HMO Mortgages

A HMO mortgage is a specialist  type of BTL mortgage. They are for properties that are  let to a group of tenants rather that to one tenant on an Assured Hold tenancy Agreement. These types of properties are often more profitable as you will charge per room rather than for the house. As there are unrelated occupiers the mortgage lenders  require you take out a specialist mortgage called a House in multiple occupation. They are often let to individuals who cant afford to rent a house on their own such as student lets or individual workers.

The definition is a property that has 3 people or more who are not part of the same household. They will occupy and rent individual rooms and have a shared kitchen a communal space.

Mortgage lenders have varied criteria regarding what they define as a HMO so it is essential to speak to an advisor to make sure that the right lender is approached. The difference in interest rate can be quote varied between lender also.

Surprise !  Speak to one of our advisors, we arrange lots of HMO mortgages and are able to recommend the best value providers and will immediately know which lenders will suit your criteria.