Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 3 weeks ago 46
BM Solutions have changed policy and criteria for New Builds. The maximum Loan to Value now available on New Build houses and more importantly New Build Flats has increased from 65% to 75% LTV.
75% is the standard maximum LTV for BM Solutions and all products will now be made available to New Build houses and flats without penalty.
Since the Credit Crunch many Buy to Let lenders decided not to lend on New Build flats at all as they were left for a period with reduced or negative equity. This was partly a product of No Money Down schemes and legitimate same day remortgages often on New Build properties, but Flats took the worst hit in terms of reduced value.
It is great to see the market stabalise enough for one of the biggest BTL lenders recover its confidence in New Build properties and especially flats.
Phil Rickards, of BM Solutions said, “increasing the LTV to 75% across all new-build products demonstrates our commitment to supporting the New Build sector and provides landlords with greater support in providing rental accommodation.
Having the same maximum LTV for flats and houses and allowing those looking at new build to access our full product range gives brokers confidence in our message that we are fully behind the New Build sector.”
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