I am keen to help all property buyers get the best deal they can and also understand their protection needs, this is important to me. Here are a few of our company stats for you, we continually write more than £60million pounds of mortgage loans every year, 57% being residential and 43% buy to let and an average time to completion of 135 days, I am involved across all areas of lending and we use technology across all areas of the business to make things more efficient for us and clients alike.
HMO's (Houses in multiple occupation) and MUFB's (Multi unit freehold blocks) are becoming a popular investment choice for property professionals due to the much larger rental yield available over a traditional single property buy to let.
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A MUFB is single property that is split into flats and instead of having individual leaseholds, it’s held under a single freehold title. Each flat is self-contained and has its own kitchen and bathroom facilities.
The property will have shared hallways and sometimes a garden, and it offers investors economies of scale, with the ability to buy one property that can then be let out to multiple tenants on separate Assured Shorthold Tenancies (ASTs).
In fact, the difference between an HMO and an MUFB, is that each unit in an MUFB is self-contained with its own private entrance and separate AST, as opposed to an HMO property which has shared kitchen, bathroom and communal areas, and no AST.
It's important for any client looking to buy such a property to do their homework, ask the local council if any licence is required or if there are any restrictions to converting a single house into a MUFB or HMO, these issues should be known before you approach a mortgage adviser as these can scupper mortgage applications later on down the line.
Reach out and let's start a conversation.
There are many more lenders from the buy to let space evolving their product ranges to include these type of properties, so do your homework and then give us a call.
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