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The buy to let mortgage lender battle for the hearts and minds of landlords has stepped up another gear as BM Solutions cut rates on some deals.
The lead up to Easter has seen most of the big players jockey for position in the buy to let market with rate cuts, slashed fees, plus free valuation and legal fee bundles.
The largest lender in the sector – The Mortgage Works cut some rates by up to 0.5% and loosened lending criteria by increasing loan-to-values on some products to 80% and adjusting rent cover to 125% calculated at a 5.99% interest rate.
Property investment specialist responded by opening The Mortgage Trust brand for new business after an absence of around three years from the market.
Other lenders like Platform Home Loans and Kensington have also rejigged their product ranges.
Now, BM Solutions is offering landlords new, streamlined deals – a two-year fixed rate deal at 4.49 up to 60% loan-to-value or a two-year fix at 5.75% up to 75% loan-to-value.
Both deals have a £995, but come with £500 cash back if borrowers opt for BM Conveyancing.
Other features include rate cuts up to 0.15% for customers using BM Conveyancing, cash backs, and a range of fee choices, such as flat or percentage fees.
Phil Rickards, head of sales at BM Solutions, said: “This latest launch is great news landlords and shows that BM Solutions is leading the pack again.
“These market leading deals demonstrate that we’re delivering what brokers want – more evidence of our commitment to the sector.”
Meanwhile, news that might have an effect on the buy to let mortgage market is the merger of the Yorkshire Building Society with the Norwich and Peterborough Building Society.
Struggling Norwich and Peterborough was hit with a 31.4 million fine and an order to pay investors £51 million in compensation after misselling investments.
The N&P is a property investment lender – especially to commercial borrowers – while the Yorkshire has flagged entering the buy to let market in the summer. Last year, the Yorkshire took over buy to let favourite The Chelsea Building Society, after the latter was hit by a massive fraud problem.
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