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Let to buy versus HMO licence query
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RabK
Posts: 32 Forumite
Hope someone can help with this, remortgaging current property to buy main home. Remortgage is let to buy, but I bought a 5 year HMO licence which isn't in use , it was cheaper to buy 3 years ago. Anyway will this be a problem if my lender finds out I have a HMO license against the property? Can they find out?
Any feedback much appreciated!
Any feedback much appreciated!
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You want to remortgage the property... what do you intend to do with the property once it has been remortgaged?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Want to remortgage to " let to buy" but have a HMO licence on property, on the mortgage document it says special condition - conveyancer to ensure property is not subject to housing act 2004 HMO (etc etc). . Want to rent it out but have got a HMO license but mortgage is only let to buy not a multiple occupancy mortgage .. (Hope am making sense) basically can lender stop application based on a HMO license on property that is not in use?0
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Think you will fail checks, there are lenders who will deal in BTL HMO mortgages but you need a broker to find them0
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Are you intending on letting it out as a HMO or a single dwelling?
If it is a HMO how many people will there be?
How many floors is the property over? (Sounds like a daft question but it isnt).I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Won't it be obvious to the lenders appointed surveyor when the property is inspected? :think:0
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We are currently living in the property as main home, 4 storeys 5 bed .. Wanted to let single occupancy at first with the hope of MO later but HMO liscences aren't cheap now.. So thought can keep hmo liscence for future needs.. But now with this let to buy mortgage is it feedible ??0
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Fraud is an extremely serious offence. What you need to ask yourself is it worth the risk?0
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LOL thank you.. But definitely not intending to commit any fraudulent activity.. Looks like best way forward is changing HMONG license to selective..0
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Personal choice as to what one does. As with anything in life. If you are the one that gets caught the consequences can be life changing.0
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Totally agree! We reap what we sow!!0
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