HMO newbie advice

[sam_hawkins 1]

What advice would you give for someone looking to get into HMO's to begin with? Lucky enough to be at a young age (17) and would greatly appreciate any advice that can be given from anyone who has had or currently owns HMO's and what would they do differently if they were to start again/ what mistakes to avoid if possible.

Thanks 

[onkar 32]

11 minutes ago, sam_hawkins said:

What advice would you give for someone looking to get into HMO's to begin with? Lucky enough to be at a young age (17) and would greatly appreciate any advice that can be given from anyone who has had or currently owns HMO's and what would they do differently if they were to start again/ what mistakes to avoid if possible.

Thanks 

Hi Sam,

I don't have an HMO property but the majority of HMO mortgage lenders will require landlords to have experience in letting property. There are only a handful of lenders that may consider new landlords with no experience, however the rates offered may be higher than average.

Plus, I believe lenders will expect you to have a BTL already, or atleast a Residential property.

Based on the above, and based on your age... I would aim for a standard BTL first!

[sam_hawkins 1]

On 5/15/2020 at 10:18 PM, onkar said:

Hi Sam,

I don't have an HMO property but the majority of HMO mortgage lenders will require landlords to have experience in letting property. There are only a handful of lenders that may consider new landlords with no experience, however the rates offered may be higher than average.

Plus, I believe lenders will expect you to have a BTL already, or atleast a Residential property.

Based on the above, and based on your age... I would aim for a standard BTL first!

Will definitely take this advice into consideration, thanks for taking the time to respond and if you have any more advice on landlording experience with BTL's i would love to know!