Overcoming complex circumstances for large HMO re-mortgage

re-mortgage large hmo properties

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Initial Circumstance

We received an enquiry from a new broker whose client was looking for a buy-to-let mortgage. The broker required a specialist lender due to their client’s complex financial history.

The borrower was looking to re-mortgage a 20 bed House of Multiple Occupation (HMO) in Salisbury. However, they had adverse credit against their credit file. This had previously resulted in the broker being let down by another lender when they had uncovered the adverse credit. This left the broker in desperate need for finance.

Speed was also a key factor. The client was looking to raise enough finance through their re-mortgage to cover the deposit of a new property purchase. This would therefore allow them to grow their property portfolio.

The broker knew they needed to reach out to a specialist lender. They were extremely happy upon confirmation that MFS had accept their client, despite the credit card default.

MFS Solutions

As experts in a complex situation, our dedicated BDM assigned to the case worked alongside the broker to get to the heart of the issue. As we underwrite from day one, our team quicky identified that the credit card default was there in error. Once it had updated, there was a period of waiting. This was until the Clear Score report cleared the default.

The lender that had previously pulled out of the case had already provided indicative terms. Due to our competitor rate match, we were able to match the terms issues to the borrower by the other lender. Our trusted panel conducted a valuation swiftly, to keep the case moving whilst we waited for the Clear Score to update.

Being on the bespoke tier of our but-to-let product, we have the flexibility to make things work. Once completed and the borrowers’ profile was cleared, we were able to release the funds. Providing the client with the finance they needed.


Upon facing complex situations, our aim is to relieve stress from both the broker and their client. By underwriting from day one, we are able to get to the root of the issue and find a bespoke solution that works for our borrower’s situation. This case is a clear example of how our bespoke mortgage product can help borrowers fund financial opportunities, that most lenders can’t.

Through our expert underwriting team, we were able to clear the borrowers credit default and ensure that the borrower was able to extend his portfolio.

We were also able to match prior terms offered by another lender. Coupled with our clear lines of communication, our dedicated BDM liaised directly with both the valuer and solicitors to push the case over the line. As a result, the borrower didn’t miss the opportunity of the new property.

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