BM launches 90 per cent self-cert Mortgages

Ramesh Sharma

June 1, 2004

The range will be launched by the lender on 18 November. Among the products available is a flexible lifetime tracker at Bank Base Rate (BBR) plus 1.59 per cent, currently 6.09 per cent. There is also a two-year tracker product priced at Base Rate plus 0.84 per cent, currently 5.34 per cent, and a two-year tracker mortgage deal with free remortgage service and refund of valuation fee at Base Rate plus 1.09 per cent, currently 5.59 per cent. All products have a £599 arrangement fee.

Matt Grayson, head of public relations at BM Solutions, said the products reinforced the lender’s standing in the specialist lending market. He said: “These products reflect BM Solutions’ commitment to the self-certification market. We have done some great business in self-cert this year and are one of the leading lenders in the sector.

“We are constantly reviewing, tweaking and changing our product criteria to suit the needs of the market and believe that increasing the LTV of these new products to 90 per cent illustrates this.”

David Hollingworth, mortgage specialist at London & Country, said the 90 per cent deals would further heat up competition in the high LTV self-cert market. “The thing that makes these products stand out is the LTV. On a self-cert, 90 per cent is still quite rare and this will add competition to the high LTV self-cert arena.

“GMAC-RFC, Platform and Bristol & West already operate in this market and these products are what you would expect to see. Though some of GMAC-RFC’s rates just slightly nibble at the rates being offered by BM Solutions,” he said.

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