It is. If you do not want to pay the interest on short-term bridging finance to convert the property. Stick to renting the property as a single-let.
The expense is a means to an end. It gets you to the final goal of owning a House of Multiple Occupation (HMO). In business, you would think of this as a sunken investment.
You can lower the cost of Bridging Finance by obtaining a low loan to value loan. Having a large deposit will help you keep down the mortgage costs.
The quicker you can convert the property into an HMO, the quicker you can exit onto an HMO Mortgage. On a six month bridge, completing the conversion in two months. Will get you the remaining month's interest refunded.
HMO.Mortgage Copyright © 2019 Bespoke Finance Direct Limited. All Rights Reserved.
HMO.Mortgage is a trading style of Bespoke Finance Direct Limited.
Bespoke Finance Direct Limited is authorised and regulated by the Financial Conduct Authority (No. 715805).
Bespoke Finance Direct Limited is registered in England and Wales (No. 09623432) at 31 Church Lane, Pudsey, LS28 7LD.