HMO Mortgages for Large HMO Properties 20+ rooms
MO properties with more than 8x letting rooms require specialist lenders. We can help by selecting the correct mortgage from a panel of such lenders, suitable for any size of HMO property with up to 20 or 25 letting rooms, but more can be accommodated. We can arrange mortgages that will allow corporate lets to local authorities and housing associations and also company lease arrangements. Properties can either have shared kitchen and bathroom facilities, or they can have cooking facilities in rooms (studio apartments) in fact any combination of accommodation can be considered.
Larger HMO properties tend to be purchased by professional landlords wishing to add to their existing property portfolio. Lenders normally require applicants to have experience in letting HMO properties. Any configuration of internal layout and accommodation can be considered, including properties with multiple kitchens.
- Large HMO with up to 20 - 25 letting rooms (more in some circumstances)
- Blocks of flats in 1x freehold title
- Properties converted into bedsits and studio apartments
- Properties with more than 1 kitchen
Applicants should have at least 3 years letting experience and should be owner occupiers. Applicants should also have experience in HMO property. In some cases, professional landlords who are not owner occupiers can be accepted. Applicants should be able to demonstrate good level of personal income and net worth. A clean credit history is required.
- UK Passport Holder or UK Driving License
- Evidence of deposit funds ( Bank account statement )
- Clean credit history
- Some minor and historic adverse credit can be considered
- Applicants can be employed, self employed, or retired
- Previous letting experience
- Applicants should be able to demonstrate a reasonable level of personal income
Types of property
Properties with up to 25 letting rooms are accepted. Blocks of flats, studios and or bedsits in one freehold or leasehold title, with 20x units, or more are also acceptable. Properties above commercial premises are acceptable. Student cluster block accommodation is acceptable. Larger properties with over 25 units can also be considered.
- Houses of Multiple Occupation (HMO)
- Tenants can be students, or working professionals
- Single AST and Multiple AST tenancy agreements accepted
- Property in England, Scotland and Wales
- Properties with or without a HMO Licence
- Flats and maisonettes above commercial premises accepted
- En-suite facilities in rooms are accepted
- Cooking facilities in rooms accepted
- Shared kitchen and bathroom facilities accepted
- HMOs with up to 25 letting units accepted
- Mixed unit accommodation of flats, studios and bedsits
General Lending Criteria
Mortgages are available for purchase, or remortgage up to 75% of purchase price, or property value. Up to 85% LTV is available for blocks of flats in one freehold title. Capital raising is allowed for any legal purpose. Applicants can be individuals, or Limited Companies. Lending in England, Scotland & Wales.
- Purchases or Remortgage
- Interest only or capital + interest repayment mortgage
- Properties located in England, Wales & Scotland accepted
- Up to 85% LTV for blocks of flats in one freehold title
- Capital raising for any legal purpose
- Limited company applications accepted
HMO-1 – Properties must be in cities and major towns. Interest only is available. Fixed rates available
HMO-2 – Properties with up to 20 letting rooms. Extensive mortgage range, so with no lender fee.
HMO-3 – Many repayment options, including interest only and fixed rates.
HMO-7 – Maximum loan size is 70% LTV and repayment mortgage only.
HMO-8 – Generous rental calculation. No lending in Scotland. Up to 85% for multiple flats in 1x title
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