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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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    Promise Money is a broker not a lender. Therefore we offer lenders representing the whole of market for mortgages, secured loans, bridging finance, commercial mortgages and development finance. These loans are secured on property and subject to the borrowers status.

    More than 50% of borrowers receive offers better than our representative examples

    The %APR rate you will be offered is dependent on your personal circumstances.

    Mortgages and Remortgages

    Representative example

    Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317,807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66

    Secured / Second Charge Loans

    Representative example

    Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55,730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20

    Unsecured Loans

    Representative example

    Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments. Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.


    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.


    Promise Money is a trading style of Promise Solutions Ltd – Company number 04822774
    Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG

    Authorised and regulated by the Financial Conduct Authority – Number 681423
    The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages

    Website www.promisemoney.co.uk