If you are a landlord who wishes to raise extra finance against a HMO without remortgaging your existing deal then a second charge secured loan may provide the additional funds you require. Loans for HMO’s from £30,000 plus can be arranged quickly up to 60% LTV. Exclusive rates also available for HMO landlords who have various credit issues such as arrears, CCJ’s and defaults. Flexible lending criteria is available to cover most applicant and credit types.
Applicant types
Individuals, sole traders LLP’s and partnerships accepted
Limited company applicants
Expats and applicants without permission rights to reside in the UK
Self-employed applicants accepted
Pensioners over 65 and Max age of 80 upon application
Adverse credit accepted
Unemployed and those in receipt of benefit payments accepted
HMO portfolios and multiple property landlords
First time HMO landlords
Property types
HMO – no maximum number of beds
Student lets
Semi commercial property – less 40% commercial usage
None standard construction considered
Affordability
There is no minimum income requirements
Projected HMO rental income is accepted
Rental cover
125% for limited company and basic rate tax payers
145% for higher rate tax payers
165% for additional rate taxpayer applications
HMO secured loans can be arranged on either a first or second charge basis. Max loan for second charge is £250,000 and £100,000 @ 65% loan to value for first charge mortgage. Higher lending limits are available at 60% loan to value. There is no minimum ownership rule or requirement and the property can be owned for less than 6 months.
About Lending Expert
Lending Expert is a credit broker offering second charge secured loans against HMO property and finance solutions from £10,000 to £10,000,000 for a wide range of reasons including raising money for business purposes, buy to let rental property, debt consolidation and making home improvements. Contact us here for a quote online or pick up the phone to speak with a CeMap qualified advisor on 0161 820 8099.
References:
https://www.lendingexpert.co.uk/mortgages/buy-to-let/hmo/
https://www.lendingexpert.co.uk/mortgages/buy-to-let/hmo/bad-credit/
