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Mortgages for HMO Properties in Northern Ireland

HMO Mortgages Suitable for Properties in Northern Ireland

For HMO’s in Northern Ireland we have a good range of mortgage options available. The property should have no more than 5 letting rooms and the applicant should own a maximum of not more than four existing investment properties in total.

We will be pleased to arrange the mortgage for your HMO, or Multi Let property in Northern Ireland.

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Situational Profile

For applicants wishing to buy or remortgage HMO properties situated in Northern Ireland

Max of 4 investment properties can owned by the applicant
Property located in Northern Ireland
HMO or Buy To Let properties with multiple tenants

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Applicant Profile

Applicants must be homeowners and be existing landlords. A maximum of four investment properties is allowed to be owned by the applicant. No first-time buyers, or first-time landlords. Applicants must be employed or self employed with a minimum personal annual income of £20,000 per annum. A clean credit history is required

UK citizens with passport or UK driving license as ID
Evidence of deposit funds ( bank statement )
Residential address history for 3 Years
Clean credit history
Applicants must not be a first time buyer or landlord
Employed or self employed
Minimum personal income of £20,000 per annum

Types of Property

Properties with up to 5 letting rooms are acceptable, with or without an HMO licence. If the property does not have an HMO licence, or does not require one, then the lender will use a notional rent for a single/family tenancy, but still allow up to 5x tenants to rent the property. Only 1x kitchen is permitted in the property

Houses of Multiple Occupation (HMO)
With or without an HMO Licence
Up to 5 letting rooms
Allows up to 5 Tenants
Not more than one kitchen
Single AST tenancy agreement accepted
Multiple AST tenancy agreements accepted

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General Lending Criteria

Mortgages are available for purchase, or remortgage and up to 70% of purchase price, or property value can be borrowed. Both single AST tenancy agreements and multiple AST tenancy agreements are acceptable. HMO-9 (maximum 70% LTV)will allow up to 5x letting rooms. In order for the lender to use the rents from all tenants to calculate the maximum mortgage, the property must have an HMO licence. If the property does not have an HMO licence, or does not require one, then the lender will use a notional rent for a single/family tenancy, but still allow up to 5x tenants to rent the property. Applicants must be an owner/occupier.

Mortgage terms up to 40 Years
Purchases or remortgage
Interest only or capital + interest repayment
Full proof of applicants income is required
Evidence of deposit funds required
Existing UK property is required

  • Maximum LTV (Remortgage) / 70% 70%
  • Maximum LTV (Purchase) / 70% 70%

Product

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HMO-9

HMOs & Student Lets with max 5x Rooms for Students or Working Tenants (England, Scotland, Wales & N.Ireland