HMO Mortgages for Older Applicants
HMO Mortgages Suitable for Applicants up to Age 70 at Application
Some of these HMO mortgages have maximum ages of 80 and 85 at the end of the mortgage and some have no maximum age limit at all.
Applicants over the age of 60 looking for a long-term mortgage
No maximum age limit
UK citizen with UK passport & driving licence as proof of ID
Evidence of deposit funds ( Bank statement )
Proof of income required in most cases
Clean credit history not always required
Some minor and historic adverse credit can be considered
Applicants can be employed, self employed, or retired
UK Bank account holder
Previous letting experience not always required
Types of Property
Houses of Multiple Occupation (HMO)
Tenants can be students, or working professionals
HMOs arranged as flats in one title
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
Shared kitchen and bathroom facilities accepted
HMOs with up to 20 letting units accepted
Mixed unit accommodation of flats, studios, bedsits not exceeding 20 units within title
Some commercial and semi-commercial properties considered
General Lending Criteria
Mortgages available for purchase or remortgage, up to 85% loan to value with maximum age 85, or 65% loan to value with no maximum age at end of mortgage, subject to maximum age 70 at application. Larger HMO properties, maximum age 80 at end of mortgage, maximum age 74 at application.
No maximum age at end of mortgage term (65% LTV)
Larger HMO’s maximum age 80 at end of mortgage
Purchases or remortgage
Interest only or capital + interest repayment mortgage
Full proof of applicants income required
Evidence of deposit funds required
Evidence of existing UK investment property
- Up to 75% LTV
- Up to 75% LTV
- Up to 80% LTV.
- Up to 65% LTV.
- Up to 85% LTV.