Buy-to-let lender BM Solutions has unveiled a range of products with free valuations to help cut the cost of remortgaging.
Highlights for the 60 per cent loan-to-value include a two-year fix from 1.69 per cent and a five-year fix from 2.24 per cent.
Borrowers with a 15 per cent deposit can opt for a two-year fix from 2.04 per cent or a five-year fix from 2.79 per cent.
BM Solutions, the buy-to-let arm of Lloyds Banking Group, will cover the cost of valuations up to £1,500.
All of the products are available for purchase or remortgage.
Phil Rickards, head of sales at BM Solutions, said: “As part of our ongoing commitment to the market and as we enter this new era, we have reintroduced free valuations to help drive down the up-front cost of remortgaging for customers.
“It’s quite clear that the market has moved in favour of remortgages and through extending the choice available at competitive rates and covering the cost of valuations, brokers can continue to write good quality business and meet the needs of their customers.”
Liz Syms, chief executive at London-based Connect Mortgages, commented: “Those products are really competitive and also come from a lender that is very recognised in the buy-to-let market, among clients as well as brokers. I think they will be very, very popular in terms of people securing fixed rates.
“BM also has quite a streamlined process, so they are a good lender to use because the keep the process more straightforward.
“That is good because they are one of the lenders that are having to look at their process because they will need to underwrite differently. It may be different for those with four or more properties, so they can take advantage of the current streamlined process.”
simon.allin@ft.com
