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BM unveils first 2008 products
19 January 2008
BM Solutions has added two products to its portfolio of mortgage packages.
The lender has introduced a new buy-to-let (BTL) deal and a mainstream capped rate offering.
The deals are the first major mortgage product introductions from BM Solutions for 2008.
The BTL mortgage loan has a rate of 4.99 per cent and includes 125 per cent rental income cover, with a product fee of 2.25 per cent of the loan amount.
The mainstream capped rate has a below Base Rate fee of 0.39 per cent until June 2011, which is currently set at 5.89 per cent and capped at that rate until the end of the term.
The product fee is 1.25 per cent of the loan amount.
Phil Rickards, head of sales at BM Solutions, said: “There are some really great rates in this new product launch, including some fantastic BTL products.
"The mainstream capped rate is also a great product for borrowers who want the security of knowing that their payments will never go up, but still benefit from any rate cuts. We’ll continue to support brokers with great deals like these, backed up with outstanding service.”
Darren Pescod, managing director for The Mortgage Broker Ltd, added: “Both of these products will probably find a little niche. The arrangement fees are quite high, but it does give clients choice. Particularly with the BTL deal, clients might want the rental cover, but they are going to have to pay a premium for that deal.”
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