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HMOs can be seen as a riskier property investment by some but can give greater rental yields. There are a wide range of lenders offering products to landlords investing in HMOs, all with different criteria. Getting expert mortgage advice is essential in this specialist market.
Please remember your home may be repossessed if you do not keep up repayments on your mortgage. The Financial Conduct Authority does not regulate commercial finance and some forms of buy-to-let mortgages.
With first-hand landlord experience, our expert buy-to-let consultants have the in-house expertise to understand the challenges faced by landlords today. We pair this first-hand experience with vast industry knowledge to help you find an edge in today’s challenging market.
Here are some of the reasons why thousands of landlords trust us with their mortgage needs:
We’re an independent, whole-of-market broker using over 175 different lenders, with strong ties to high-street lenders, private banks and specialist providers. We can access the real decision makers when it comes to your mortgage application.
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HMOs are typically bigger and have a range of tenants, rather than letting a property to a single person, couple or family. Rental is charged by the room and hence the expectation to achieve a greater rental yield.
Normally this is when you have a Large HMO – five or more tenants share facilities. However, you should always check with your local council.
The calculation of the rental stress test is the same as a buy to let – the rent must exceed the mortgage by a certain amount. However, with a HMO, the stress rates will be higher, so the rent will need to exceed the mortgage by a greater amount than normal buy to let.