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Buy To Let Mortgage Hotline - Call 0117 403 4474 

or Book Appointment

What is your mortgage for?

 
Details sort by initial rateLenderInitial rate Rate type Overall cost for comparison Product fee Monthly cost Enquire
Initial rate: 3.69%
Rate type: 2 year fixed
Monthly cost: £1149.46 per month
Product fee: £6,750
Overall cost for comparison: 8.5% APRC
The Mortgage Works logo 3.69% 2 year fixed 8.5% APRC £6,750 £1149.46 per month get quotes Broker Only Deal
Initial rate: 3.92%
Rate type: 2 year fixed
Monthly cost: £1177.72 per month
Product fee: £6,750
Overall cost for comparison: 9% APRC
Birmingham Midshires 3.92% 2 year fixed 9% APRC £6,750 £1177.72 per month get quotes Broker Only Deal
Initial rate: 3.99%
Rate type: 5 year fixed
Monthly cost: £1186.39 per month
Product fee: £6,750
Overall cost for comparison: 7.3% APRC
The Mortgage Works logo 3.99% 5 year fixed 7.3% APRC £6,750 £1186.39 per month get quotes Broker Only Deal
Initial rate: 4.01%
Rate type: 2 year fixed
Monthly cost: £1188.88 per month
Product fee: £6,750
Overall cost for comparison: 8.9% APRC
Virgin Money logo 4.01% 2 year fixed 8.9% APRC £6,750 £1188.88 per month get quotes Broker Only Deal
Initial rate: 4.02%
Rate type: 2 year fixed
Monthly cost: £1190.12 per month
Product fee: £6,750
Overall cost for comparison: 9% APRC
Birmingham Midshires 4.02% 2 year fixed 9% APRC £6,750 £1190.12 per month get quotes Broker Only Deal
Initial rate: 4.03%
Rate type: 5 year fixed
Monthly cost: £1191.36 per month
Product fee: £6,750
Overall cost for comparison: 7.6% APRC
Birmingham Midshires 4.03% 5 year fixed 7.6% APRC £6,750 £1191.36 per month get quotes Broker Only Deal
Initial rate: 4.12%
Rate type: 5 year fixed
Monthly cost: £1202.59 per month
Product fee: £6,750
Overall cost for comparison: 7.6% APRC
Virgin Money logo 4.12% 5 year fixed 7.6% APRC £6,750 £1202.59 per month get quotes Broker Only Deal
Initial rate: 4.13%
Rate type: 5 year fixed
Monthly cost: £1203.84 per month
Product fee: £6,750
Overall cost for comparison: 7.7% APRC
Birmingham Midshires 4.13% 5 year fixed 7.7% APRC £6,750 £1203.84 per month get quotes Broker Only Deal
Initial rate: 4.19%
Rate type: 1 year fixed
Monthly cost: £1211.36 per month
Product fee: £4,500
Overall cost for comparison: 9% APRC
The Mortgage Works logo 4.19% 1 year fixed 9% APRC £4,500 £1211.36 per month get quotes Broker Only Deal
Initial rate: 4.19%
Rate type: 2 year fixed
Monthly cost: £1211.36 per month
Product fee: £11,250
Overall cost for comparison: 7.9% APRC
Kensington Mortgages logo 4.19% 2 year fixed 7.9% APRC £11,250 £1211.36 per month get quotes Broker Only Deal
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Representative Example:

A repayment mortgage of £120,000 payable over 28 years and 1 month initially on a fixed rate for 2 years at 1.99% and then on the lender current variable rate of 3.69% (variable) for the remaining 26 years and 1 month would require 24 monthly payments of £465.20 and 312 monthly payments of £565.39 and one final payment of £565.19.

 

The total amount payable would be £189,357.67 made up of the loan amount plus interest (£68,161.67), booking fee (£999), completion fee (£30) and valuation fee (£197).

 

In this example the overall cost for comparison is 3.7% APRC representative.

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT

Buy to Let Mortgages HMO

HMO Buy To Let Mortgage Service

Special features of what we offer include:

  • Whole of market service - we work with most UK lenders

  • Great rates! - Access to leading market mortgage rates

  • Exclusive deals - Access to exclusive loan deals not available on the high street

  • Fast turnaround - Speak to us today if you need to move quickly. We can access bridging loans and short-term finance

  • Raising finance? - Looking to raise additional finance on top of your existing buy to let mortgage? - we have access to a range of finance solutions

What is an HMO?

An HMO (house in multiple occupations) is a property rented out by at least three people who are not from one household, but who share kitchen, toilet and bathroom facilities with other tenants. This type of housing is typical for a student house share.

If you are letting to five people who are not from one household, then the property is classified as a ‘large HMO’ and you will need to gain a licence. The types and availability of buy to let finance is likely to differ depending on whether or not your property needs a licence.

Buy to Let Mortgages for non Licensed HMOs

Gaining buy to let finance for HMOs that do not require a licence is a somewhat simpler process than unlicensed HMOs, with most mainstream lenders offering finance.

Although we still recommend that you contact a mortgage broker, who can help you find the best rates and best buy to let mortgage solutions for your personal circumstances.

Buy to Let Mortgages for Licensed HMOs

Typically finance does tend to be more expensive for houses of multiple occupations, as not all lenders choose to lend money within this area.

In addition to this, lenders generally like to see experience and a proven track record within this industry when considering your application for a buy to let mortgage.

However, there are still a good number of lenders who do not see this as a barrier to finance, which is why we recommend seeking advice from a specialist mortgage broker.

Tax Changes

From 2017, landlords will no longer be able to deduct all the expenditure derived from their buy to let properties when calculating their profits for the financial year. These changes do not however affect limited companies. This has led to an increase in landlords looking to set up limited companies as a way to avoid the effect of the new rules.

It is important to note, that those who wish to set up a limited company will have to consider the associated costs before doing so. 

Regulation Changes

New changes to how the buy to let mortgage market is regulated come into effect from 2017 onwards. These changes may make it more difficult for landlords to secure buy to let mortgages

Under the new regulations, before a traditional lender can approve a mortgage, the landlord's entire portfolio will be reviewed. 

The landlord will be required to provide full disclosure of their financial records from all of their buy to let properties. This could affect the landlord’s application, particularly if some of the rentals are more profitable than others.

Unlike under the previous regulations, where a landlord's portfolio could be propped up by a couple of profitable properties, a lender may not provide a buy to let mortgage on the basis that one of the landlord's properties is not providing a positive return. 

The new regulations will introduce a stricter stress test, which will require landlords to satisfy traditional lenders that they can afford the mortgage repayments in the event that interest rates hit 5.5%.

Lenders will also require landlords with HMO properties to have a rental coverage ratio of at least 170%, as opposed to the standard 145% for regular properties .

Our Services

We work with the majority of UK lenders, and have access to exclusive buy to let mortgage deals for HMOs that are not available on the high street, which means we can make that process of finding a HMO buy to let mortgage that bit easier.

To find more information about buy to let mortgages for HMOs, why not call us today on 0117 403 4474 or fill in our online contact form to request a call-back for a free initial consultation with one of our advisors.buy to let mortgages HMO

 

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