Even before you have come to us to get insurance for an HMO, you will have to obtain, unless you are a cash buyer a mortgage. Home of multiple occupancy mortgages are not easy to come across. There are at current less than ten providers out of 150 that will not provide a mortgage to a landlord that rents out HMO properties.
Whether it is an HMO student let insurance or a professional let insurance you require, the complication DOES NOT START THERE IT STARTS WITH OBTAINING THE FINANCE. It is very rare to find a mortgage that will cover the (home of multiple occupation status).
An HMO mortgage is the type of mortgage that is required for a house where there are 3 or more tenants who form two or more households. If you intend on having multiple tenancy agreements in place then this type of mortgage is the one you need.
After you have got your mortgage in place you can give us a call as we have the best and most comprehensive rates on the market to cover your new prize possession. You would have invested a lot of money and you do not want anything to start going wrong.
The right mortgage for starters is essential as it could be a nightmare if a provider was to discover you were running an HMO property without them knowing. If you are having difficulty in getting a mortgage let us know as we have contacts who have years of experience in this field who would be willing to help. The same goes for the buy to let insurance for you. Again if you do not declare the property is of multiple tenancy agreements and the correct tenants inside,then there is absolutely no way the insurer would be covering you.
So when setting up your HMO, make sure you get involved with people who know what they are doing and can advise you about getting the right mortgage and insurance for your property.
