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Frequently Asked Questions FAQs

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Covering everything from HMO mortgage basics to advanced HMO mortgage information. If you’ve got questions we’ve got answers.

And if your question isn’t covered below & answered here, just say hi using the live chat button at the bottom right of the screen and we will help you out as soon as we can.

What is an HMO?

An HMO (House of Multiple Occupancy as defined by the Housing Act 2004) is a building (or part of a building) in which households share amenities like kitchen or bathroom facilities and where the living accommodation is occupied by persons who do not form a single household.

What is an HMO mortgage?

An HMO mortgage is a loan secured against a property deemed to be a House in Multiple Occupation.

Do I need an HMO mortgage?

If you own or are looking to buy a property that is (or will be) rented out to a group people who share amenities, such as a kitchen of bathroom, and where the living space is occupied by persons who do not form a single household(a single family), then Yes you will need an HMO mortgage. To check to see if you need an HMO mortgage please call us on 0203 970 4113.

What happens if I don’t get an HMO mortgage but you are running an HMO?

If you do this, you will likely be breaching your mortgage lenders terms & conditions and so the lender can recall the loan with no notice and put you in a very difficult position.

How quickly can you offer HMO mortgage terms?

Due to our special relationships with HMO mortgage lenders specifically. We can offer an agreement in principle in as little as 2 hours.

How long does it take to get an HMO mortgage?

The process can be fast but normally is dependent on the lender that is chosen. Normally we allow for 4 to 6 weeks from application to completion. If a customer requires an even faster service then we can prioritise accordingly.

Are there any upfront fees?

No. theHMOMortgageBroker.co.uk charges ZERO upfront fees, however, there may be a valuation and some legal costs to pay to the lender before completion.

Can I get an HMO mortgage in a Limited Company?

The simple answer is yes. We have access to many HMO lenders who have specific products or mortgages for Limited Companies (Ltd Co) or SPVs. Just check our HMO Mortgage Rates table for specific Ltd Co products or give us a call to find out more on 0203 970 4113.

Can I get an HMO mortgage in a Limited Liability Partnership?

Again the simple answer is yes. We have access to many HMO lenders who have specific products or mortgages for Limited Liability Partnerships. Just check our HMO Mortgage Rates table for specific LLP products or give us a call to find out more on 0203 970 4113.

 

Is it easy to obtain an HMO mortgage compared to a normal BTL?

Yes. HMO Mortgages are now very common and the process of obtaining one is just as easy as obtaining a normal single let BTL mortgage.

What are the HMO rates like compared to normal BTL mortgages?

HMO rates are normally a touch more expensive than BTL mortgage, but still very competitive. Check out our latest HMO Mortgages Rates for info.

Can I get an HMO mortgage if I have adverse credit?

Yes. HMO mortgages for people with adverse credit, though slightly more difficult, are absolutely possible. theHMOMortgageBroker.co.uk has access to specialist lenders who deal specifically with this issue.

Can an overseas applicant apply?

YES. There are options for overseas applicants. The lenders we have on our panel are happy to consider overseas HMO mortgage applicants, subject to a few additional criteria.

Do I have to be a homeowner to apply?

No. Whilst it is preferable, it is not necessary to be a homeowner in order to gain an HMO mortgage.

What are the minimum and maximum number of bedrooms?

We have placed HMO mortgages from 3 beds up to 300 bedroomed HMO properties.

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