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Welcome to Day 3 of "Getting to know finance week" 2018, where Property Tribes is celebrating the launch of a new partnership with one of the UK's longest standing and leading mortgage brokerages, John Charcol, who will be providing brokerage services to the PT community going forwards.Each day of the week will feature an interview with Ray Boulger of John Charcol on a niche topic.It is shaping up like this:Monday - Launch of John Charcol and BTL mortgage trendsTuesday - Limited company BTL mortgagesThursday - Refurbishment and development financeFriday - Holiday let mortgagesToday, Ray Boulger of John Charcol, discusses financing an HMO:
As part of the partnership, John Charcol will e providing a number of resources and guides to assist landlords.For example, there is now a whole of market mortgage sourcing tool located on the "Mortgages" tab:Additionally, the PT Brokers team will be contributing to the community, answering questions, and supporting our landlords in obtaining finance.They can be contacted on 0333 3636507 and can assist with all types of BTL and property developer finance.John Charcol join the existing proposition, Property Tribes Financial Services, which will add choice to the PT community.
Tune in every day this week for some really enlightening and exclusive content!*John Charcol is a commercial partner of Property Tribes, and the site will receive a small commission for any finance raised through John Charcol by PT members. This helps maintain this site as a free-to-use community resource.SEE ALSO - When to say "no" to an HMO?UP NEXT - Financing trends and developer opportunities DON'T MISS - Growing a property portfolio - resourcesNOW WATCH:
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
A broker is predicting a spike in landlords rushing to re-finance HMOs before new licensing rules come into effect on 1st October 2018:Andrew Turner, chief executive at Commercial Trust, said: “More landlords will be required to bring their HMO properties up to local authority licensing standards.
“In scenarios where perhaps one bedroom in the property fails to meet minimum licensing standards, there could be future implications, if the landlord wants to remortgage the property.
“Investors looking to remortgage may find that a lender will only base rental stress calculations on rental income from the bedrooms that do meet local licensing rules. That could make obtaining the required level of financing a lot tougher."Source of quoteIf you require any finance, please contact the PT Brokers Team powered by John Charcol on 0333 363 6507.