X

Sign Up

or

By signing up I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Sign Up

Sign Up With Facebook, Twitter, or Google

or


By signing up, I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Log In

or


Don't have an account? Sign Up

Forgot Password

To reset your password just enter the email address you registered with and we'll send you a link to access a new password.


Already a PT member? Log In

Don't have an account? Sign Up

  • HMO & Multi-Lets

    MUFB mortgage wanted - property title split

    Morning all

    Are there any decent MUFB re mortgages out there for a single titled property spilt into 12 separate units all occupied by working people with their own AST's ?

    Last valuation 3 years ago was £925k  and i am looking for interest only re mortgages of £550k

    Derek

    0
    0

    12 self contained units or 12 bedrooms sharing either a bathroom or kitchen ?

    Paragon in my experience value release the highest amounts.

    0
    0

    12 contained units 8 x 2 bed and 4 x 1 bed £60k pa rental income

    0
    0

    ok, I have no experience with financing MUFB but i would assume this would be valued on brick & mortar value, i.e. comparable prices to other flats in the area.

    however for HMO valuations i.e. non self-contained units the valution formula would be something like

    £60,000 - £18,000 ( 30% for costs utilities etc ) = £42,0000 / 12% ( capitalisation rate ) = £350,000,

    Paragon would value a little nigher than this.


    0
    0

    I would second the Paragon suggestions, I have always found them to be good with multi unit and HMO properties, particularly where they are owned by a Ltd company (compared to other mortgage lenders). I think they may now have brought in rules that need to use an intermediary unless you qualify for their portfolio products though. There is a lot of info on their website.

    0
    0

    Hi

    I have just mortgaged a 3 flat conversion with Kent Reliance

    65% 455k released. The valuer put a value on each flat

    1.5 % arrangement fee so not cheap. 3.19 % rate

    0
    0