Buy-to-let specialist BM Solution has removed its minimum income stress rate qualification and improved its minimum stress rates for five-year fixes and like-for-like remortgages.
The lender will remove the £55,000 minimum income stress rate qualification.
For purchase, Let to Buy and remortgage with capital raising and further advances, its five-year fixed rate stress rate is the higher of 5.5 per cent or pay rate of one per cent plus, and for five-year fixed rate at 65 per cent LTV or less is the higher of five per cent or pay rate plus one per cent.
On like-for-like remortgage, its five-year fixed rate stress rate is the higher of five per cent or pay rate plus one per cent.
The changes come into force from tomorrow.
Leigh Church, head of BM Solutions, said: “We want to support our landlord customers by offering a simplified approach, while ensuring that they’re able to manage any future rate increases.
“We keep our affordability models under review to ensure they combine a robust assessment with the flexibility to appreciate different situations.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
