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HMO Mortgages
House in Multiple Occupation (HMO) mortgages are a more specialist proposition - however, if you want to invest in UK property and enjoy a higher rental yield then they could be the right option for you. If you are looking to rent a property to multiple tenants, then you need a specific HMO mortgage for that purpose.
What is a HMO?
A HMO is also known as a House in Multiple Occupation - typically, where a tenant rents out 1 room in a property and shares facilities with the other tenants in the property. This property is becoming more popular with landlords as it typically allows them to achieve higher rental yields. Some tenants also prefer it as it allows them some personal space whilst also being cheaper than renting an entire house. Tenants in a HMO are not considered to be a part of the same household and are each charged individually for their rent.
HMOs are very common among students, where it is called a house share.
An important point to note, a household is generally considered to be tenants who are related or connected through other relationships and do not pay for their rent individually.
Let us guide you through the process
A standard Buy To Let mortgage will not allow for multiple occupancies, so if you are planning to rent a property as an HMO and you want a mortgage, then you will need a specific HMO mortgage.
You may also need a HMO license if you are purchasing a large property or if there are shared facilities. You should check with the local council where the property is located as to whether a license is required.
There are many different criteria which will affect availability of finance for your chosen property - for example, is it considered a small or large HMO? Is it in an area with mandatory licencing? Do you have enough landlord experience? Do you need a commercial valuation?
If that sounds complicated to you, don't worry - here at Woodason Financial Services we have successfully secured finance on many different HMOs, all across the country.
Better yet, we do it without charging any broker fees.
Online mortgage calculators will not have the insight or knowledge that a mortgage adviser will - least of all one who is also a landlord themselves. Speak to an adviser today and ensure you are getting the right mortgage for your needs, and that you understand not just the benefits but also the risks involved, and how best to protect yourself against them.
At Woodason Financial Services we have in-depth knowledge of what is possible with each lender, including specific niche circumstances. For example, we could:
• Help you borrow up to 85% net of the price of the property
• Help you buy the property with a company
• Help you buy a property to rent out and retain your status as a First Time Buyer
• Help you buy your first HMO with no prior experience as a landlord
• Help you invest in UK property whilst abroad
• ...and many more!
Contact us today and find out how Woodason Financial Services can help you, completely for free.
Frequently Asked Questions
We understand you will have many questions. We have answered the most common ones below, but please do not hesitate to contact us at any time to discuss your particular requirements.
What makes Woodason Financial Services different from other mortgage brokers?
Woodason Financial Services specialises in helping individuals, business owners, and investors with unique circumstances secure mortgages. Unlike many other brokers and lenders, we will never refuse to take on a case. Our general expertise and knowledge in these niche areas allows us to provide tailored solutions that other brokers might not offer.
How can Woodason Financial Services assist me?
Woodason Financial Services can assist you by understanding the specifics of your particular situation and working with lenders who are more flexible and experienced with your specific needs. We offer personalised advice, help you gather the necessary documentation, and guide you through the entire mortgage application process, making it less stressful and more manageable.
What types of mortgages can Woodason Financial Services help with?
Woodason Financial Services can assist with a variety of mortgage needs including purchasing a new property, refinancing an existing mortgage, or investing in property. Our goal is to find the best mortgage solutions that fit your specific circumstances and financial objectives.
What documentation will I need to provide?
Typically, you will need to provide documentation of your bank statements, proof of identity, and proof of income. Woodason Financial Services will guide you through the exact requirements based on your situation and ensure you have everything needed for a successful application.
How do I get started with Woodason Financial Services?
Getting started is easy. Simply contact us to schedule a consultation. We’ll discuss your specific needs, assess your financial situation, and outline how we can help you achieve your mortgage goals.
What particular "difficult" mortgages do you specialise in?
Woodason Financial Services specialises in all tricky circumstances. Particular highlights include:
• 5% deposit mortgages for clients in the UK on a visa
• Day 1 mortgages for clients moving to the UK on a visa
• Bad credit mortgages, including clients facing receivership or bankruptcy
• Helping foreign nationals who have never been to the UK invest in UK property with a mortgage
• ...and many more!
No matter how impossible you think it is - please contact us today, completely free, for our help and advice.
Our guides
Buying UK Property On A Visa
Our brochure will help you arrange finance without being distracted from your life. We are experts in helping clients in the UK on a visa buy property in the UK, whether you intend to live in it, or as an investment. Download it below, completely free.
Buying Your First Home Guide
This guide is a must-have for those who have not bought their own home. It explains and breaks down in plain English the steps needed to get a mortgage to buy your first home. Best of all, you can get it now for free by clicking below.
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IMPORTANT INFORMATION
Think carefully before securing other debts against your home. Your mortgage is secured on your home, which you could lose if you do not keep up your mortgage repayments.
We may charge a fee for mortgage advice in exceptional circumstances. The amount we charge will be confirmed before any charge is incurred. Please refer to the Terms of Business or contact us for further information.
woodason.co.uk is a trading name of Thanet Mortgages Limited which is authorised and regulated by the Financial Conduct Authority. Your home may be repossessed if you do not keep up repayments on a mortgage or other loan secured on it. Think carefully before securing other debts against your home. Not all forms of bridging finance, secured loans, buy to let and commercial mortgages are regulated by the Financial Conduct Authority.
Woodason Financial Services Limited is never directly compensated to provide opinions on products, services, websites, and various other topics. The views and opinions expressed on this website are purely those of the authors. If we claim or appear to be experts on a certain topic or product or service area, we will only endorse products or services that we believe, based on our expertise, are worthy of such endorsement. Any product claim, statistic, quote or other representation about a product or service should be verified with the manufacturer or provider.
This site does not contain any content which might present a conflict of interest. Woodason Financial Services Limited makes no representations, warranties, or assurances as to the accuracy, currency or completeness of the content contain on this website or any sites linked to or from this site.
Registered in England & Wales under company no: 15330673.
Registered address: 76 High Street, Brierley Hill, West Midlands, United Kingdom, DY5 3AW.
YOUR HOME OR PROPERTY IS AT RISK IF YOU ARE UNABLE TO MAINTAIN PAYMENTS ON ANY MORTGAGE OR LOAN SECURED AGAINST IT.
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