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Mortgages for First Time Landlords Purchasing a Home of Multiple Occupation

Applicants are Home Owners and do not own any Investment Property

We have a range of HMO mortgages designed for first time landlords, subject to applicants owning their own main residence. The mortgages listed below will all be suitable for first time landlords. Properties can have shared kitchen and bathroom facilities, or letting units can be self contained flats. En-suite facilities in rooms are acceptable.

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Situational Profile

For applicants wishing to buy an HMO property for the first time and who do not own any existing Buy to Let investment property.

Employed or Self-Employed
Applicants must be homeowners (not first time buyers)
No previous letting experience required
No existing Buy To Let property owned

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Applicant Profile

Applicants must be homeowners. Applicants must be employed, or retired and be able to prove their income, although there is no minimum personal income requirement. A clean credit history is required, although some minor and historic credit problems can be accepted.

UK citizens with passport or UK driving licence as ID
Evidence of deposit funds (bank statement)
Residential address history for 3 years
No minimum personal income required
Clean credit history
Some minor and historic credit problems can be considered
Applicants can be employed, self employed or retired

Types of Property

Properties with up to 8 letting rooms are acceptable, with or without an HMO licence. Properties arranged in up to 4x flats in one freehold or leasehold title, are also acceptable. Properties above some commercial premises may be acceptable.

Houses of Multiple Occupation (HMO)
Tenants can be students, or working professionals
HMOs arranged as flats in one title freehold or leasehold
Single AST and multiple AST tenancy agreements accepted
Property in England, Scotland and Wales
Properties with or without an HMO Licence
Accommodation above commercial premises considered
En-suite facilities in rooms are accepted
Cooking facilities in rooms may be considered
Shared kitchen and bathroom facilities accepted

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General Lending Criteria

Mortgages are available at up to 75%, 80% and 85% of purchase price. Tenants can be students, or working professionals and both single AST tenancy agreements and multiple AST tenancy agreements are acceptable.

Mortgage terms up to 35 Years
Purchases or remortgage
Interest only or capital + interest repayment mortgage
Full proof of applicants income required
Evidence of deposit funds required

Product

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HMO-4-75

HMO’s (max 8 rooms) including studios/flats/rooms. Licensed HMO or non-licensed HMO properties.
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HMO-4-80

HMO’s (max 8 rooms) & student lets (max 8 rooms). Licensed HMO or non-licensed HMO properties.
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HMO-6-85

All licensed HMO properties, plus properties that conform to HMO status (5 or more tenants)
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HMO-7

HMOs including Student Lets, Flats in a single freehold, Retail Units, Factory Units, Industrial Units, Office Units