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HMO mortgage options
Options
barginboyrob
Posts: 726 Forumite
Brokers have contacted me now so I have deleted this thread
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Comments
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Don't exclude the people most likely to find you a solution.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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Have you thought of increasing the mortgage on your residential home to fund the purchase?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Different lenders do pay different rates of commission, however the difference is nominal - you are talking around £60-120 gross on the mortgage you are talking about.
From that £60-120, we than have to pay our compliance people and tax. Working on the highest figure (£120) you are talking about £80 if the advisor is a lower tax payer or £60-70 if higher tax rate.
I dont know any broker that would risk losing their license for £60-80.
Also, dont forget - the rate does not matter too much on BTLs anyway as im assuming the income is being declared? So the higher the rate = the less tax you pay? So even if you do find a dodgy broker worse case scenario they saving you tax (thats a joke).
A lot of BTL products are only available through brokers. HMO products which are even more scarce are 99% only available through brokers. So your either going to have to do a lot of research and get what you can or trust a broker to do their job.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 -
Stop wasting your time and engage someone to sort this for you - a broker.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
Sorry to irritate the whole board of mortgage advisors! Thanks for you help0
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barginboyrob wrote: »Brokers have contacted me now so I have deleted this thread
Sighs in frustration.
It would be good if you posted back to let us know how you got on.
I'm not convinced that finding brokers by posting on here and waiting for random internet bods to contact you is the best way to find a broker, particularly if they are not ones who post, but lurk out of the way and then rush in to nab unsuspecting posters.
I would be particularly wary of one who requests you delete your thread; why the secrecy over a general query. I accept they may not want you to post details, but general responses and discussion is good.
Remember that you need to ensure that anyone who claims to be a mortgage broker is one.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Would be interesting to know who has PM'd you.
If they are not able to stick to the simple rules of a forum what makes you think they can stick to the rules of being a broker.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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