HMO ReMortgages

1. Objective

Whether it be value, rate, LTV or speed, or a balance of all of the above, it’s important to understand what’s important to the client on each HMO ReMortgage case. What’s is also important to understand is the client scenario. Whether they are an experienced or first-time landlord, and whether they have an income of less or more than £25,000, for which different lenders will suit different scenarios.

2. Availability & Selection of HMO Mortgage Products

Understanding the current availability of HMO ReMortgage products and how they fit in with the objective is important. A good broker will be able to help you successfully navigate

3. Documentation – HMO & Other

To smooth the process, and allow your broker to approach multiple lenders, fight your corner and get you the best possible product and terms, it’s best to have all paperwork in order.

This includes;

• HMO Licence Cert,
• HMO Planning Cert,
• Building Regs Certificate,
• Floor Plan,
• Copies of ASTs,
• Copy of Last Tax Return or Payslips.

4. HMO Property Preparation

Once you have selected the HMO Lender and instructed the survey its import to present the HMO property in the best possible light in order to maximise the valuation for the HMO ReMortgage.

This shows the surveyor the property is a fantastic, functioning, money-making HMO property.

Things to beforehand:

1. Lets the tenants know a survey is happening, and that you would appreciate their rooms being tidy.
2. Minor Redecoration especially in common areas.
3. Tidy external areas, remove rubbish etc.

5. HMO Valuation

On the day of the valuation make sure you arrive at the property early and do any final tidying. Make sure all rooms are unlocked and accessible. Meet the surveyor with a smile and relax.

6. Completion

That’s it. Within a few days the HMO valuation will come back and allow for the smooth progression of loan drawdown.