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Mortgage for Large HMOs up to 30 Rooms

75% LTV Less than £500k

Interest Rate 4.75% over LIBOR

Tracker commercial mortgage for large multi unit HMOs up to 30 rooms, loans under £500k. Maximum loan to value of 75% with a pay rate of 4.70% over LIBOR for term of mortgage. Property may be held in SPV, purchases may be of an existing SPV to mitigate SDLT. Applicant does not have to have experience in running large HMO however the lender will require a rental management company to be used where there is insufficient sector experience.

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Description

Details

Pay Rate 5.50%
Rate Description Term LIBOR Tracker 4.75 over LIBOR
Security Charge First charge basis
Maximum LTV 75%
Lenders Fee 1.5% ( 1.25% can be added to loan)
Minimum Loan Size £100,000
Maximum Loan Size £500,000
Minimum Mortgage Term 3 Years
Maximum Mortgage Term 30 years
Interest Only Max Term 10 years Interest only followed by capital and interest repayment for remaining term of loan
Early Repayment Charges 3% in first 5 years, 1% thereafter
Income Requirements No minimum income requirements for applicant.
MUFB Accepted Yes
Accepted Property Types Residential letting houses and flats in England and Wales.
Property Types Cont. Available to ex-council property
Excluded Property Types Hostels, residential care homes
Tenancy Types DSS tenants accepted. Corporate tenants accepted inc local authority and housing association contracts.
Applicant HMO Experience Experience running large HMO required. Management company may be required if applicant has insufficient experience
Rental Stress Test 140% at 4.99%
Legal Fees Quoted on application / AIP
Valuation Fees Quoted on application / AIP
Product Reference HM21152
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75% LTV Large commercial HMO

For more details about this product or to check if this will be suitable for you, call us on 0117 2232 050