BM Solutions, the buy to let brand of Lloyds Banking Group, (which focuses on delivering competitive products and servicing for buy to let, house to house and self-build sectors), has made changes to the BM Solutions buy to let product range starting from Tuesday 17th November.
The lender has applied changes across a whole range of its products, tapping into the ever-increasing customer demand – particularly for buy to let property – across the market. These include the removal of the lender’s 1 year tracker and remortgage products, as well as removing cashback from all products.
BM Solutions has announced that these changes have also been applied to products from its core range, with its 2 year fixed and tracker products with 75% loan to value (LTV) now increased by 0.2%. Despite the 60% LTV 2 year fixed product rates remaining unchanged, the lender has also reduced its 3 year fixed products with 60% LTV by 0.05% and 75% LTV products by 0.65%.
5 year fixed products have also witnessed changes, including 60% LTV products decreasing by 0.4% and 75% LTV pricing decreasing by 0.45%. Fees have also increased to £1,995 for all the previously mentioned rates.
As the future of the mortgage market and interest rates remain uncertain, fixed rate mortgages are an increasingly hot topic, with other lenders such as Virgin Money equally making changes to its fixed rate offers in line with customer demand.
It has recently been announced that Virgin Money has released its latest rate of 3.45% which will remain fixed until February 2021 – great news for those wanting to stay comfortable whatever the rate forecast brings over the next few years.
This product is portable with overpayments allowed, available with a maximum LTV of 90% which will revert to 4.79% after the initial 3.45%. (This overall cost is in comparison to 4.4% APR based on borrowing £150,000 over 25 years, and is the equivalent interest rate of the mortgage over the whole term.)