With immediate effect, the rental income calculation will be amended to BBR + 0.50 per cent for all buy-to-let products across the three rental tiers: 125 per cent, 110 per cent and 100 per cent.
Matt Grayson, head of PR at BM Solutions, said: "We have taken the move to payrate as with the impact of interest rate rises coming through and added pressure on rental yields, we wanted to make our product range more attractive. BM has always competed keenly on rates and we want to show we will do so on criteria as well. We are not going to give up our position as the number one buy-to-let lender and we are showing that through this move."
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