Our HMO Buy-to-Let product range is available to individual or Limited Company landlords looking to purchase or re-mortgage a HMO property with up to 6 bedrooms.
Our Large HMO Buy-to-Let product range is available to experienced individual or Limited Company landlords looking to purchase or re-mortgage a HMO property with 7 or more bedrooms.
Standard HMO BTL
Our HMO Buy-to-Let product range is available to individual or Limited Company landlords looking to purchase or re-mortgage a HMO property with up to 6 bedrooms.
Eligibility and applicant criteria
- Student Lets accepted.
- First time landlords accepted. At least one applicant must meet the minimum income requirement of £50,000.
- Regulated or consumer buy to let accepted
- Unlicenced HMO accepted unless license mandated by Local Authority.
- MUB not accepted.
Loan, Fee and product details
- Maximum loan size £3,000,000. Loans over this are priced on a bespoke basis and have restricted LTVs
- 5 Year Fixed Rates: Rental Cover 140% of pay rate
- Rental Cover on debt for debt re-mortgage cases 125% of pay rate
- Fees can be added to the loan for debt for debt remortgages
- For portfolio landlords the maximum LTV INCLUDING fees is 75%
Property requirements
- Property must not be let on single contract without prior agreement
- Minimum Property Value: £150,000
Minimum energy performance rating of D on an Energy Performance Certificate (EPC)
- Maximum number of kitchens: 1
- Some or all tenants share toilet, bathroom or kitchen facilities
- Up to 6 bedrooms acceptable
Affordability and income criteria
- Rental assessment is based on AST rental valuation
For Limited Companies, the following additional and adjusted criteria apply
Eligibility and applicant criteria
- Limited Companies registered in the UK only
- No time limit as to how long registered i.e. new SPV’s allowed
- Company must be set up with the principal activity of buying and holding residential investment property and used for that purpose only in line with the appropriate SIC Code
- All Shareholders in the Company must be named as Directors
- Maximum of 4 Directors – individual credit checks will be undertaken
- Details of all properties each Director has an ownership in (either in own name or a business name) must be provided
- Regulated or consumer buy to let not accepted
Loan, Fee and product details
- 5 Year Fixed Rates: Rental Cover 125% of pay rate
Large HMO BTL
Our Large HMO Buy-to-Let product range is available to experienced individual or Limited Company landlords looking to purchase or re-mortgage a HMO property with 7 or more bedrooms.
Eligibility and applicant criteria
Student Lets accepted.
The property must meet all local authority licensing requirements prior to funds being released
Borrowers must have a minimum of 12 months standard landlord experience.
MUB not accepted.
Loan, Fee and product details
Maximum loan size £3,000,000. Loans over this are priced on a bespoke basis and have restricted LTVs
Interest only or repayment
5 Year Fixed Rates: Rental Cover 140% of pay rate
Rental Cover on debt for debt re-mortgage cases 125% of pay rate
Fees can be added to the loan for debt for debt remortgages
Property requirements
Minimum energy performance rating of D on an Energy Performance Certificate (EPC)
Minimum Property Value: £150,000
No maximum number of bedrooms
No maximum number of kitchens
Some or all tenants share toilet, bathroom or kitchen facilities
Property must be let on an AST basis
Property must not be let on single contract without prior agreement
Affordability and income criteria
Regulated or consumer buy to let not accepted.
Rental assessment is based on HMO rental valuation
For Limited Companies, the following additional and adjusted criteria apply
Eligibility and applicant criteria
Limited Companies registered in the UK only
No time limit as to how long registered i.e. new SPV’s allowed
Company must be set up with the principal activity of buying and holding residential investment property and used for that purpose only – no other trading purposes permitted.
Certificate of Incorporation to be provided
Latest set of accounts to be provided (where the company has been set up for more than 18 months)
All Shareholders in the Company must be named as Directors
Personal Guarantees for total borrowing (plus accrued interest & costs) taken from all Directors for applications exceeding 55% LTV
Any proposed changes to Directors during life of mortgage must be subject to our approval
Maximum of 4 Directors – individual credit checks will be undertaken
Details of all properties each Director has an ownership in (either in own name or a business name) must be provided.