HMO Mortgages (House of multiple occupants)
HMO Mortgages are distinctly different to a standard buy to let mortgage, as an HMO will account for a property that has individual rooms for many occupants, yet have communal reception, cooking a bathing areas. High in demand not only amongst the student fraternity, many towns and cities have HMO’s for professionals who work in the town.
What constitutes an HMO?
Houses of multiple occupants can come in many shapes and sizes. Some of the properties that are included:
- Converted blocks of flats
- Privately operated halls of residence
- Cluster flats
- Bedsits and shared houses
- Accommodation for workers/ employees
- Asylum seeker/ migrant accommodation
Whatever you are planning for the property, speak to us and we can ensure you are completing the right processes for your benefit.
Licensed and unlicensed HMO mortgages
There are some instances when the property has to be logged with the Local Authority as a house of multiple occupants, but this is not always the case. At InvestGrow we will be able to guide you through the necessities required to ensure you are consistently adhering to any rules and regulations, and your HMO mortgage is the best fit for you.
A relatively niche, but growing area, we have relationships with some of the biggest lenders in the industry, and can help you through your application process all the way, ensuring you are gaining the best possible package for your needs, and the needs of the property itself. Different lenders will have their own specific sets of rules and criteria that will need to be met, and we can take you through all the options available. When embarking on an HMO mortgage, being fully prepared will make a difference.
House of multiple occupant mortgages can be considered a more specialist type of mortgage than a standard buy to let, so there is the potential of the application process taking slightly longer. Depending on the type of application, the property itself, or the location are areas that the lender will place under consideration. If the case is simple, application duration should be no longer than a standard buy to let, but in more complex situations, be aware that it could take a bit longer.
How do I apply?
To apply for HMO Mortgages please speak to one of our advisors and we can begin the process. Please contact us here or start an instant chat with one of our experts.