Buy to let remortgage ‘fire-sale’ from BM Solutions until 3/6/2011
BM Solutions, the specialist buy to let lender of the Lloyds Banking group has today launched 2 very attractive buy to let remortgage products aimed at attracting large volumes of business but the offer is only available for the next 9 days.
The main features of the remortgage only product and what will probably make it extremely attractive to those buy to let investors sitting on standard variable rate is that it only carries a 0.5% arrangement fee and also has the benefit of £500 cashback on completion which will more than cover remortgage legal fees. The arrangement fee can be added so the only upfront cost of this buy to let mortgage is the valuation fee payable on application.
Choice of product options:
- 4.29% fixed rate until 1/9/2013
- 3.79% tracker rate for 24 months following completion (3.29% above Bank of England base rate)
The buy to let remortgage product is available up to 75% loan to value but what may restrict your ability to take this competitive deal is that applicants can only have a maximum of 3 Buy to Let mortgages across the Lloyds Banking Group (includes BM Solutions, Bank of Scotland, TMB, Halifax, IF, C&G, Scottish Widows & Lloyds Bank)
There is a completion deadline of 30/6/2011 so you need to ensure that your solicitor can complete the remortgage transaction extremely swiftly.
Key elements of BM Solutions Buy to let mortgage lending criteria is as follows:
- Minimum Age 25 & Maximum age 75 at end of mortgage term
- 125% rental cover based on pay rate
- Minimum £25,000 in income is required
- Minimum property value £40,000
- Maximum number of occupants is 5 and will allow HMO’s as long as on 1 joint tenancy agreement and property is let to professionals
- Remortgage property must have been owned for at least 6 months
Demand is expected to be high for these products and if you would like to discuss your specific circumstances with one of our qualified advisors to see if this buy to let remortgage is suitable for your needs then contact Mosaic Mortgages at your convenience.