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BM Solutions Portfolio Landlord Changes

24 August 2017

BM solutions

From Monday 11th September all customers holding 4 or more mortgaged BTL properties will have a manual assessment by one of their experienced underwriters. 

Process

  • All applications will still be submitted via their online mortgage application
  • A new question will be asked to determine the number of mortgaged BTLs on application
  • 3 or less, including the new application will continue as current process
  • 4-10, including the new application, will require a “Customer Profile Form”, proof of income, deposit and supporting documentation
  • You will be advised of the “Customer Profile Form” requirement at DIP and full application
  • Upload “Customer Profile Form”, proof of income and deposit to Intralinks
  • Their experienced underwriters will review, instruct valuation on acceptable applications, or contact you if further information required
  • They will only instruct valuation after the underwriting process. 

Key criteria changes for Portfolio Landlords

  • No more than 10 BTL mortgaged properties including the new application to BM Solutions.
  • Minimum earned income of 30k – Income defined as; earned income from employment or self-employment (including taxable profit from the property portfolio); pension income; investment income
  • Maximum aggregate portfolio* of 75% LTV
  • Minimum aggregate portfolio Rental Cover Ratio of 145% stressed at 5.5%.
  • Unencumbered Let Property
  • – Not included in the count of mortgaged BTL property
  • – Must be declared on the Customer Profile Form – and will be included within the assessment of aggregate LTV and Rental Cover Ratio. 

Guidance Notes for completing the customer profile form can be seen here. 

For support please visit BMSolutions.co.uk or speak to your Business Development Manager.


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