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by Peter Davies on 8th June 2021



Coreco was approached by a client looking to purchase three new HMO (house in multiple occupation) Buy-to-Let properties, but they had a unique issue.

The client couldn’t provide a provable income, as he had sold his business in April 2020 and only had a portfolio of properties starting from May 2020, which proved an obstacle for lenders. Luckily, Coreco Partner Peter Davies, an experienced broker with excellent lender relationships, was able to step in.


The property valuer hadn’t provided an HMO valuation, resulting in significant down-valuations and the client was, at the time, relying on refinancing funds to make up the difference between the property price and the down-valuation figures for his deposit.

An HMO valuation is used in this kind of scenario as a commercial valuation is typically higher than a brick and mortar valuation. As such, the client would be able to release more capital during a refinance and/or have a lower loan to value ratio, resulting in better HMO mortgage interest rates.


Peter was able to approach Landbay, a specialist buy-to-let mortgage lender, as the client was able to provide a strong portfolio income via bank statements over the past 12 months. As such, Landbay could extend their mortgage offer and valuation validity just past the 6-month mark to allow this to work with the refinance mortgage the client was also doing.

Coreco is proud to be one of the most experienced Buy-to-Let mortgage brokers in the London mortgage market – some of our advisers were around when the modern residential Buy-to-Let products were initially launched!

Whether you’re an experienced Buy-to-Let investor or a professional landlord with a large property portfolio, you’ll want to ensure your property finance is constructed as efficiently and cost-effectively as possible. Chat to us today or call 0207 220 5100.


Written by Peter Davies


Starting his career in property and finance with Connells Estate Agents more years ago than he cares to remember, Peter was first employed as a sales negotiator before moving across into the Financial Services arm as a mortgage adviser. During this time he studied for, and passed, all three elements that make up the FPC qualification and in addition gained the CeMAP qualification. After 5 years with Connells he joined John Charcol in 2002. Based in the Canary Wharf office he remained with Charcol until joining Coreco in August 2009 shortly after the business was established. Better known as Taff, he now works within the Specialist team here at Coreco Towers dealing with the extremely varied requirements of their many clients.

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