When searching for HMO Mortgage Lenders you will find the choice is somewhat limited. We can help you cut through those choices as well as adding some specialist deals giving you the best HMO Mortgage rates and choice. The reason that lenders are concerned with HMO properties is simply that in the event they are repossessed they often only would appeal to a professional landlord due to the extra requirements imposed by legislation and local authorities. This can make the ‘distressed’ sale value significantly lower than a more straightforward residential buy to let property – a lender can sell this on to any buyer not just landlords.
The Good News About HMO Mortgage Lenders
The HMO Mortgage Lenders remaining in the market are competing for business in a very lucrative sector. The high street lenders currently offering rates – The Mortgage Works (which is part of the Nationwide Building Society) and the Leeds – also offer significantly restricted criteria (low loan to values or number of rooms in the case of TMW and Leeds respectively).
This means that landlords looking for the best deals on an HMO Mortgage will need to consider specialist deals only available through advisers with access to the whole commercial market. This means talking to a buy to let specialist not just a residential mortgage broker. Your adviser needs to fully understand the limitations of an HMO property, the restrictions and how best to package up your proposition to get the best deal.
Currently the lenders we work with are lending record figures and looking to win a bigger share of the market. This should lead to continued upward movement in criteria. At the time of writing you can achieve:
[note class=”accept”]Up to 75% LTV on an HMO Mortgage with lower fees, a wider choice of products and features and lenders who welcome professional landlords instead of restricting them! Why not fill our short form in below.[/note]