Buy to Let HMO Mortgages
Houses in Multiple Occupation and Residential Multi-Unit Rental Property
Do all HMOs Need a Licence?
Under updated legislation contained in the Housing Act 2004, other forms of shared housing such as student share houses will be classified as HMOs however not all housing will require mandatory HMO licencing.
Larger properties with 3 storeys or more and with 5 or more occupants will require a mandatory HMO licence. So while a property may fall under the definition for a HMO not all will require to be licenced as such, however it will still be subject to HMO legislation to ensure important matters concerning occupant safety are adhered to as well as being subject to the Housing Health and Safety Rating System (HHRSS).
What is the Definition of a HMO
All of the occupiers occupy the property do so on the basis that is is their main residence and the accommodation used for residential purposes only.
Common HMO Buy to Let Mortgage Types
A converted house split into bedsits
A converted house with mixed accommodation types
HMO Mortgage Lenders
We also arrange short-term and mortgage finance for converting existing dwellings into HMOs or converting property into self-contained flats.
HMO Mortgage Highlights
Licensed or un-licensed HMOs
HMOs above retail premises
Student let property
All property types considered
Whole of market product selection
Vast industry experience over 25years in financial services
Free No Obligation Quotes
Mixed Accommodation Converted Building HMOs
Converted buildings comprising only self-contained flats, while having no shared facilities other than stairways and common access areas with the other units will usually fall under the same legislation. Converted buildings operated as HMOs may provide shared bathrooms and laundry facilities with the
Large HMO Definition
A house in multiple occupation is a property rented out by at least 3 people who are not from 1 ‘household’ (eg a family) but share facilities like the bathroom and kitchen. It’s sometimes called a ‘house share’.
You must have a licence if you’re renting out a large HMO. Your property is defined as a large HMO if all of the following apply:
5 or more people who form more than 1 household
it’s at least 3 storeys high
Tenants share toilet, bathroom or kitchen facilities