"Whilst the new PRA standards will require some more information at the time of application, I’m confident that our new proposition will support brokers"
The lender will accept new mortgage applications that fall into the portfolio definition of customers holding four or more mortgaged buy-to-let properties which will be assessed by one of its underwriters.
Portfolio applications will require brokers to provide additional information including proof of income and supporting documentation.
BM Solutions will be implementing a national broker workshop programme from 21 August designed to help intermediaries understand the changes and how it will translate for their customers and for their own business.
Phil Rickards, Head of BM Solutions, said: “A continuous wave of changes in the past few years has led to added layers of complexity in the buy-to-let market. We have worked hard to keep our ethos of making things simpler, and whilst the new PRA standards will require some more information at the time of application, I’m confident that our new proposition will support brokers to continue writing good quality portfolio business, backed by the award-winning service on which we remain focused.
“Being able to support both small and portfolio landlords with our tailor made proposition is a key part of our ongoing commitment to the market. I would strongly urge brokers to contact their BDM to secure a place at our upcoming workshops where we will unveil full details of our criteria.”
