The Mortgage Cafe
The Mortgage Cafe

Mortgage for Large HMOs up to 60 Rooms at 75% LTV

Interest Rate 3.80% over LIBOR

LIBOR tracker mortgage for large HMOs and multiple flats in 1x freehold property. Maximum loan to value of 75% with a pay rate of 3.80% over LIBOR for term of mortgage. Property may be held in an SPV, or individual name. Lending in England, Scotland and Wales. Applicant should have experience in running large HMO but if not, then the lender will require a management company to be used.

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Description

Details

Pay Rate4.65%
Rate DescriptionTerm LIBOR Tracker 4.24 over LIBOR
Security ChargeFirst charge basis
Maximum LTV75%
Lenders Fee1.5% ( 1.25% can be added to loan)
Minimum Loan Size£750,000
Maximum Loan Size£15,000,000
Minimum Mortgage Term3 Years
Maximum Mortgage Term30 years
Interest Only Max TermUp to 10 years Interest only followed by capital and interest repayment for remaining term of loan
Early Repayment Charges3% in first 5 years, nil thereafter
Income RequirementsNo minimum income requirements for applicants.
MUFB AcceptedYes (multiple flats in 1x freehold)
Accepted Property TypesResidential type houses and flats in England, Scotland and Wales.
Property Types Cont.Available to ex-council property
Excluded Property TypesHostels, residential care homes
Tenancy TypesDSS tenants accepted. Corporate tenants accepted inc local authority and housing association contracts.
Applicant HMO ExperienceExperience running large HMO required. Management company may be required if applicant has insufficient experience
Rental Stress TestCase by case basis
Legal FeesQuoted on application / AIP
Valuation FeesQuoted on application / AIP
Product ReferenceHM21151
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75% LTV for large HMO & MUFB

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