Phil Rickards, head of BM Solutions, said:“The PRA underwriting requirements for portfolio landlords have resulted in a variety of lenders developing solutions. This greater level of choice is good news for brokers but can also lead to some confusion."
BM Solutions has introduced an online portfolio calculator to calculate loan-to-values (LTV) and rental cover ratios for portfolio lending, helping brokers with portfolio landlords.
In response to broker feedback, BM Solutions developed it to check clients’ eligibility and criteria before submitting a case.
Phil Rickards, head of BM Solutions, said:“The PRA underwriting requirements for portfolio landlords have resulted in a variety of lenders developing solutions. This greater level of choice is good news for brokers but can also lead to some confusion.
“After an early review, we have simplified our portfolio process with the introduction of a new online portfolio calculator to help brokers to calculate LTV and rental cover ratios for portfolio lending.
“We have responded swiftly to broker feedback by enhancing our customer profile form – making iteasier to complete, and enabling brokers to check the key elements of portfolio criteria prior to submitting the case.”
When submitting a full application for portfolio cases, a completed customer profile form, proof of income and proof of deposit and any other requested supporting documents, should all be sent at the time.
BM Solutions lends to those with no more than 10 mortgaged buy-to-let properties, the borrower has to have a minimum income of £30,000 and the maximum aggregate portfolio is 75% LTV.
Read our guide to BM Solutions for intermediaries here.
