The mortgage market is overwhelming because there is no such thing as a simple mortgage solution. First-time homebuyers have certain opportunities at their disposal, depending on their deposit, application, and the purpose of buying the house. On the other hand, those looking to invest have other mortgage products at their disposal and they can access different lenders and solutions. HMO mortgages are worth looking into if you want to invest in a property that allows multiple occupants to live there.
On the other hand, right to buy mortgages allow council tenants to purchase their homes at better rates and discounts. If you have a discount, you can use it as a deposit and even acquire the property with fewer savings. It all depends on your current situation if you are self-employed or work within a company, and the credit score you have. Luckily, things have changed over the years and it is easier to obtain a mortgage. Not to mention if you have mortgage brokers at your disposal.
What Are HMO Mortgages
HMO stands for Houses in Multiple Occupations. Many investors find HMO mortgages highly profitable compared to buying a property and renting it to a single person. An increased number of landlords are looking into this option and there are many reasons to explain why. Traditional buy-to-let allows the owner to have a single tenant over the course of the years. This is highly acceptable for him/her, but in some cases, people want more.
Rental demand has increased in Great Britain since there are so many people that move to the country, students, young professionals, young couples, and everyone that seeks independence and better opportunities. Having the right mortgage is essential to maximize profits. It is best to have a plan regarding the property and the tenants if you plan to let the house to someone specifically or to different individuals who will pay the rent separately.
Landlords can charge tenants per room or per flat, depending on the property they plan to purchase and the surface. The rental income is increased because several people pay the rent. Those who don’t have money to purchase their own homes or live alone in a house or flat will certainly share the rent with friends, co-workers, acquaintances, or simply with people they meet during an interview. If you decide to rent to more than three tenants from different households, then HMO mortgages are ideal.
What Are Right to Buy Mortgages
People who want to buy their own homes have more types of mortgages at their disposal. However, right to buy mortgages stand out because it is aimed at council homes and is currently available in the UK. Certain qualification factors exist. For instance, the property you want to purchase must be your only home. It should not have shared facilities with other households, such as a shared kitchen or bathroom.
Also, you should not have any loan debt or legal battle with a creditor, for a credit card, or such. If over three years you had a public sector landlord, then you qualify, specifically NHS trusts, military, and councils. The discounts depend on the property if you live in a flat or a house. The discount is higher for flats, such as 50% if you have been a tenant for more than three years. For houses, the discount is 35%.
How to qualify
Many self-employed people want to know if they can access the right to buy mortgages. It is somehow difficult because of the guarantee they present. In this case, it matters for how long the person has been self-employed and the declared income. If you plan to sell the property after five years after the purchase, then know that you need to pay back the discount or a part of it. The amount depends on the time you owned the house.
For instance, in the first year, you must pay back 100% of the discount. In the fifth year 20% of the discount. In case a family member becomes the owner and you transfer the property, then you might not be obliged to pay the discount. The landlord should authorize this and the solicitor can legalize everything. Right to buy mortgages may be harder to cope and it is always advised to know all implications and obligations.
Mortgage brokers
It is not easy to know and understand the government criteria and the circumstances around the right to buy mortgages. Not to mention the criteria of the lender matter as well. The good news is that you can save a lot of hassle by hiring mortgage brokers. Professionals in the field have access to many lenders and can help you with the application and understanding of all terms and conditions.
Having assistance when filling out the application is crucial, so you increase your chance of approval. Even when it comes to HMO mortgages you need to know the right solution, otherwise, you can get reported by tenants and those you least expect and face undesired circumstances. There are key differences between types of mortgages and you must always know the right one to choose and how to access the best offer.
How to Obtain HMO Mortgages
These types of mortgages are usually aimed at experienced landlords. Having a couple of years of experience in this field is mandatory and there are other requirements that lenders have. First-time landlords usually struggle to obtain an HMO mortgage and get approved. One good way to start is to let the property to a family.
There is also a stress test that calculates the income that the property owner requires to cover the mortgage repayments. The annual interest is the amount you need to pay annually and it can be between 3.5% to 5.5%. The rental income is needed for repayments. It is known that such mortgages are more expensive compared to others and it is best to get the best rates since the interest rate affects the overall income. Hiring a mortgage broker is always a good idea.
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