The client felt that by purchasing an HMO this would increase rental yield and the return on his investment. However, he also had some concerns as to whether his plans would work out in the long term and had therefore requested a product with no Early Repayment Charge so that he could monitor the situation and have the ability to sell the property should the need arise.
It had come to light that a number of lenders had been approached with this application, funds had been spent on valuations etc. and the case had been declined on several occasions. The vendor was now becoming impatient and had requested completion within eight weeks.