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Buying an HMO as my first home
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dan_first_time_buyer
Posts: 70 Forumite
Hi,
I am exploring possibilities as a first-time buyer. I am single, no kids, lived in HMOs for 10 years and liked it (not all of it, but most of it). So, I am pondering whether I could carry on doing that, but as a home owner now. I think it could be also a good way to generate extra income. So I am looking at 4-bedroom (or spacious 3-bedroom) flats/houses - some of them are within my budget. I don't think this would classify as a buy-to-let, as I am planning to live in it. (And I am aware I can take up to 2 lodgers without it becoming an HMO).
Would I be able to apply for a regular first-time buyer mortgage or would it be more complicated?
Would it make any difference if the place is already an HMO, or if I get it to become an HMO?
Thanks,
Dan
I am exploring possibilities as a first-time buyer. I am single, no kids, lived in HMOs for 10 years and liked it (not all of it, but most of it). So, I am pondering whether I could carry on doing that, but as a home owner now. I think it could be also a good way to generate extra income. So I am looking at 4-bedroom (or spacious 3-bedroom) flats/houses - some of them are within my budget. I don't think this would classify as a buy-to-let, as I am planning to live in it. (And I am aware I can take up to 2 lodgers without it becoming an HMO).
Would I be able to apply for a regular first-time buyer mortgage or would it be more complicated?
Would it make any difference if the place is already an HMO, or if I get it to become an HMO?
Thanks,
Dan
0
Comments
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You are buying it as your main residence, so yes, a regular first-time buyer mortgage.You can have lodgers and use the rent-a-room scheme, but there are legal and tax implications if you have 3 lodgers.Post 10: Lodgers: advice & links for landlords & lodgers
1
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