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Home Buyer Mortgage
First Time Buyer Guide to buying your own home.
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Home Mover Mortgage
Elevate your move with our tailored Home Mover Mortgage for a smooth transition to your new dream home.
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Home Owner Remortgage
Refinance with our Home Owner Remortgage for better rates, releasing equity, or funding improvements—empowering your homeownership journey.
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Buy-to-Let Mortgage
Dive into property investment with our Buy-to-Let Mortgage, tailored for both seasoned investors and first-timers seeking to build a profitable portfolio.
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Holiday Let Mortgage
Transform your vacation home investment dreams into reality with a Holiday Let Mortgage,
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Green Mortgages
Green Mortgages 🌳 are a new type of mortgage that rewards you for making your home more energy efficient.
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Bad Credit
Mortgages Adverse Credit Mortgages 📉 are for people with a poor credit history.
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Private Medical Insurance
Cut NHS wait times with private medical care and private hospitals.
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Life Insurance
Pay off your mortgage if you or your partner die.
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Bridging Finance
Navigate property transitions seamlessly with our Bridging Finance, offering quick and secure solutions for your short-term financial needs.
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Auction Finance
Secure your auction triumph with Auction Finance, providing the financial backing needed to confidently bid and acquire your desired property.
Do I need experiance to be a HMO Landlord?
Experience with HMOs can be helpful for mortgages, but it may not be necessary for small HMOs.
A First Time Landlord will typically start by buying a traditional Family Let. However, some are tempted by Multi-Let or a House in Multiple Occupation (HMO). Sure HMOs are more work but can generate a higher revenue at full occupancy than letting to a single-family. Except it's a big step from managing 0 tenancies to managing 4+. Mortgage lenders reflect this in criteria, with many having minimum years of experience required.
Out of the 84 mortgage lenders questioned (April 2022), only 14% will allow HMO Mortgages to First Time Landlords (FTL).
- 14.3% of Lenders Accept First Time Landlords.
- 4.8% of Lenders require 2 Years of Lettings Experience.
- 17.9% of Lenders require 1Â Year of Lettings Experience.
- 83.1% of Lenders do not permit HMO Mortgages.
That 14% compromises mainly of Specialist High Rate Lenders. For example, West One, Together, Roma and Octopus are better known for short-term finance. They do HMO Mortgages and allow First Time Landlords but are at the higher end of the HMO Best Buy Tables.
We do have some more competitively priced HMO Lenders in that 14% but have other criteria, such as limiting the Loan-to-Value to 70% or maximum bedrooms of 6.
Only a few require 2 Years of Experience, such as the HMO Mortgages team at Leeds Building Society.Â
Most HMO lenders need 1 Year of Lettings Experience - with recognisable names such as Fleet Mortgages, Kensington, LendInvest, Precise Mortgages, Vida and Zephr.
To get the most competitive HMO Mortgage Products and increase mortgage options, first, gain experience with a Family Let Rental for at least a year.
Only one applicant requires experience as a Landlord, a First Time Landlord may look at Joint Venture options with a more experienced Landlord.
Mortgage Lenders will not accept historical experience. They want to see that you have ongoing lettings experience or within the last few months.
Experience with HMOs can be helpful, but it may not be necessary for small HMOs.