The product is keenly priced, tracking the Bank of England Base Rate for the first 2 years at BBR+ 2.69% followed by + 1.99% for the remainder of the term. The target market is light adverse with no redemption overhang after the initial two years:
- £2,000 CCJ’s (none in last 12 months)
- Arrears – Maximum 2 months (not increased in last 12 months)
- Bankrupt – 2 yrs discharged
- IVA – 12 months satisfied
Phil Jay, Managing Director comments: “With an uncharacteristic 95% LTV, BM Solutions are certainly broadening out their market appeal with tracker products like this one. Whilst the rates are cautiously keen the headline news is that BM, once again, show that their thirst for innovative products seems to be unquenchable!”
Martin Reynolds, Key Account Manager comments: “We have identified that this is a significant part of the market and whilst we are looking to bring our values and experience to this new sector, we are delighted to offer this via BDS.”
