We work with specialist HMO lenders
If you’re looking to buy or get a mortgage for a large HMO, then it’s important that you work with lenders and providers who understand the market and what it takes to make this successful.
As opposed to a traditional residential mortgage, our lenders don’t just look at your personal credit rating. They like to take a look at the property itself, your experience, and the viability of the project.
Our panel of lenders are all hugely experienced in this field and with HMO mortgages in general, and we have access to lenders that you wouldn’t normally be able to deal with through traditional methods. We work with, for example, pension funds, foreign investors and foreign banks who have an appetite for this type of exposure in the UK with HMO mortgages.
All of our HMO mortgage lenders understand the UK market and judge each application on its own merit.
Can I get an HMO mortgage if I have bad credit?
Yes, you can, although it may mean a slightly longer application process. Of course, each case will be different and will have different requirements, however, your personal credit rating isn’t the be all and end all of any HMO mortgage application.
Speak to one of our brokers to run through what type of bad credit you’ve got, whether that be defaults or CCJ’s, and they can talk you through your options. It may be the case that you’re asked for a slightly higher deposit, or perhaps to put some security forward, or it may even be that the property is a fantastic investment, so it won’t matter.
The truth is, we won’t know until we speak to you and put you forward to our lenders.
Things to consider
First and foremost, it should be said that a large HMO is more work than other types of property. The maintenance and management can be stressful and expensive at times, although the financial reward is what drives many towards these types of assets.
Secondly, these types of bigger HMO mortgages don’t take any longer than normal applications, as long as the legal paperwork and valuation aren’t delayed, of course.
Finally, experience is quite key when lenders are considering your application, so if you’re completely new to the market then it may well be worth considering whether it may be easier starting with a smaller project first.
Who can apply?
Realistically, anybody can apply, but again it’s worth mentioning that experience can be a key factor with these types of HMO mortgages.
However, individuals, partnerships, Limited companies, and Special Purpose Vehicles can all apply for these types of HMO mortgages.
Can I apply if I’m overseas?
Yes, you can. Expats and overseas applicants can apply for these HMO mortgages, and anybody looking to invest in these types of properties.
The application process may be a little lengthier in that you may be asked to prove your income, resident status, etc, however that doesn’t exclude you as a non-resident.
Speak to our brokers today about large HMO mortgages
We’ve got the experience, the team, and the lending panel to make your project a success. The application process is really simple, and our friendly and helpful brokers are there for you every step of the way. If you’re looking for some more information get in touch today.