General (main property discussion here) - HMO Mortgages

Hello all, I have a HMO in West London. It consists of 6 bedsits each with their own shower and kitchen. There is one toilet for every two bedsits (three toilets one on each floor). Also in the building is a One bed self contain flat. So in total there are seven units. The one bed flat has been sold on a long lease. Currently I am looking for a good buy to let mortgages without high arrangements fees. Paragon are at the moment the only mortgage company that is offering me a deal but they charge 0.5% to 1.0% arrangement fee. This is extremely high also there fixed rates are very high. Why is it that so many Mortgages companies do not want to take on HMO’s, this is a new expanding market. I would like to buy more HMO's but it is not possible because of arranging the finance. Can anyone help? Are there any financial advisors out there that can advise on good mortgage products for HMO’s Thanks Jasprit

We used Mortgage Express.Very helpful.You will need to talk to them as their rates vary depending on your requirements and circumstances.Good luck.

Mortgage Trust 0870 411 2488

Hello Jasprit

I am interested in maybe renting a complete HMO on a longterm basis - are you interested in this? aidan@adexuk.com

Have you tried a broker?They have contacts that you will never get through to.Halifax have an arrangement with Birmingham Midshires for HMO.Could be worth a look.

All thanks for you help info and provided. I am at the moment going through Paragon they seemed to have the best deal on at the moment.

Paragon R Mortgage Trust run as 2 seperate lenders