BM Solutions is a subsidiary of the Lloyds Banking Group that deals with services for mortgage intermediaries, landlords and other professionals. They are known for their buy-to-let schemes, which have been running since the company’s formation in the 1980s.
Overall representative example If you borrow £178,000 mortgage over 25 years initially at 4.49% fixed for 60 months reverting to 7.99% variable for term. 60 monthly payments of £988.37 and 240 monthly payments of £1306.89. Total amount payable £373,335.80 includes loan amount, interest of £194,956, valuation fees of £0 and product fees of £0. The overall cost for comparison is 6.7% APRC representative.
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
What types of mortgages can I get with BM Solutions?
Buy-to-let A buy-to-let mortgage allows you to borrow money to purchase a second property and let it out.
Let-to-buy A let-to-buy mortgage allows you to purchase a new property to live in yourself, while keeping hold of your current property to let out.
How to apply
You can apply online or get more information by calling 0345 850 5000.
A service on the BM Solutions website allows you to receive a decision regarding a mortgage application in less than one minute, as well as store, track and amend multiple applications.
What information is needed to apply?
As well as personal information, you’ll need to supply full details about your income, outgoings, address history and property portfolio.
Eligibility criteria
Applicants must be aged 25 or over. They must be no older than 74 when they apply, nor older than 79 when their mortgage term is due to end. There is no official minimum income, although this will be considered as part of the underwriting process.
The income stress rate for basic rate taxpayers is 125% at 5.5%.
Frequently asked questions
BM Solutions provides an online service allowing you to receive a decision on your mortgage application within one minute. It’s available 24/7. You can also use the feature to submit additional applications, as well as store, track and amend applications.
BM Solutions is the buy-to-let brand of Lloyds Banking Group.
The minimum loan amount is £25,000.
You can call BM Solutions on 0345 850 5000. If you need to send paperwork, this can be sent to BM Solutions Processing, PO Box 834, Leeds, LS1 9PW. Alternatively, documents can be uploaded via the document uploading service on their website.
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Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife.
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