Large HMO Property
An HMO property is thought to be large if it’s three or more storeys high and has five or more tenants forming more than one household. If you’re thinking of buying this type of property, you will need to look at more specialist HMO mortgages.
Some specialist lenders do not put a limit on the number of bedrooms allowed, they will simply take a view on the application as a whole. They will mainly look at the client’s experience in letting HMO property, the property itself, location and the rental value.
We also deal with lenders who are willing to consider any kind of property. If the building is suitable, these lenders do not have a maximum number of bedrooms allowed.
Things To Consider
Here are a few things to take into consideration when looking to apply for an HMO mortgage – for more information you can contact our team of experts either online or by calling 01922 620008.
- What are your timescales?
Assuming the valuation and legal work doesn’t take any longer to complete, the timescales from full application to completion will be the same.
- Do you have lettings experience?
These type of properties are not really suited to first-time landlords. If you let a larger HMO to a company, you should be aware that if they cancel the tenancy and rent ceases, the mortgage still has to be repaid.
- Is property size an issue?
We deal with lenders who are willing to consider any kind of property. If the building is suitable, these lenders do not have a maximum number of bedrooms allowed.