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BM Solutions adds PTs for landlords on payment holiday

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  • 21/04/2020
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BM Solutions adds PTs for landlords on payment holiday
Landlords with a BM Solutions mortgage who have taken a payment holiday to alleviate financial difficulty caused by the coronavirus pandemic can now apply for a product transfer.

 

There is no change to the standard product transfer process and requests should be submitted as normal.

After chancellor Rishi Sunak announced banks would offer any homeowner facing financial difficulty a mortgage payment holiday of up to three months, brokers discovered it affected some lenders’ product transfer processes.

Some lenders were unwilling or unable to offer borrowers, using the vital lifeline, a product transfer.

This meant if their deal ended during the break, when their payments resumed they would be calculated at the lender’s standard variable rate.

Phil Rickards (pictured), head of BM Solutions, said: “Being there for our customers and intermediaries when they need us is our priority and we remain committed to the buy to let market through these unprecedented times.”

 

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