hmo mortgages??

chrisscott666

dose anyone know any lenders who will still finance a hmo property? i have a offer accepted on one but my broker cant get me a mortgage now ;o( its only for 95,000 i have a 25% deposit

VIGILANT22

What reason has your broker given that he is unable to secure you a mortgage?

chrisscott666

he just said that no one he deals with will offer a mortgage on a hmo property, hes dug deeper and has a possible but id like to keep options open

Conrad

BM, Coventry and NROCK have been know to do this but there are pitfalls. For example some only accept applications that state thier will be only one locked door - the front door and not separate locked rooms.

chrisscott666

i already have a buy to let with BM, but they have refused the hmo property. i have a few possibilities at 70% but some want £2000 just to apply with valuation, broker fee and application fee then 1.75% arrangement fee on completion. its only to borrow 70,000 and i earn 80,000 a year its ridiculous

the property is main door and each room locked, 4 bedsits and 2 flats, bedsits all share the same bathroom, flats have there own, it has a HMO licence now and has 1 tennent in at the moment paying £200 a month for one of the bed sits