Secured loans for HMO property from £30,000 plus @ 65% LTV

12 July 2018 3681 Views

If you are a landlord who wishes to raise extra finance against a HMO without remortgaging your existing deal then a second charge secured loan may provide the additional funds you require. Loans for HMO’s from £30,000 plus can be arranged quickly up to 60% LTV. Exclusive rates also available for HMO landlords who have various credit issues such as arrears, CCJ’s and defaults. Flexible lending criteria is available to cover most applicant and credit types.

 

Applicant types

• Individuals, sole traders LLP’s and partnerships accepted

• Limited company applicants

• Expats and applicants without permission rights to reside in the UK

• Self-employed applicants accepted

• Pensioners over 65 and Max age of 80 upon application

• Adverse credit accepted

• Unemployed and those in receipt of benefit payments accepted

• HMO portfolios and multiple property landlords

• First time HMO landlords

Property types

• HMO – no maximum number of beds

• Student lets

• Semi commercial property – less 40% commercial usage

• None standard construction considered

• Buy to let rental property

Affordability

• There is no minimum income requirements

• No proof of income required

• Projected HMO rental income is accepted

Rental cover

• 125% for limited company and basic rate tax payers

• 145% for higher rate tax payers

• 165% for additional rate taxpayer applications

HMO secured loans can be arranged on either a first or second charge basis. Max loan for second charge is £250,000 and £100,000 @ 65% loan to value for first charge mortgage. Higher lending limits are available at 60% loan to value.  There is no minimum ownership rule or requirement and the property can be owned for less than 6 months.
 

About Lending Expert

Lending Expert is a credit broker offering second charge secured loans against HMO property and finance solutions from £10,000 to £10,000,000 for a wide range of reasons including raising money for business purposes, buy to let rental property, debt consolidation and making home improvements. Contact us here for a quote online or pick up the phone to speak with a CeMap qualified advisor on 0161 820 8099.

References:

https://www.lendingexpert.co.uk/mortgages/buy-to-let/hmo/

https://www.lendingexpert.co.uk/mortgages/buy-to-let/hmo/bad-credit/