If you intend to remortgage a property to rent it out to more than one household, you require a House of Multiple Occupancy (HMO) Mortgage.
Your standard Buy to Let Mortgage contract often limits the number of households that can live in a property and limits tenants to having just one tenancy.
An HMO mortgage is a different contract with a mortgage lender. These contracts allow you to have multiple households and each of them to have their individual tenancy (if required).
If your property does not require an HMO License, you can benefit from traditional Buy-to-Let rates in certain circumstances. Available from a select few mortgage lenders.
If your property requires an HMO License you will need an HMO Mortgage.
You will often remortgage your HMO for one of two reasons:
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