As you don't know the criteria of every lender, it is not a wise idea to approach lenders in your quest for a mortgage. A specialist can ensure that the right lenders are approached and that you receive the best rates. For assistance with mortgage queries, contact us immediately or make an inquiry at any moment.
A mortgage lender is never a good idea. It's not wise to approach them in the hopes of securing a loan. A specialist can ensure that the right lender is approached, and that you are eligible for the best rates. For more information, or to make an enquiry, simply contact our experts with your questions.
A House in Multiple Occupation or HMO is a property which is let to more tenants than one family. It is where tenants share rooms and occupy their private bedrooms. the lounge, kitchen and bathroom. An HMO is when people refer to a flat share or a house share.
The potential for houses in multiple occupation (HMO), to be more profitable than regular buy and let investments, is a reason why. HMO mortgages have been increasing in popularity. However, do landlords really need them? Will a traditional buy and let mortgage suffice?
What returns can an HMO give me?
Multilets work much the same as HMOs. They can be rented out by unrelated tenants, who share communal facilities within properties. However, the main difference between them and HMOs is they do not require a license.
HMOs will require a license from your local council for five years. It's important that you inquire about the policy in your area with the relevant local authority. The general rule applies to properties with at least five occupants. However, licences may be required for smaller properties with fewer tenants. You will be in the best position to apply for it, as the requirements vary depending on where you are located.