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Mortgages for an HMO
A House of Multiple Occupation or an HMO is a type of buy to let property where common areas such as kitchens/reception rooms and bathrooms may be shared by the tenants of the property, but each tenant has their own assured shorthold tenancy agreement (AST) and bedroom which will often have its own lock and key. Essentially, it is a buy to let property with more than one household living in it.
Depending on the amount of bedrooms/storeys in the building and local council, it may be necessary to have an HMO license in order to own/let one of these properties. They are heavier regulated than standard buy to let properties and things such as smoke detectors and fire doors may need to be fitted at the cost of the landlord, but HMOs can also bring a lot more rental income than if the property was let out to a single family.
Mortgages for HMOs are harder to obtain than a standard buy to let mortgage and you will often need to have experience letting out properties to be considered for one. Mortgages are available on properties with up to and in excess of 16 bedrooms may be available. Some lenders may go up to 85% loan to value on HMOs subject to satisfactory rental income.
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