| Property | Eight-bedroom large HMO with sui generis planning use |
|---|---|
| Location | Lewisham, South East London |
| Client | Limited company owned by an experienced HMO landlord |
| Product | HMO mortgages |
The challenge
HMOs with seven or more occupants need sui generis planning permission, and the area is covered by an Article 4 direction. Fewer lenders lend on large HMOs, and valuers can take differing views on value.
What we did
We checked the planning history and licence before applying, so lenders could see the use was lawful. We approached lenders that lend on large HMOs to limited companies and value on an investment basis. The landlord's track record and management set-up were set out in a short profile for the underwriter.
The outcome
The company completed at 75% LTV with a lender that understood the HMO market.
HMO mortgagesMortgages for houses in multiple occupation, from small shared houses to large licensed HMOs.
Learn moreImportant: Most buy-to-let mortgages are not regulated by the FCA. Your property may be repossessed if you do not keep up repayments, and a receiver of rent may be appointed.