HMO Mortgages
Why use Prospero Finance to find your House of Multiple Occupancy (HMO) mortgage
We have whole of market access including exclusivity with some HMO mortgage providers, and pride ourselves on being able to broker some of the most complex deals presented to us, so talk to our expert brokers who will find you the right HMO product.
No upfront fees
We’ll never ask you for any costs upfront in order to get you a decision in principle. Depending upon the project, we may need to charge a broker fee on completion, although we endeavour not to.
Licenced and Unlicensed HMO's
HMO Mortgages may need to be licensed by the local authority but this is not the case for all HMO properties. We offer both.
LTV & terms
Typical Loan to value (LTV) of 75-85% & from 2 to 35 year terms available.
Flexible terms
Whole of market access to lots of HMO mortgage products means we have a choice of interest only and flexible lending terms.
First time landlords
We can arrange HMO Mortgages for first time landlords, giving you all the advice you need.
100% LTV available
Mortgages available where you can borrow up to 100% of the property value, no deposit required.
HMO mortgages explained
The simplest definition of an HMO is that the property will be occupied by multiple individuals who are not a single household (i.e not a family or some other special relationship). The property must be all of the occupiers only or main residence, is only used as a residence and at least one of the occupiers must be paying rent.
The significance of a HMO is that is that it may need to be licensed by the local authority but this is not the case for all HMO properties. At Prospero Finance we are able to secure mortgages for both licensed and unlicensed HMO properties and are able to provide you with advice on whether you should be looking to license the property.
HMO mortgages are available for a wide variety of multiple occupancy property types. Here we have listed some of the more recent HMO’s we have secured competitive rates for.
- Converted blocks of flats
- Bedsits and shared houses
- Privately operated halls of residence
- Shared self-contained flats
- Cluster Flats
- Lodgings
- Hostels
- Individual shared self-contained flats/cluster flats
- Accommodation for workers/employees