New landlords looking for HMO mortgages advice

wonderwalt

Hi All

I am looking to invest in a number of HMO properties over the next few years.

I have an established business (outside this industry) and can show good accounts for this business.

It a little complicated but I don t want to get the two businesses to closely linked. (nothing dodgy!!!)

So far I seem to have come across two issues with financing this project. I want to re mortgage my house to free up the equity to utilise for deposit and refurbs.

The two problems that seem to keep coming up are:

1. We are not currently landlords so won t lend

and or

2. They will not lend against multi AST and although there is a fix for this, they then revert to the landlord scenario above.

We were landlords for about 2-3 yrs, 10 years ago.

Anyone guide me in the best direction to a good lender OR another alternative to get some 'experience' under our belt as landlords.

I understand its a sign of the times, but annoying all the same

Thanks In advance for any replies

PS 1st Post be gentle with me

Thrugelmir

Releasing equity from your existing property as the deposit may be an issue for some lenders.