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Solutions for HMO lending

Solutions for HMO lending

There has been a massive spike in HMO property investors over the last 12 months – the returns can be outstanding.

Outside of the South East there’s a real boom in houses being converted to HMO’s but a lot of the investors are inexperienced and live far away from their investment.

If it is challenging to place and package HMO cases please give us a call on 01902 585052.

Here is a flavour of the options we have available:

Purchase / Remortgage

  • Up to 85% LTV
  • Adverse credit considered
  • Limited company HMO
  • No minimum Income
  • Interest Only
  • No stress test on 5 Years fixed products
  • Rental coverage 125% – other income considered
  • Projected rent used where no tenants in place
  • Purchases from 2.69%
  • Remortgages from 2.99%
  • Free valuation and legal service on remortgages

Second charge

  • Rates from 6.29%
  • Up to 75% LTV
  • Adverse credit considered
  • Rental coverage 115% – other income considered
  • Projected rent used where no tenants in place

Short term / Refurbishments

  • Rates from 0.44%
  • Up to 75% LTV up to 100% with additional security
  • Light, Moderate and Heavy refurbishment – Rates from 0.59%
  • Adverse credit considered
  • Limited company HMO
  • 2nd charge options available
  • No minimum income
  • No minimum property value
  • England, Scotland and Wales
  • Roll up and serviced interest
  • No exit fees
  • 0% Product fee

Don’t forget we have some lenders with some surprisingly niche products – think outside the box cases

  • Rental income 100% – 115% affordability
  • Unlimited adverse
  • Business purposes
  • 1st, 2nd and 3rd charges
  • No limit on rooms
  • Any type of property construction

Please call us and we’ll get back to you with some options quickly and can take over the packaging hassle so you can focus on something else.

www.promisemoney.co.uk

01902 585052

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2 out of 3 borrowers get a lower rate than our representative example of a regulated secured loan below:

Mortgages and Remortgages

Representative example

£80,000 over 240 months at an APRC OF 4.3% and a discounted variable annual interest rate for two years of 2.12% at £408.99 per month followed by 36 payments of £475.59 and 180 payments of £509.44. The total charge for credit is £39,873 which includes a £995 broker / processing fee and £125 application fee. Total repayable £119,873.

Secured / Second Charge Loans

Representative example

£63,000 over 228 months at an APRC OF 6.1% and an annual interest rate of 5.39% (Fixed for five years – variable thereafter) would be £463.09 per month, total charge for credit is £42,584.52 which includes a £2,690 broker / processing fee. Total repayable £105,584.52.

Unsecured Loans

Representative example

£4,000 over 36 months at an APR OF 49.9% (fixed) and an annual interest rate of 49.9% would be £216.21, total charge for credit is £3,783.56. Total repayable £7,783.56.


THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME

REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.


Written terms available on request. Loans are subject to affordability status and available to UK residents aged 18 or over. Promise Money is a trading style of Promise Solutions Ltd. Promise Solutions is a broker offering products which represent the whole of the specialist second mortgage market and is authorised and regulated by the Financial Conduct Authority – Number 681423.

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