How to get 6 BTL mortgages with BM Solutions

How to get 6 BTL mortgages with BM Solutions

10:40 AM, 17th September 2013, About 11 years ago 7

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So many buy to let borrowers get frustrated because BM Solutions will only allow them to have 3 buy to let mortgages. However, now they have removed their minimum income requirements, this criteria is very easy to overcome for many borrowers.

The answer is to own the properties in your individual names. That way a couple can have three mortgages with BM Solutions each. Hey presto, that’s six mortgages with BM Solutions.

The are also many other advantages of owning the properties in individual as opposed to joint names. For details of this see my Landlord Tax Strategy.

If you would like to discuss further borrowing strategies why not have a chat with my business Partner, Neil Patterson. His contact details are npatterson@property118.com or you can call him on 01603 489 118BM solutions logo


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Comments

12:46 PM, 17th September 2013, About 11 years ago

Thanks for the tip Mark, well worth considering.
Sorry to be pedantic, but the silly 3 properties rule doesn't just apply to mortgages with BM, it is across the whole group. I'm sure you were already aware but added for clarity.
Taken from their criteria;

A maximum of 3 properties applies to all Buy to Let, Let to Buy and House 2 House lending across the Retail Division of Lloyds Banking Group (the Retail Division of Lloyds Banking Group consists of Bank of Scotland, Birmingham Midshires, C&G, TMB, Halifax, Intelligent Finance, Lloyds TSB, Lloyds TSB Scotland and Scottish Widows).

I maxed out long ago 🙁

Mark Alexander - Founder of Property118

13:22 PM, 17th September 2013, About 11 years ago

Reply to the comment left by "HB Welcome" at "17/09/2013 - 12:46":

My hope is that this huge conglomerate will eventually be broken up. It was a travesty that the merger of HBOS and Lloyds was ever allowed to happen in the first place. I'm certain that if it had been proposed at any time other than during the hight of the banking crisis then Monopolies and Mergers Committee would never have allowed the merger to take place.

In terms of the constituent parts of the Lloyds Banking Group you are quite right and thank you for making the observation.

Neil Patterson

13:39 PM, 17th September 2013, About 11 years ago

The Good news is we are about to potentially recoup 3.31 billion with a 6% government sell off of Lloyds TSB stock. Yipee 🙂

Mark Alexander - Founder of Property118

13:44 PM, 17th September 2013, About 11 years ago

Reply to the comment left by "Neil Patterson" at "17/09/2013 - 13:39":

Why does that excite you Neil?

More to the point, why should it excite me as a landlord?

Neil Patterson

13:50 PM, 17th September 2013, About 11 years ago

Reply to the comment left by "Mark Alexander" at "17/09/2013 - 13:44":

Money in the Bank (sorry about the pun) rather than on the balance sheet!

Mark Alexander - Founder of Property118

13:56 PM, 17th September 2013, About 11 years ago

Ah you mean real money as opposed to the stuff the banks make up?

And the benefit to me as a landlord is ......???

Neil Patterson

14:10 PM, 17th September 2013, About 11 years ago

Reply to the comment left by "Mark Alexander" at "17/09/2013 - 13:56":

Mark money is made up. It is just a piece of paper with a promise to pay!

Benefits to Landlords depends on if it is spent wisely but don't hold your breath.

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