Yes. Lenders ideally like to see commercial investors having at least two years buy to let experience and ideally with two properties. However, depending on the lender, we can often get away with less experience. Especially if the applicant is a more worldly wise business owner with a strong asset background. There are commercial investment lenders which don’t require this level of experience but the LTV will be lower at circa 65% and the rate is higher. For people buying commercial property for their own business to operate from, these requirements don’t apply
Thanks for the insightful video, Steve. Qn: Can I get an HMO mortgage as a first-time investor based on the HMO current rental income without any other assets or outside income? Many thanks.
Hi Mike. There are lenders which consider HMO applications from people with no investment experience and are not homeowners. they tend to be specialist lenders rather than mainstream. Avoid going for more than 6 rooms as that will make it more difficult and more expensive
V helpful. Have heard lnders consider investors with BTL investment experience, wondering how true that is?
Yes. Lenders ideally like to see commercial investors having at least two years buy to let experience and ideally with two properties.
However, depending on the lender, we can often get away with less experience. Especially if the applicant is a more worldly wise business owner with a strong asset background.
There are commercial investment lenders which don’t require this level of experience but the LTV will be lower at circa 65% and the rate is higher.
For people buying commercial property for their own business to operate from, these requirements don’t apply
Thanks for the insightful video, Steve. Qn: Can I get an HMO mortgage as a first-time investor based on the HMO current rental income without any other assets or outside income? Many thanks.
Hi Mike. There are lenders which consider HMO applications from people with no investment experience and are not homeowners.
they tend to be specialist lenders rather than mainstream. Avoid going for more than 6 rooms as that will make it more difficult and more expensive
@@PromiseMoney1 Many thanks for your prompt response Steve. I will notify you when I am ready to move.