Managing an HMO is more complex than a standard buy-to-let property. HMO mortgage lenders criteria tend to vary significantly and as such, finding the best lender for you can be more difficult.
Lenders will not only assess the property that you’re looking to fund, but will also consider your experience and portfolio. As your portfolio grows, some lenders may become wary and be unwilling to lend.
The key to securing the best HMO Mortgage rates is having an understanding of where your potential application sits in the market. A very large property with more than 8 tenants is going to require a specialist, or even commercial lender.
The decision between using a reputable HMO mortgage broker or going directly to the lender is an important one. By having a conversation with a broker initially, you will received a whole of market view and get some unbiased advice. This will give you a good idea of the likely rates you would be able to achieve based on your circumstances.
Raising finance for your HMO doesn’t have to be difficult. Although the market can be complex, working closely with a specialist can make the process straightforward. As your portfolio evolves, the right lenders for you will also change. Building a relationship with a trusted advisor can save a lot of time in the long run.
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To speak to an unbiased advisor and receive a free quote based on your circumstances, enquire online now or call us on 01922 620008.
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