Mortgages For HMO’s
If you require a mortgage or remortgage for a HMO (House of multiple occupancy) then our buy to let mortgage experts can help. They have access to the whole of market and will search, compare and arrange your HMO buy to let mortgage.
What are the HMO mortgage requirements & criteria?
The following text was taking from the gov.uk website as it describes a HMO as the following:
A house in multiple occupation is a property rented out by at least 3 people who are not from 1 ‘household’ (eg a family) but share facilities like the bathroom and kitchen. It’s sometimes called a ‘house share’.
You must have a licence if you’re renting out a large HMO. Your property is defined as a large HMO if all of the following apply:
- it’s rented to 5 or more people who form more than 1 household
- it’s at least 3 storeys high
- tenants share toilet, bathroom or kitchen facilities
Does my HMO have to be licensed?
Yes it is a legal requirement that all HMO properties are licensed via your local authority.
Is there a limit to the amount of bedroom my HMO can have?
Most lenders will lend on HMOs with up to 5 bedrooms. If your HMO is larger than this then your choice of lenders will be reduced or you property will be considered as a commercial building rather than buy to let.
How is a HMO different to a multi-let property?
A property is often referred to as being a multi-let property if it is a type of HMO that does not require a license.
Is there a large choice of lenders for HMO property?
Approximately half of all the buy to let mortgage lenders on our brokers panel accept HMO's.
Do you have a HMO mortgage calculator?
Our HMO mortgage broker will assist you in calculating the costs, and the repayments of your mortgage depending on the most suitable product.
Are mortgages available for ex-pats looking to buy a HMO?
Yes if you are a british expatriate and looking to invest in UK HMO properties then there are a range of suitable lenders who can help.