The Issue – A first-time landlord with a 7 bed HMO was told by a specialist HMO broker they were not mortgageable due to lack of experience. They had a property worth £400,000 wihich they wanted to remortgage at 75% LTV.
The Solution – We have access to a lender who will do HMO mortgages up to 8 beds for a new landlord at competitive rates. The previous broker thought their maximum was 6, so through our knowledge, we have a happy landlord who has now moved onto her next property.
Not rocket science but by understanding the market we know where to go and who to avoid.