What does “first” mean here?
Explain the property already owned and whether there is any previous letting experience. Buying a first rental is different from buying a first property.
Jack CousinsFinance Adviser & Consultancy · jackcousins.com
Lender-policy illustration · Buy-to-let
A homeowner buying their first HMO
An existing homeowner wants to make their first rental investment a shared house.
Illustrative situation · criteria checked
The policy that makes this worth discussing.
Rely’s criteria include first-time landlords, including HMO cases, but require at least one applicant to be an existing residential or buy-to-let homeowner. HMO planning and licensing requirements also apply.
Keep in view: The property, applicants and rental cover still need to qualify. Licensing evidence differs for purchases, remortgages and larger HMOs.
Read the lender’s published source ↓Work through the brief, step by step.
First-time landlord and first-time buyer are different starting points.
What exactly is being purchased?
Describe the rooms, occupancy, condition and intended use. Raise any planned changes before deciding the finance route.
How will the shared house be managed?
Prepare a realistic plan for the extra responsibilities, costs and support involved in running the property.
These are practical questions for an advice conversation, rather than additional lender criteria.
Bring the facts together before deciding.
I would review the ownership background and the proposed HMO together, then identify the property and evidence questions that need resolving before a recommendation.
Explore HMO mortgages ↗A useful place to start.
You can get in touch before every item is ready. These prompts help organise the discussion; checking them does not confirm eligibility.
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Lender criteria sources
Checked . These links lead to the lender’s intermediary information. Criteria can change; current access, product rules, affordability, credit and the property must be checked for the individual case.
- Rely buy-to-let mortgage criteria ↗First-time landlords including HMOs; HMOs
No product rate, lending approval or completion timescale is promised.
Your next step
Does this sound like your situation?
Tell me where you are starting and what you would like to achieve.
Your home or property may be repossessed if you do not keep up repayments on your mortgage or other loans secured upon it.