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Mortgage firm makes it easier for HMO investors to get loans

A major buy to let mortgage provider has eased the criteria to be met by landlord investors who want to borrow to purchase an HMO.

Fleet Mortgages has cut the number of years experience required by landlords for HMO properties to two years, so long as the primary applicant has owned an HMO for that period of time. Otherwise, three years’ standard buy to let experience is required. 

Fleet has also reduced the minimum valuation on converted freehold properties outside London and the south east down to £100,000 from £150,000. Prior to this easing, £150,000 had been the minimum valuation for all regions.


On top of that, a wider definition of shared accommodation will now be accepted on the firm’s standard buy to let products. So Fleet will allow locks on bedroom doors while downstairs rooms can be used as bedrooms as long as there is a communal room.

“These three main criteria changes reflect the cases we are seeing, and the types of landlords and properties that are seeking mortgage finance from us. We are reflecting on the varied house price situation outside London and the south east by dropping our minimum valuation requirement there” says a company spokesman. 

“We’ve always wanted to reflect what is happening in the market and, where possible, to be flexible and responsive to the changing needs of advisers and their landlord clients” he continues.


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