BM Solutions is offering a competitively priced fixed rate mortgage. Unusually borrowers will need to use BM's Conveyancing service to access the rate.
The broker-only lender (owned by Lloyds Banking Group) has a 2.24% rate that is fixed until 30 June 2018.
From July 2018, the mortgage will revert to the lender’s variable rate which tracks the Bank of England base rate plus 4.34% (currently 4.84%). The APRC applicable on this loan is 5.07%.
Aaron Strutt, product manager at Trinity Financial, says: “BM Solutions rental calculation is based upon 125% at a notional rate of either 4.99% or 5.49%, dependent on the loan-to-value and length of the rate.
“BM Solutions has not changed its buy-to-let rental calculation even though The Mortgage Works recently made some pretty drastic amendments. Some brokers have suggested TMW has effectively pulled out of the London buy-to-let market.”
This 2.24% mortgage rate has a £1,995 arrangement fee. There is a minimum loan size of £300,000 and a maximum loan size of £1,000,000. Borrowers will need a 40% deposit or the equivalent amount of equity in their property to remortgage.
For help to secure a buy-to-let mortgage, call Trinity on 020 7016 0790.