Remortgaging Large New Start HMO's, Serviced Accomodation and B&B's
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10 ай бұрынIn this video we talk about remortgaging large new start HMO's, serviced accommodation and B&B's.
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More than 50% of borrowers receive offers better than our representative examples
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Correct when this post / video was published
Mortgages and Remortgages
Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender's current variable rate at the time.
The total charge for credit is £317807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66
Secured / Second Charge Loans
Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender's current variable rate at the time. The total charge for credit is £55.730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20
Unsecured Loans
Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments.
Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT
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@patrick4912 3 ай бұрын
Thanks for posting this, very insightful. Quick question, I have a house that I've been running as a serviced accommodation for a year now. The house was valued at £115,000 but now it's a SA it's making £3,500-£4,000 per month. I am looking to finance the house to buy another unit, it's totally mortgage free at the moment. I was wondering how the house would be valued with the capital that it's earning, can this be taken into consideration or is it just the value of the bricks and mortar?
@PromiseMoney1 3 ай бұрын
This is a tricky one. Lenders tend to look at worst case scenario I'm rely on the value of the house if it were empty. However, they also taken to consideration the comments and figures provided by the valuer. It really depends on what's been done to the property to set it apart from being a straightforward House. We have one at the moment, which is an HMO, where the valuer has put 0 value on it. He has stated it is an area where there is no demand for HMO's and the property is not capable of being sold as a straightforward house as the main living rooms have been converted to self-contained bedrooms with ensuite. I think you really need to be clear about what work has been done to your property and how easily it can be converted back to a house. Share this information with your broker There are many buy to let lenders which consider hmo's and service to accommodation. But once the property is considered by the value are to be too commercial, they lose interest. With regards to the Investment value here is an extract from one lenders criteria. It is fairly vague but it gives you an idea of how they are thinking. Most lenders don't publish this degree of detail so don't rely on being able to remortgage at investment value until you have made further enquiries and taken into consideration location, demand, capability of the property to be converted back to a house, etc Extract from a lender criteria House in multiple occupation (HMO) A property is a HMO if at least three tenants live there, forming more than one household, and sharing toilet, bathroom or kitchen facilities. The applicant must have a minimum two years’ lettings experience as a landlord, and the application must be made through our portfolio application process, even if the customer is classified as non-portfolio under PRA regulation. The following minimum HMO values will apply: - Up to 10 rooms, the property value must be greater than or equal to £100,000 Up to 20 rooms, the property value must be greater than or equal to £150,000 At our discretion, and where considered appropriate, an investment valuation may be obtained. Where the property has been purchased in the last 12 months and there has been an uplift in value, it will be subject to a maximum 70% LTV. Where the property has been purchased in the last 12 months, but the property value and lending requirements equate to a like for like transaction, we may consider lending more than 70%, subject to product criteria. Where the property was acquired more than 12 months ago and there has been a significant recent uplift in valuation, we may still limit the advance to a maximum 70% LTV. Investment valuations As a guide only, an investment valuation may be adopted where the property is no longer capable of being assessed as a single residential dwelling either due to the overall level of occupancy or its subdivision into separate units. For multi-unit properties (purpose built or converted) an investment valuation will be undertaken. For HMO’s, an occupancy level of five or more tenants will normally require an investment valuation
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