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BM Solutions overhauls fees and closes conveyancing service

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  • 01/10/2018
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BM Solutions overhauls fees and closes conveyancing service
BM Solutions has changed the fees on mortgage applications made to the lender.

 

The lender has ended its mortgage account fee of £295 for products in the buy-to-let remortgage and purchase range.

A flat fee for Level 1 standard valuations of £300 has been introduced for all purchase mortgage applications and revaluation fees for additional borrowing have been capped at £300.

It has also removed the £100 administration fee for Level 1 standard valuations and Level 2 Homebuyers Report valuations.

Free Level 1 standard valuations for remortgage products will remain.

Phil Rickards, head of BM Solutions, said: “This package of changes is being introduced to ensure we continue to add value to our products for brokers and their clients.

“By streamlining our valuations process and simplifying our products, we can ensure the same Level 1 valuation fee applies for all customers, regardless of the property purchase price.”

 

BM Conveyancing closes

BM Solutions has also closed its BM Conveyancing service joint partnership with United Legal Services (ULS).

The service accepted its last instruction on 20 September, however the post-instruction service including progression updates and case tracking will continue until all pipeline cases have completed.

In a frequently asked questions document posted on its website the lender said the decision was taken to simplify the BM Solutions proposition and focus on the core business of buy-to-let (BTL) mortgages.

“Following recent changes in the BTL market, this change will allow us to provide increased levels of support to our intermediary partners,” it said.

It added that referral fees will continue to be paid on any pipeline cases that complete even if completion is after 20 September.

BM Solutions noted that ULS had its own branded service but other service providers were available and it would not be recommending another one as a replacement.

 

 

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