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BM Solutions unveils LTV and RCR limits for portfolio landlords

  • 21/08/2017
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BM Solutions unveils LTV and RCR limits for portfolio landlords
BM Solutions has released further details of its criteria for portfolio buy-to-let landlords from 1 October.

The lender, which is part of Lloyds Banking Group, will accept applications from landlords with a maximum of 10 mortgaged buy-to-let properties including any new application to BM Solutions. No more than three properties may be with Lloyds Banking Group

BM Solutions will require applicants to have a minimum aggregate portfolio Rental Cover Ratio (RCR) of 145%, stressed at 5.5%.

A minimum of £30,000 earned taxable income per application will also be required with a maximum aggregate portfolio loan-to-value (LTV) of 75%.

As part of the incoming changes prompted by the Prudential Regulation Authority (PRA), applicants with four or more mortgaged buy-to-let properties will be required to provide further information when the full application is made, including proof of income and supporting documentation.


Education workshops

BM Solutions head Phil Rickards (pictured) said: “Keeping things as simple as possible for brokers is a fundamental part of our continued support for the market as we move through the next major change as an industry.

“Our tailored approach is designed to help brokers continue to write quality business for portfolio landlords, supported by our expert underwriters and top-class service.”

The lender has also begun its broker education workshops around the country.

“From this week we are speaking to several thousand brokers up and down the country, covering the new criteria in detail and helping show how it will translate into real time for their businesses,” Rickards continued.

“There are still a few places remaining so those still looking to attend should contact their BDM as soon as possible.”

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