Little landlady Posted October 6, 2009 Report Share Posted October 6, 2009 Hi, im new to this forum and hope someone can help me? I am aware that things aren't what they used to be re mortgages at the moment but i am trying to find out if any HMO mortgages will be coming onto the market in the near future. We currently own a 6 bed (2 storey) student HMO that is mortgaged from a while ago. i would like to be able to remortgage the property as it is now worth a considerable amount more than it was and with 6 tennants in situ is covering its existing mortgage with a large amount of rental over the top of its costs. ideally i would love to be able to purchase another property but i cant find an HMO mortgage for love or money!! Does anyone think things will change in this area? We have guarators for all the tennants, they are on a 12 month joint and several tenancy agreement and we can prove our rent cover. We will also have new tennants signed up until June 30th 2011 in the next 3 months. hope someone can help steer me in the right direction (or tell me to put my head back in the sand for a while longer!!!) Thanks Ali Link to comment Share on other sites More sharing options...
Mike1999 Posted October 6, 2009 Report Share Posted October 6, 2009 Hi, im new to this forum and hope someone can help me? I am aware that things aren't what they used to be re mortgages at the moment but i am trying to find out if any HMO mortgages will be coming onto the market in the near future. We currently own a 6 bed (2 storey) student HMO that is mortgaged from a while ago. i would like to be able to remortgage the property as it is now worth a considerable amount more than it was and with 6 tennants in situ is covering its existing mortgage with a large amount of rental over the top of its costs. ideally i would love to be able to purchase another property but i cant find an HMO mortgage for love or money!! Does anyone think things will change in this area? We have guarators for all the tennants, they are on a 12 month joint and several tenancy agreement and we can prove our rent cover. We will also have new tennants signed up until June 30th 2011 in the next 3 months. hope someone can help steer me in the right direction (or tell me to put my head back in the sand for a while longer!!!) Thanks Ali Hi Ali, I recently saw that funding for HMOs is available again at up to 70% LTV. Here are a few of the posts I saw around the web which may help: http://www.mortgagesolutions-online.com/mo...tgages-business# http://www.mortgageintroducer.com/mortgage..._of_funding.htm http://www.mortgagesforbusiness.co.uk/know...9/4271/191.aspx Looks like there could be hope! Link to comment Share on other sites More sharing options...
jenand Posted October 7, 2009 Report Share Posted October 7, 2009 A couple that may be worth a chat with are 85percent.co.uk and capitalfortune.com. Link to comment Share on other sites More sharing options...
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