Mortgages for First Time Landlords purchasing a Home of Multiple Occupation
Applicants are home owners and do not own any investment property
e have a range of HMO mortgages designed for first time landlords, subject to applicants owning their own main residence. The mortgages listed below will all be suitable for first time landlords. Properties can have shared kitchen and bathroom facilities, or letting units can be self contained flats. En-suite facilities in rooms are acceptable.
For applicants wishing to buy an HMO property for the first time and who do not own any existing Buy to Let investment property.
- Employed or Self-Employed
- Applicants must be homeowners (not first time buyers)
- No previous letting experience required
- No existing Buy To Let property owned
Applicants must be homeowners. Applicants must be employed, or retired and be able to prove their income, although there is no minimum personal income requirement. A clean credit history is required, although some minor and historic credit problems can be accepted.
- UK citizens with passport or UK driving licence as ID
- Evidence of deposit funds (bank statement)
- Residential address history for 3 years
- No minimum personal income required
- Clean credit history
- Some minor and historic credit problems can be considered (case by case basis)
- Applicants can be employed, self employed or retired
Types of property
Properties with up to 8 letting rooms are acceptable, with or without an HMO licence. Properties arranged in up to 4x flats in one freehold or leasehold title, are also acceptable. Properties above some commercial premises may be acceptable.
- Houses of Multiple Occupation (HMO)
- Tenants can be students, or working professionals
- HMOs arranged as flats in one title ( max 4 flats) freehold or leasehold
- Single AST and multiple AST tenancy agreements accepted
- Property in England, Scotland and Wales
- Properties with or without an HMO Licence
- Accommodation above commercial premises considered
- En-suite facilities in rooms are accepted
- Cooking facilities in rooms may be considered
- Shared kitchen and bathroom facilities accepted
General Lending Criteria For First Time Landlords
Mortgages are available at up to 75%, 80% and 85% of purchase price. Tenants can be students, or working professionals and both single AST tenancy agreements and multiple AST tenancy agreements are acceptable.
HMO-4-75 (minimum loan size is £150,000)
HMO-4-80 (minimum loan size is £150,000)
HMO-6-85 (minimum loan size is £150,000)
HMO-7 (maximum 70% LTV and repayment only) Smaller mortgages acceptable
- Mortgage terms up to 35 Years
- Purchases or remortgage
- Interest only or capital + interest repayment mortgage
- Full proof of applicants income required
- Evidence of deposit funds required
Additional Detailsminimum loan size is £100,000minimum loan size is £100,000minimum loan size is £100,000max 70% LTV repayment only
Click on a product above to view details
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