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Multi Let Mortgages

MULTI LET

A multi let mortgage is for a property that is being rented out per room rather than on a single let basis. It’s most common for group of students or friends who want to share a house. It is a House of Multiple Occupation (HMO) although for individuals the products tend to be the same as the traditional BTL lenders.
 
Normally up to 4-5 tenants with the majority of the lenders wanting a joint AST and no locks on doors. The amount of mortgage provided is based on the rent to a family although a small number will look at the rent per room.


POINTS TO CONSIDER WHEN COMPARING MULTI LET BUY TO LET MORTGAGES

  • Single AST or Joint;
  • Limits on number of tenants;
  • Locks on doors not allowed by some lenders;
  • Does lender base amount on single rent or shared;
  • Type of tenants;
  • Does the property need an HMO license;
  • Number of properties owned;
  • Interest only loans- how will it be repaid on expiry;

PRODUCT TERMS

  • Available on an interest only, full repayment or part interest and part repayment basis;
  • Loan terms vary from 3-35 years;
  • Available to individuals and the specialist lenders will also do limited companies;
  • Minimum property valuation £75,000;
  • LTV up to 85%, but typically 75%.

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Searchlight Finance Limited is registered in England and Wales No.07929050 Searchlight Finance Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (http://www.fca.org.uk/register) under reference 743220. The FCA do not regulate Business Buy to Let Mortgages or most Commercial Mortgages and Bridging Finance. ICO Number Z3109319. Your property may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.

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