Monthly Archives: October 2007

Houses in Multiple Occupation – HMO’s

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The mandatory licensing of some Houses in Multiple Occupation (HMO’s) came in to force 18 months ago, however there is still some confusion over the different definitions of a HMO.

The maximum fine for non-compliance with the law is a fine of up to £20,000, which means that it is imperative that landlords are made aware of the regulations.  It is also very important that brokers and lenders are also aware of the rules so as to avoid giving their clients bad advice.

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What is Bridging Finance?

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Bridging finance is a way of quickly raising short-term finance secured against residential or commercial property.  Typically bridging finance is arranged within days, although it can take longer.

Most bridging lenders will claim that they are the quickest, offer the best service, or most flexible terms.  In practise there is a huge variety of standards within the bridging finance sector.  Although bridging lenders have improved their product offering and pricing it still pays to shop around, selecting the wrong lender or broker could prove very costly.

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