Why choose an HMO?
HMO property is quickly becoming more popular due to its higher rental yields than single lets. This, in turn, means increased profits for landlords.
As financing an HMO is more specialist, people will often choose to work with an experienced broker. In this role, ABC Finance Ltd secure our clients the best possible deal and help prepare them for the process ahead.
Typical types of HMO property accepted
Many properties used as HMOs are houses or large buildings which have been converted specifically for this purpose. Many people require help and advice when looking to approach lenders to fund this kind of project. We have a trusted panel of lenders that can accommodate almost any circumstances and are able to lend on almost any property type, including:
- Converted hostels
- Converted B&Bs
- Blocks of flats
- Shared houses on single or multiple ASTs
- Houses converted into bedsits
- Student halls & flats
- Converted bedsits
- Employee housing
Does it take longer to apply for an HMO mortgage?
As HMO finance may be thought of as a more specialised mortgage than a normal buy-to-let, processing times could take a little longer. It mostly depends on the type of application and the property or location. A simple HMO should take around the same as a buy-to-let mortgage but a more complex HMO could take longer.
If you have a completion deadline, you should make us aware upfront so we can make sure this is feasible. We have access to a large number of HMO mortgage lenders to suit properties ranging from smaller multi-lets with only a few tenants to a large multi-unit block.
Our team of expert advisors are on hand to talk through your circumstances and we send you terms out within two hours.