BM Solutions Buy To Let Mortgages
Buy to Let Mortgage Service
Why choose us?
Fair Mortgages can provide you with a first class service if you are looking for buy to let mortgage advice.
Special features of what we offer include:
- Whole of market broker - we deal with most UK buy to let lenders including BM Solutions
- Access to leading buy to let market rates
- Access to exclusive buy to let mortgage deals not available on the high street
- Expert help whether you are a first time investor or full time landlord
- We have lenders who will take into account previous defaults and missed payments
- Complex buy to let or have a portfolio of 5+ properties? - speak to us
To investigate your buy to let mortgage options including BM Solutions, call our specialist team or fill in our call back form.
The essence of the Fair Mortgages service is professional independent mortgage and protection advice brought to you by a team of specialist advisers and experienced administration support.
As your mortgage is such an important transaction, good advice is imperative.
BM Solutions Buy To Let Mortgages
If you wish to invest in property on a buy to let basis you may be wondering what BM Solutions buy to let mortgages may be available. BM Solutions buy to let mortgages present a range of plans with both fixed rate and offset options.
In order to be eligible for BM Solutions buy to let mortgage:
- All applicants need to be at least 25 years old
- The eldest applicant cannot exceed 75 at the end of the mortgage term, minimum terms is 5 years.
- At least one applicant must own a property in the United Kingdom
- Other applicants must either currently own a property in the UK or have previously owned one.
About BM Solutions
BM Solutions is part of the Lloyds Banking Group, and it operates as the mortgage division of Birmingham Midshires since 2001. It offers a wide range of mortgages, including buy to let products through intermediaries.
About getting a buy to let mortgage
Although you may be familiar with home buyer mortgages, securing buy to let mortgage finance has some distinct differences from standard home finance:
Most providers of buy to let mortgages will require a larger deposit than you would expect. When searching for a property you intended to live in, lenders tend to offer buy to let mortgages with a maximum loan to value of 75%. Therefore, you may need to be able to put down a deposit of at least 25% on the proposed property. Depsite the high deposit requirement with most lenders, there are some products available that need smaller deposits. As with most kinds of finance however the larger the deposit you can afford to put down, the lower the interest rates will be on the loan.
Due to changes in how buy to let mortgages are regulated, landlords with multiple properties can no longer spread equity across their entire portfolio. Lenders now require an in-depth review of the applicant's property portfolio to make sure that every property is profitable. This means that if one or more of an applicant's properties are not profitable, then BM Solutions will not provide the buy to let mortgage.
While most lenders will still have a minimum income requirement for applicants, buy to let mortgages do not tend to be based on a multiple of the applicant’s income. Instead many providers calculate affordability on the rental value of a property. Generally, lenders will require the potential monthly rental yield to cover at least 145% of the monthly mortgage payment, based on a professional rental valuation.
In addition, BM Solutions apply an income stress test to ensure that the applicant can afford mortgage payments in the event that the interest rates increase to 5.5%.
Speak to us
Whether you already are a landlord or you are looking to purchase your first buy to let property, you may benefit from enlisting the services of a professional, independent mortgage adviser. Independent mortgage advisers can guide you through each step of the buy to let mortgage application process and provide impartial advice. In addition, they can use their expertise to search across the whole of the buy to let mortgage market to find the deals that fit your requirements from a variety of different lenders.
To find out if Fair Mortgages could help you secure a buy to let mortgage, you can fill in our online contact form to request a call back for a free initial consultation from one of our mortgage advisers. Alternatively, you can contact us direct.
Speak to our specialist team to help you find the right mortgage option for you.