passport or UK driving licence for ID
- Evidence of deposit funds ( Bank account statement ) is required
- Residential address history for 3 Years
- Aged 21 to 70 at time of application
- Maximum of 2 applicants
- One applicant must be an existing landlord and home owner
Types of property
HMO properties with a maximum of 9 letting rooms and over a maximum of 4 storeys are acceptable. No more than one kitchen is allowed. No multiple flats, studios, or bedsits in the property. Properties are unsuitable if an attached property is also owned by the applicant.
- Maximum of 9 letting rooms
- Maximum of 4 storeys
- No maximum age at end of mortgage term
- Single or multiple AST's are accepted
General Lending Criteria
Mortgages are available for purchase, or remortgage and up to 65% of purchase price, or property value can be borrowed. Single or multiple ASTs are acceptable.
- Mortgage terms up to 35 years
- Purchases or remortgage
- Interest only or capital + interest repayment
- Evidence of deposit funds is required
- Existing UK property is required
- Maximum loan to value of 65%
- No proof of income required
Residential Multi-let Investment
Contact us on 0117 223250 to discuss your requirements with a Buy To Let mortgage specialist
Mortgage Application Assistance
We can even complete the mortgage application on your behalf. The mortgage adviser can help you complete the application over the phone or email.
Products for property investors buying property to refurbish