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Multi Let Mortgages

Multi Let Mortgage with Searchlight Finance

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 a group of students or friends who want to share a house. It is a House of Multiple Occupation (HMO) although some lenders class it as traditional BTL mortgage and the rates are lower.

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

  • Tenants on one AST;
  • Limits on the number of tenants;
  • Locks on doors not allowed by some lenders;
  • The property must be capable of being sold as a family home;
  • Does lender look at single let rent or shared;
  • Does it need an HMO license;
  • Has it the correct planning.

PRODUCT TERMS

  • Available on an interest-only, full repayment or part interest and part repayment basis;
  • Loan terms vary from 2 – 40years;
  • Available to individuals and limited companies;
  • Minimum property valuation £75,000;
  • LTV up to 85%, but typically 75%.

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.