Buy to let semi-exclusive rates are made available by BM Solutions

by Neil Patterson

13:00 PM, 7th June 2012
About 9 years ago

Buy to let semi-exclusive rates are made available by BM Solutions

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Buy to let semi-exclusive rates are made available by BM Solutions

BM Solutions are making semi-exclusive products available to their preferred broker sources showing they still have an appetite and spare funds available to lend.

The two buy to let products launched recently are both two year fixed rates at 4.89% if you use BM Conveyancing and 5.04% if you use your own solicitor.

These rates are not headline grabbing on their own, but with a completion fee of only £995, and depending on individual requirements  can be cost effective for larger loan amounts.

Product detail and criteria for semi-exclusive 4.89% 2 year fixed rate

4.89% two year fixed until 31/08/2014 subject to using BM Conveyancing

Reversion rate after 31/08/2014 is Bank Base Rate (currently 0.5%) + 4.34% which would be 4.84%

Maximum Loan to Value 75%.

Completion fee of £995 can be added on top of the maximum 75% LTV.

Early repayment charges are 3% of the balance repaid until 31/08/2014

The amount you can borrow is calculated by the monthly rental income having to cover the interest only mortgage payment by 125%. This gives you the ability to borrow up to 196.31 times the property’s monthly rental income as assessed by the lender’s valuation survey up to 75% LTV.

Minimum loan amount £25,001 and minimum property value £40,000

Minimum applicant income required of £25,000

Cost over the 2 years not including incentives on a £100,000 interest only advance = £10872.31 To see how this is calculated click here for previous article “How to choose a Buy to Let mortgage based purely on cost”

Product detail and criteria for semi-exclusive 5.04% 2 year fixed rate

5.04% two year fixed until 31/08/2014 with no requirement to use BM Conveyancing

Reversion rate after 31/08/2014 is Bank Base Rate (currently 0.5%) + 4.34% which would be 4.84%

Maximum Loan to Value 75%.

Completion fee of £995 can be added on top of the maximum 75% LTV.

Early repayment charges are 3% of the balance repaid until 31/08/2014

The amount you can borrow is calculated by the monthly rental income having to cover the interest only mortgage payment by 125%. This gives you the ability to borrow up to 190.47 times the property’s monthly rental income as assessed by the lender’s valuation survey up to 75% LTV.

Minimum loan amount £25,001 and minimum property value £40,000

Minimum applicant income required of £25,000

Cost over the 2 years not including incentives on a £100,000 interest only advance = £11175.30

If you would like to add your own requirements and search for the most popular available Buy to Let products please click here


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