House in Multiple Occupation

House in Multiple Occupation is depicted as a property possessed by more than 2 qualifying individual, being people who are not all individuals from the same family. Property can be:

• A house split into bedsits
• A house or flat share where each occupant has their own particular tenancy agreement
• Students living in shared accomodation
• DSS occupants sharing one property on separate tenancy agreement.

A vital factor to decide is whether you require a license from the authorities to view the property as HMO. The prerequisites of license rely upon the kind of property and vary from council to council. It is key to comprehend the necessity of these licence as it might influence the moneylender decision.

Typical highlights for the HMO mortgage products:

1. Maximum up to 85% LTV.
2. Bigger Licensed HMO’s of any size.
3. Interest rate beginning from 3.59% + Base Rate (might be less expensive for experienced Investor).
4. Professional, Students or DSS Tenants accepted.
5. Arrangement fees added to the loan subject to maximum LTV.
6. Individuals, Limited Companies, LLPs, Partnerships, Trusts and Pension Schemes.
7. Interest only Maximum of 10 years.

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