BM Solutions to change its buy-to-let mortgage rental calculation
BM Solutions has announced it will make changes to its buy-to-let rental calculation and offer a more tailored approach for landlords. The lender used to be known as Birmingham Midshires.
The rental calculation is set to stay at 125% for basic rate taxpayers despite pressure from the Prudential Regulation Authority and the upcoming changes to mortgage tax relief. However, higher rate tax payers are likely to be subjected to tougher rules and possibly lower loan sizes.
Phil Rickards, head of BM Solutions, told Mortgage Solutions magazine that brokers would have access to two new affordability calculators to let them work out the maximum loan size. The calcualtore will assess the rental income and the clients personal finances.
He said: “I’m excited that after investing considerable time and resource in a tailor-made solution rather than a one size fits all approach, we continue to support sustainable buy-to-let lending for borrowers.”
A host of buy-to-let lenders have changed their rental calculations to lower their maximum loan sizes, although more banks and building societies have adapted to the new regulatory environment.
Trinity has access to lenders offering more generous mortgages when clients use their personal income or lock into five-year fix.
To secure a more generous buy-to-let mortgage, call Trinity Financial on 020 7016 0790.
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