HMO Remortgage

[DuncanB]

Hello there,

I co-own a four story Victorian house with my brother, which was converted into 4 seperate flats about 50 years ago.

there is no oustanding mortgage on the property, and we are now looking to do some repairs on the property with a view to selling off the 4 flats seperately. The plan was to borrow c£30,000 against the property, which is worth £400,000+, and so I began looking into a remortgage.

Most brokers don't seem that interested as it is for such a small amount, hence low commission, and I'm informed that many of the lenders don't like dealing with the HMO market.

Has anybody been in this situaution, and if so could the recommend a lender or broker who might be able to help.

Many thanks

[MarkD]

Hi Duncan,

as it is a low amount and you intend to sell then it will only be a short term loan also. The low amount falls under the radar of most if not all mortgage lenders.

It would be possible to arrange a bridging loan for this however again because it is a small amount it would not be the cheapest bridging loan ever financed. There would be a minimum term say 3 months, above average arrangement fee & probably an exit fee.

If you would like to discuss let me know & I'll pm you my number.

[parulmak]

As said i also think u can go for bridging loan. And you can easily get a loan of 30,000. You can go through some sites, take information about the loan,. Just Apply there, u will iself get call from them. So why to worry. I know a site like that http://www.apply-4-loans.co.uk . they give loans even of 1000 pounds, so yours is anyways a big amount

[synergy]

Hi there

For specialist brokers like myself, your enquiry is relatively straight forward. If you want help in getting this deal arranged then pls email me at mcowan@synergymortgages.com

Kind regards