HMOs are properties with the rooms let on an individual basis to separate tenants. They are associated with higher rental yields and are popular with clients looking to maximise yield.
The term ‘HMO’ can be applied to different kinds of property. Some have a low number of bedrooms, whereas other can be very large and complex. It’s best to call us to talk through specifics.
HMO mortgages allow you to rent each room on a separate tenancy agreement, whereas Buy to Let mortgages are intended for a single tenancy agreement.
Affordability is based on the rental income from the property. Some lenders will use the rental income of rooms being rented separately and some will use the rental figure of the property as
a single unit.
We can now provide ‘day one remortgages’ which mean you do not need to have owned the property for 6 months before remortgaging it.
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