First time Landlords Finance 6 Occupant HMO Through an SPV

A broker recently approached us on behalf of two clients looking to make their very first buy to let investment – a six occupant HMO in North Yorkshire.

The clients, both in their early 30s, had set up a newly incorporated SPV limited company specifically for the purchase. One director was self-employed and a homeowner, while the other was employed on a regular salary (PAYE) and did not own a property. With no prior landlord experience and no company accounts, the broker needed a lender who could support first time landlords with a more complex setup.

Fortunately, this case fit within our criteria.

We can consider first time landlords purchasing through SPVs, as long as key requirements are met – including a minimum income of £25,000 for at least one applicant, all applicants aged 21 or over, and at least one applicant owning their current home with six months of satisfactory mortgage conduct. In this case, the self-employed director met all those requirements, which meant we could progress the application smoothly.

With the property sitting at our six occupant HMO limit for first time landlords, we were able to offer a 2 year fixed rate at a 75% LTV – helping the clients take their first step into buy to let with confidence.

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