Professional Mortgage Partnerships (PMP) has announced it has broken through the 100-member barrier and signed up 101 appointed representative firms.
PMP launched in April. In September it received full authorisation from the FSA.
BM launches BTL deals
BM Solutions has launched a range of buy-to-let deals. Its new switch option products enable customers to switch at any time to any BM Solutions buy-to-let product in the generic range, without any further arrangement fees.
BM Solutions’ buy-to-let products are all portable.
IMLA appoints Tim Dawson as chairman
IMLA has announced that from 1 January 2005, Tim Dawson, managing director of Mortgage Express, will be appointed to the position of IMLA chairman.
Tim will take over the position from IMLA’s current chairman John Maltby, chief executive of Kensington Group. Maltby will be stepping down as IMLA chairman but will retain a seat on IMLA’s Management Committee alongside Tim Dawson, Guy Batchelor, and John Heron.
BDS adds Halifax to lender panel
BDS Mortgage Group, the South-Coast based mortgage packager and distributor, has announced Halifax’s addition to its direct lender panel.
This takes the total number of lenders and product providers available through BDS to 50. It is currently in discussions with other lenders. Procuration fees and submission details are available upon request.
GMAC-RFC changes affordability calculations
GMAC-RFC has announced that for buy-to-let fixed and discount rates, affordability will now be assessed at the rate of Bank Base Rate (BBR) plus the margin of 1.25 per cent (total rate of 6 per cent).
At this rate the anticipated/actual rental income must cover the loan on an interest-only basis by a minimum of 125 per cent.
ER KFIs available on Exweb
The Exchange, the supplier of portal services to IFAs, has announced that KFIs in line with the FSA MCOB regulations are now available via the Equity Release Trading Platform on its Exweb portal.
The new service has been developed following consultation with both financial advisers and the lenders on the platform.
