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BM won&#39t lend in Scotland

From George Williamson

While it seems that BM Solutions is doing great, it does not wish to be great in Great Britain. While in theory it says it will lend in Scotland, in practice its systems make it almost impossible to recommend it to my Scottish clients. Why? In Scotland, an offer to purchase a property can be unconditionally accepted immediately by the seller, binding the purchaser to buy on a set date. The purchaser cannot then pull out without being sued. So a purchaser should always have an agreement-in-principle to borrow funds, to avoid the risk of buying and then not getting a mortgage.

BM Solutions does NOT provide an AIP service, and so is expecting Scottish clients to legally bind themselves to purchase a property, without knowing they have a mortgage, in practice a very risky move. HBOS has already stopped Bank of Scotland Mortgages via its branches in Scotland, and effectively will now not lend via BM Solutions in Scotland. Dare I say it, but HBOS could be becoming &#39institutionally racist&#39 (whether it is conscious of this or not).

George Williamson

The Mortgage Advice Brokerage



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