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BM Solutions launches buy-to-let products for one week only

BM Solutions launched two market leading buy-to-let products on Saturday, available for one week only.

The new deals, both available up to 75% LTV, are available for a limited time only and all applications need to be submitted by 8pm on Friday November 5.

The launch includes a two-year tracker at 3.75% and a two-year fixed at 4.25% and both come with a 0.5% product fee.

Phil Rickards, head of sales at BM Solutions, says: “This launch introduces two very competitive products to the mix, strengthening our commitment to the buy-to-let market.

“We expect them to be really popular with brokers – but applications need to be in within the next week to qualify for these cracking rates.”

Andy Young, chief executive of TBMC, says by limiting the deal to one week the lender is guarding itself against a deluge of applications.

He says: “The combination of a high 75% LTV, low rates and a 0.5% fee, which is usually around 3%, make this deal very, very competitive. In my view it is the best deal on the market and it is great to hear some good news from BM Solutions as they haven’t been giving us much recently.”

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  • Gary 18th November 2010 at 1:36 pm

    did around £20k worth of business in one week

  • Joe Adamson 3rd November 2010 at 5:10 pm

    Bobby – you are in the wrong job mate. If you can’t go through your client bank/enquiries for all the BTL potential business you have had over the last few months and drum up several cases from this then you might as well pack up and go home. Especially as its BM so the full app can be done start to finish in about 10-15 minutes over the phone with the client. I’ve already closed 3 cases worth a total of £3,000 and submitted them to BM today, and expect to get at least 2-3 more by the end of the week. Would I like them to keep the deals permanently, of course, but I’m not going to look a gift horse in the mouth.

  • Lee Francis 3rd November 2010 at 2:09 pm

    great rates, great lender about time on this. Yes it’s only a week but thats life have to get on with it and hope clients come back to us quicker.

  • Mark Stroud 2nd November 2010 at 9:28 am

    Reduce maximum portfolio to 3, no longer allow first time buyers and suddenly your business drops off. Try pushing a white label conveyancing service that doesn’t take so in the end go back to what you know and try offering low rates to get some business.
    Who’s in charge of the clattering train?

  • Luke Atkinson 1st November 2010 at 11:39 am

    Great news – these initiatives should become common place, they would increase business for fast and efficient brokers and highlight the inadequate and outdated working practices of others.

    Well done BM.

  • Bobby 1st November 2010 at 11:34 am

    The product is very good, the timescale is not. We will see how his pans out with the online application and admin and have a chat later.

  • Andy Valvona 1st November 2010 at 11:23 am

    I am confused as to why this product launch has been deemed a waste of time by one respondent – there is clearly a limited amount of funding available to fulfil this product – would the writer prefer a booking system along the lines of that of the Woolwich a few years ago?

    BM Solutions should be applauded for launching such a product – one which many clients will now be able to benefit from, and, of course, that gives many advisers a reason to contact some of their clients now.

  • Bobby 1st November 2010 at 11:14 am

    I couldn’t disagree more. A product for 5 working days is no good to anyone. What is the rationale in this ?. What if they are knocked over in the rush and the system crashes or they pull the rate after 48 hours. I would prefer stability and a rate that is around for sufficient time to contact the client, get all the paperwork, documents and compliance in order and submit it in a reasonable timescale without a a ridiculously short timescale. If you want to work in this ” random chaos ” environment that is up to you. So no I do not applaud it and if you perceive that to be negative be my guest.

  • Dan McGeehan 1st November 2010 at 10:42 am

    Bobby this should be applauded rather than having your usual negative comments. It is just like a lender having a tranch of funds but rather than suddenly getting an email saying it is pulled we have a specific timescale. We should welcome products that help brokers get extra business. Proactive brokers just now will be contacting clients early this week which will result in business they would not have had otherwise

  • Bobby 1st November 2010 at 10:08 am

    What is the point ?. No seriously, what is the point ?. 1 week only, total farce. DO NOT waste our time.