11:17 AM, 26th May 2011, About 11 years ago
One of the leading buy to let industry lenders, BM Solutions, has released two new Remortgage only buy to let products that must complete on the draw down of funds by 30/06/2011.
This type of short term product release is normally a sign that a lender is keen to use unallocated lending funds not sold through their existing product range, or an appetite to gain market share before a specific point in their financial year.
Regardless of the reason for this release, BM Solutions is obviously keen to capture a greater percentage of remortgage business than it is currently able to attract.
The products released today are:
4.29% 2 year fixed until 01/09/2013 with a 0.5% product fee and inclusive of £500 cash back. Early repayment charge 3% of the amount being repaid to 01/09/2013. Maximum 75% Loan to Value. Reversion rate at the end of the initial period is Bank of England Base Rate plus 4.34% for the life of the loan (currently 4.84%).
3.79% 2 year Tracker until 24 months after the completion date with a 0.5% product fee and inclusive of £500 cash back. Early repayment charge 3% of the amount being repaid to the end of year 2. Maximum 75% Loan to Value. Reversion rate at the end of the initial period is Bank of England Base Rate plus 4.34% for the life of the loan (currently 4.84%).
Consumers must be aware that they need to be in a position to complete on the remortgage transaction with their solicitor before 30/06/2011 or potentially risk losing any incurred costs up to this date.
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