BM launches exclusive deals through Intelligence

Ramesh Sharma

February 11, 2006

The range includes a 4.99 per cent buy-to-let (BTL) two-year tracker available at 85 per cent LTV with a valuation refund and £250 cashback with an arrangement fee of £599; a 5.49 per cent self-cert three-year tracker, available at 85 per cent LTV with fully flexible features and an arrangement fee of £499; a 6.04 per cent near-prime two-year tracker, available at 90 per cent LTV, with a valuation refund and £350 cashback and an arrangement fee of £599.

Martin Reynolds, head of sales at BM Solutions, said: “We’re pleased to be offering these products through Mortgage Intelligence. The new deals reflect BM Solutions working with partners to respond to the ever-competitive market climate.”

Sally Laker, managing director of Mortgage Intelligence, said: “These products are a great kick-start to February and we’re sure they will be snapped up by our members, in particular the BTL deal.”

Despite BM’s and Mortgage Intelligence’s upbeat message, brokers have given the products a cautious welcome. Nicholas Hanson, director of Hanson Financial Management, said: “The BTL is competitive, especially as the £250 cashback and free valuation can go towards legal fees. The arrangement fees are also quite good as you can often find 1 to 1.5 per cent arrangement fees on a BTL mortgage so you always have to be quite suspicious.

“The 6.04 per cent near-prime is a little high but the 90 per cent LTV is very good as it helps to offset the percentage. The self-cert is not particularly sexy but it’s good to have another product from a mainstream lender in that market.”

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