HMO Mortgages – HMO Mortgage Broker
HMO MORTGAGE QUESTIONS… AT VINCENT BURCH, WE HAVE THE ANSWERS: CALL: 01603 340 644
Vincent Burch Mortgage Services offer HMO Mortgages Advice and we are independent specialist mortgage brokers without ties to a restricted mortgage panel. This means we have access to more lenders and this enables the opportunity to access typically better mortgage rates.
For the latest HMO Mortgage rates click on the button below or call 01603 340 644 for the latest rate
- From £50,000 value up to £10 million
- Any number of rooms
- Social, students or working tenants
- Up to 85% loan to value
- Properties based in England, Wales, Scotland and Northern Ireland
- No minimum income
- No landlord experience
HMO Mortgages typically means you may pay a higher interest rate than a standard single family let mortgage, but you will gain a higher rent and possibly earn more money (or it is not worth the additional work).
What is a HMO mortgage?
HMO Mortgages are for properties which require the owner to obtain a HMO license. The HMO mortgages costs are increasingly becoming more and more competitively priced. As a result, a greater number of mortgage lenders are now lending on these HMO let property types. The traditional HMO mortgages lenders are increasingly competing for this business; re-pricing their mortgage rates down or amending their lending criteria. Towards the end of 2014, we saw mortgage lenders continually reduce rates. Now these are expected to be as low as they can go. The other option that a mortgage lender has is to amend their lending criteria.
Also, we are seeing the number of local councils who’s ‘interpretation’ and adoption of compulsory HMO licensing for multi-let properties is on the increase. In turn, this increases the requirement for mortgage lenders to offer this type of mortgage product. We are very experienced in advising on HMO mortgages products. When in receipt of all the facts, as independent mortgage advisers we will recommend which lender and, more importantly, which products offer you the best finance.