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  • Property-a-holics

    Buy or stay in an HMO?

    My situation is that I have buy to let’s  and unfortunately fall  into the category of a Portfolio landlord which has restricted access to mortgage products  considerably.

    I have just let out my primary residence after obtaining Consent to let  and will be spending the next two years mostly abroad although will visit intermittently.

    For the purposes of remortgaging other properties  however  I would need to maintain a strong UK presence  for credit referencing purposes, including being on the electoral roll.

    Although I just need a room in an HMO ,was told that this may not be a good move as if I use this address ,the credit reference checks may be confused with other residents who may not have had the best credit history)and may backfire on me.

    The choice now is -Do I try and buy a small flat just to keep the credit reference checks or will the HMO address be enough?

    Anyone in property who can look at this,does anyone know a property person who can advise  on this? Any thoughts please?

    Thanks for any input into this head scratching query.

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    I've had a few lodgers that needed an address and somewhere to stay occasionally (for legitimate reasons). Looking for a room to rent may offer another option for you with a clearer credit history.

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