HMO Mortgages

An HMO mortgage is a specialist buy to let mortgage specifically designed for landlords who want to rent out their property to individual tenants who aren't from one household.

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There are specialist HMO mortgage lenders out there who may be happy to offer you a buy to let agreement.

It is not unusual for an experienced landlord to want to get involved in a house in multiple occupation, due to the potential higher yields on offer. Not all buy to let mortgage lenders offer these and those that do can sometimes offer different interest rates on HMO mortgages than standard buy to lets.

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HMOs are typically rented by students and young professionals, who may not afford a property by themselves.

A typical definition of an HMO would be a property occupied by 5 or more people, 5-7 lettable rooms and property with more than one tenancy agreement in place. Houses that are subject to selective licencing are only classified as HMOs where at least one of the above conditions are met.

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Most popular FAQs

Can you get a residential mortgage on an HMO?

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No, you have to take out a buy to let mortgage. Not all buy to let lenders will lend on HMO’s and those that do often have a specialist range of products.

How much deposit do you need for an HMO?

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The minimum deposit varies from lender to lender but it would be no less than 25%.

What are the rules for HMO?

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A property falls under the category of house in multiple occupation if it is rented out by 3 parties from different households, but they share the properties facilities such as a bathroom or a kitchen. On property websites you may see this listed as a “house share”. Blocks of flats and bedsits do not count as HMO properties, though a single flat rented by multiple people sharing particular facilities may be qualified as such. In order to set up a property as an HMO, you must contact your local authority.

How are HMOs valued?

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Like any other mortgage, the lender will instruct a local independent valuer to confirm the property’s value.

Are HMO’s worth it?

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To many, becoming a landlord for an HMO property means great reward, as multiple incomes can often contribute to a higher profit margin than if you were receiving rent from a single party, such as a family. The downsides are that these mortgages tend to be more expensive and often entail signing on students or non professionals as tenants, meaning income may be seasonal and inconsistent. Although a stereotype that doesn’t encompass everybody, student tenants are regularly known to leave the property in a less favourable state, requiring further expendable income for repairs.

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