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Commercial HMO Mortgage


joemad

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Hi Everyone - I’m looking to make my first investment property purchase soon and I have a couple queries ref commercial mortgages: 

 

If I am planning on doing a HMO - will I need a specific HMO Commercial mortgage? If so, am I likely to need experience as a landlord in order to get this? 

 

Would this be different for a student HMO where they are on the same AST? 

 

Thanks in advance! 

 

Joe 

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You need a HMO mortgage and many lenders want letting experience or a minimum number of btls in the background, but not all.

It's not a commercial mortgage, it's from BTL providers.

If under 4 people are all on 1 tenancy agreement then that's a bit different and more mainstream BTL lenders might consider it.

043_logo_final_03.png.0cdf828351f81e6097208048ac2d018d.pngStuart Phillips

Independent, Whole of Market Mortgage Broker

AALTO Mortgages Ltd

Web  www.aaltomortgages.com

Email  sales@aaltomortgages.com

Call  020 7183 1101

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Thanks for the quick reply Stuart!

 

I plan to purchase the property through a ltd company - thats what I meant by Commercial. 

 

If I was one (of three) of the directors of a separate Ltd company that had a HMO would that typically suffice? (providing I had been for the X amount of years they required experience)

 

Thanks again,

 

Joe   

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Not 100%, but I suspect the lender would want at least one of the directors to have the required experience, as opposed to all individually. It's a good question and I'll ask tomorrow and post the response.

043_logo_final_03.png.0cdf828351f81e6097208048ac2d018d.pngStuart Phillips

Independent, Whole of Market Mortgage Broker

AALTO Mortgages Ltd

Web  www.aaltomortgages.com

Email  sales@aaltomortgages.com

Call  020 7183 1101

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