Sarah Johnson

You typically need a business plan, proof of income, property details, and projected rental income.

Typical fees include arrangement, valuation, legal fees, and possible early repayment charges.

Most lenders require a valid HMO license to approve a remortgage. If your license has expired, you'll need to renew it before applying. Some lenders may accept proof that renewal is in progress.

Compare your current monthly payments with the new mortgage payments, including all fees. Consider arrangement fees, legal costs, and early repayment charges. The break-even point is typically 2-3 years.

Rates usually range from 0.5% to 1.5% per month, depending on risk and loan-to-value.

Add up the monthly interest payments, arrangement fees, valuation fees, legal costs, and exit fees. Multiply monthly rate by loan term and add all one-off fees.

Bridging finance terms typically range from 1 to 18 months, with most loans being 6-12 months. Longer terms may be available but usually at higher rates.

Yes, most HMO properties require a license from your local council, especially if there are 5 or more tenants.

Yes, most lenders accept gifted deposits for HMO mortgages, but you'll need a gift letter and proof of the donor's identity and source of funds.

You'll need proof of income, bank statements, property details, HMO license (if applicable), rental income projections, and potentially a business plan for larger HMOs.

You'll need company accounts, director details, a business plan, and property details.

Most lenders require the limited company to have been trading for at least 12-24 months, though some specialist lenders may accept newer companies with strong business plans.

Limited company rates are typically 0.5-1.5% higher than personal HMO mortgages due to increased lender risk and administrative complexity.

Most lenders require a minimum 30% deposit for commercial HMOs.

Criteria include significant landlord experience, strong financial position, property suitability, adequate rental income projections, and compliance with commercial property regulations.

Conversion costs typically range from £15,000 to £50,000 per unit, depending on the property condition, required works, and local building standards.

Benefits include more flexible terms, simplified administration, and potentially better rates.

Most lenders require a minimum 25-30% deposit for portfolio HMO mortgages, though some may accept 20% for experienced landlords with strong portfolios.

You'll need proof of income, bank statements, portfolio details, property valuations, rental income evidence, HMO licenses, and comprehensive business plan.

Funds are usually released in stages as renovation milestones are reached and approved by the lender's surveyor.

Your lender will arrange a surveyor to assess the property and renovation works. You may also want an independent survey for peace of mind.

You'll need proof of income, bank statements, property details, detailed renovation plans, cost estimates, builder quotes, and potentially planning permission.

Most lenders require a minimum 30% deposit for large HMOs, though some may accept 25% for experienced landlords.

Large HMOs require enhanced fire safety measures, emergency lighting, fire doors, sprinkler systems, and regular safety inspections. Requirements vary by council.

Large HMO mortgage applications typically take 6-12 weeks due to additional complexity, licensing requirements, and more thorough lender assessments.

Rates for expat HMO mortgages are typically 0.5-1% higher than for UK residents due to increased risk.

Most lenders require a UK bank account for expat HMO mortgages, though some may accept international accounts if you have a UK-based property manager.

Expat HMO mortgage applications typically take 8-12 weeks due to additional verification of overseas income and potentially more complex documentation requirements.

Most lenders require a minimum 30% deposit for borrowers with adverse credit, though some may accept 25%.

Strategies include paying all bills on time, reducing credit card balances, checking your credit report for errors, and avoiding new credit applications.

Criteria include strong current income, evidence of credit improvement, adequate deposit, property suitability, and often landlord experience.

Most lenders require a minimum 30% deposit for student HMOs, though some may accept 25% for experienced landlords.

Student rentals are typically 9-10 months per year with summer voids. Lenders assess rental income based on the academic year and may require higher rental coverage ratios.

Apply through your local council with property details, floor plans, safety certificates, and management arrangements. Processing typically takes 8-12 weeks.

Most lenders require a minimum 30% deposit, though some may accept 25% for experienced landlords.

Multi unit freehold properties have separate self-contained units on a single title, requiring different licensing, management approaches, and potentially higher maintenance costs.

Criteria include property suitability for multiple units, strong rental demand, adequate room sizes, safety compliance, and often landlord experience with multi-unit properties.

Rates are typically 0.5-1% higher than for experienced landlords, due to increased risk.

Property management fees typically range from 8% to 15% of rental income, depending on the level of service and number of properties managed.

First time landlord HMO mortgage applications typically take 6-10 weeks due to additional checks and potentially more thorough lender assessments.

It's recommended to include a contingency of 5-10% of your total build costs. This buffer helps cover unexpected expenses, price increases, or scope changes during the project. For complex HMO conversions or properties requiring significant structural work, consider using the higher end of this range. Lenders will expect to see this contingency in your cost breakdown.

Key factors include loan-to-value (LTV), property type, landlord experience, credit history, rental income, and whether the mortgage is for a limited company or individual.