HMO, low income & no residential
The borrower
Paul has owned his Buy to Let flat for 8 months. He lives at home with his parents so doesn’t own his own residential property.
He earns £16,000 from his PAYE job and £500 PCM from his rental property but has no SA302 as yet where he hasn’t let it out for a year yet.
He wants to buy his first HMO in his personal name and would like a fixed rate mortgage for 5 years.
He has been turned down by other lenders because he has no HMO experience and he earns less than 25K a year.
How we can help
At Foundation we would class Paul as an experienced landlord so we can consider Paul for an HMO mortgage. We have no issue with him living at home with his parents as he is not a First Time Buyer where he already owns a Buy to Let. We have no minimum income requirement for Buy to Let mortgages either.
We love to talk a case through, why not call your Foundation Regional Area Manager today?