HMO Mortgage

What is a HMO Property?


An HMO is a rental House that has Multiple Occupants from multiple families, sharing facilities and typically renting. The full name is a House in Multiple Occupation ( HMO ).


That's as complicated as it needs to get but some may get confused as you learn more. A property can be a House in Multiple Occupation (HMO) with or without the need of an HMO Licence.

Your local council will class all multi-occupancy properties as either an HMO that requires a licence or an HMO that doesn't require a licence. In addition to an HMO that requires planning or an HMO that doesn't require planning.


Mortgage Lenders will class the property as an HMO depending on the number of occupants as above, as well as the number of tenancies a property has.

When is an HMO licence required?

There are two types of HMO Licences: National Licensing and Selective Licensing. Neither should be confused with HMO Planning Permission.


Selective HMO Licensing is where a council selects an area of the city. Properties in this area will have to obtain a licence from the council. Each council differs, so check with yours.


National Mandatory HMO Licensing is much more simple. You will be required to have an HMO Licence if the property is rented out by 5 or more people.


... read more on When is an HMO licence required?

What is a HMO Licence?

An HMO Licence allows you to rent your property to multiple-occupants. Certification from your Local Council that you are a fit and proper person, and that the property fit.


Landlords can be prosecuted by their local authority for not obtaining an HMO Licence. Though not all properties need an HMO Licence


... read more on What is a HMO Licence?

What does HMO mean in Property Listings?

You may find that a property listing on RightMove or Zoopla, uses the word HMO.


If you are intending to buy the property, this will mean that the property has multiple tenants. If you want to live in the property you will need to convert it back to a normal house.


If you are looking for somewhere to live, this will mean the house will have other tenants. You will often share bathrooms, kitchens and living rooms with other occupants.


What does HMO stand for?

HMO is short for House in Multiple Occupation. It's used to describe a house which has many unrelated tenants. Typically three or more tenants who share a kitchen, bathroom or both.


... read more on What does HMO stand for?

Speak to an Adviser

Call
08009202001
Email
hello@bespokefinance.info
Apply Online Call me Back
Home Contact Us About Us Sitemap Privacy Policy Complaints

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.

HMO.Mortgage, LifeInsurance.Studio and Bespoke Finance are all trading styles of Bespoke Finance Direct Limited.