BM Solutions plans to offer B2L cascading

BM Solutions has confirmed it is working on a technology solution that will allow it to offer buy-to-let cascading.

At the moment, the HBOS lender informs brokers verbally when it is unable to lend the desired rental cover but it hopes in time to be able to use technology to cascade borrowers down to more suitable levels of cover.

Paul Hunt, head of marketing at Platform, which already offers buy-to-let cascading between 125% and 110% rental cover, says: “The buy-to-let market is maturing so cascading is a natural progression. It’s offering customers choice and as long as we stay responsible there is nothing wrong with that.”

But Jonathan Moore, head of marketing at Mortgages for Business, says: “The problem is that lenders are charging large arrangements fees for offering these cascading facilities.”