They are all to 85% LTV for a full 2 Years from completion with ERCs of 6% Year 1 and 5% year 2 on the first two products and 6% 6% on the third product. All have a valuation fee refund to a maximum of £490 and the third option has in addition fully flexible facilities to include overpayments, underpayments, drawdown facilities and payment holidays.
The first tracks Bank base rate - currently 5.50% Rental calculations are 100% at the pay rate and an arrangement fee of £1199 applies. The second tracks Bank base rate minus 0.20% - currently 5.3% - Rental calculations are 110% at the pay rate and an arrangement fee of £1199 applies. The third tracks Bank base rate minus 0.50% - currently 5.00%. Rental calculations are 125% at the pay rate and an arrangement fee of £1499 applies.
Helen Hymos, PMPA’s lender relationship manager, said “We are thrilled to have access to this superb range of BTL products, which complement each other and allow flexibility on rental yields. BM Solutions clearly values its relationship with PMPA and is working continually with me to give PMPA innovative products in many areas. Brokers can access these products directly, via the PMPA member’s drop down box.“
Iain Williamson, head of key accounts, BM Solutions said “As the number one lender in buy to let, we recognise the importance of having a choice of products available, and that one size doesn't fit all. I know these deals which recognise the changing market will be well received by PMPA members.”
