Switching residential mortgage to HMO mortgage

[RichardB 3]

Hi,

I currently live in my property on a residential mortgage. I have just bought a new house with my partner and plan to switch my current residential mortgage onto a HMO mortgage so I can go on a residential mortgage with my partner.

It would be 4 bed HMO and I have used these rooms to have lodgers in.

Would this be fairly straightforward to do? Are there any mortgage advisors people recommend for the above and estimated costs?

 

Thanks,

rich

[harryo 3]

Hi Rich

I have used a property specialist broker by the name of James Oakley before, he only deals in BTL cases. He works at a company called CLS Money. 01268931611 

[pauldavidthomas 51]

The main issue you will have is complying with the regulations of HMO properties - fire doors, escape routes, interlinked smokes, thumb locks on internal exit doors ect. The HMO lending pool is smaller than normal and it's also more of a pain in the arse. You could go simple and just get a nice family in. Just depends what your motivation is ? If it's cash flow - go HMO.