Bedsits are sometimes classified as either multi-let or HMO properties. Bedsits are properties where the rooms have kitchens but the bathrooms are shared. How is this different to an HMO or a multi-let property? A typical HMO property has rooms where the kitchen and bathrooms are separate and are shared facilities. A multi-let property is typically self contained units or flats where each room has it own bathroom and kitchen and no shared facilities (not to be confused with multi unit properties) . The bedsit therefore is hybrid of the two and certain lenders will not provide mortgages on them. But bedsits are a good investment. They attract good rental income. £150 a week for one in central London and over £100 elsewhere. Cities with lots of nursing or service industry workers from abroad have thriving bedsit markets. And they need hardly any furnishing. But investing in them can be problematic if you don’t gain advice from an experienced mortgage broker. Unfortunately some of our customers have previously been to inexperienced brokers who did not ask the right questions on the properties and so paid for valuations, only to find their applications declined because the property was a bedsit and not an HMO. We have a large panel of lenders, some of whom are specialised in bedsit mortgages, so we can find the right solution for you.
- Gain access to our expert knowledge of the sector.
- Mortgages for buying a bed sit.
- Remortgaging a bedsit.
- Interest only options available for bedsit mortgages.
- Fixed rate options.