Need Funding or a Mortgage for a HMO?
Are you looking for finance for a HMO property (Houses in multiple occupation). If so, we can help?
Lenders willing to provide mortgages to buy or refinance HMO's are very rare today and the the ones that are still active in funding HMO's are limiting their access.
Using our expert guidance and help we can assist in arranging:
Mortgages to buy a property that is classed as houses in multiple occupation (HMO)
Assist in funding for a HMO to provide cashflow to expand your property portfolio
HMO Mortgage terms for up to 25 years
Interest only periods for up to 3 years to reduce payments and improve cashflow
We are constantly reviwing the market for HMO mortgages and adding new HMO lenders to ensure we obtain you competitive terms.
What are Houses in multiple occupation (HMO)?
A HMO is in fact a single property that is let to 3 or more tenants and they for form 2 or more households. They also share a bathroom , kitchen and toilet.
The important thing with this definition is the word "or more" because once the number of tenants and households increase the HMO needs a licence from the local authority. The standard definition for when a licence for a HMO is required is shown below. However each local authority has the power to change this definition to suit their local requirement, so you need to check what the local definition is.
The standard definition for when a HMO requires a licence is:
When a property is let to 5 or more tenants and they form 2 or more households over 3 or more storeys and they share a bathroom, kitchen and toilet. This is applicable for England & Wales. In Scotland the requirements for a HMO licence are applicable under the standard HMO definition of 3 or more tenants.
We suggest you contact you local authority to find out if they are applied any changed to this standard definition. Local authorities web sites can be found on the www.direct.gov.uk web site.
Looking for tenants for your HMO?
Spareroom.co.uk is the UK's leading site with over 1.3 million registered users looking for rooms to rent.
Really useful information on HMO licenses
You can also find further information by go to the Communities and Local Government web site
This web sites contains two useful guides which can be downloaded below
Licensing of Houses in Multiple Occupation in England
This is the more detailed guides and covers 40 pages and can be downloaded by clicking here
Landlords - Do you need a property licence
This is a shorter guide of 3 pages and provides a good summary and can be downloaded by clicking here
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