BM Solutions sets out portfolio lending criteria


August 21, 2017

BM Solutions has clarified its portfolio lending criteria ahead of new underwriting standards taking effect from 30 September 2017.

BM Solutions’ underwriting approach for portfolio landlords will include a maximum of 10 mortgaged buy-to-let properties and a minimum of £30,000 earned taxable income per application.

Maximum aggregate portfolio loan-to-value of 75% and a minimum aggregate portfolio rental cover ratio (RCR) 145% stressed at 5.5%.

Applicants with four or more mortgaged buy-to-let properties will be required to provide further information when the full application is made, including proof of income and supporting documentation.

Phil Rickards (pictured), head of BM Solutions, said: “Keeping things as simple as possible for brokers is a fundamental part of our continued support for the market as we move through the next major change as an industry.

“Our tailored approach is designed to help brokers continue to write quality business for portfolio landlords, supported by our expert underwriters and top-class service.

“From this week we are speaking to several thousand brokers up and down the country, covering the new criteria in detail and helping show how it will translate into real time for their businesses. There are still a few places remaining so those still looking to attend should contact their BDM as soon as possible.”

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