BM Solutions make changes to buy-to-let portfolio mortgage criteria
Today, BM Solutions (part of Lloyds Banking Group) has announced significant changes to their buy-to-let (BTL) and let-to-buy (LTB) mortgage criteria. From tomorrow (Friday the 29th of November) landlords will have greater borrowing flexibility, providing them with more opportunities to expand their property portfolios. What does this mean exactly? BM Solutions are increasing the number of mortgaged properties that they will allow landlord clients to have in their property portfolios. In this blog, I will run through the recent changes from the lender and discuss how this will specifically help Oportfolio’s clients.
The Key Changes To Buy-To-Let Portfolio Mortgage Criteria
So, what are these changes exactly? BM Solutions sent our brokers at Oportfolio Mortgages an email today confirming the following updates to their stance on buy-to-let portfolio mortgage landlords.
- Increased Property Limit: Landlords can now have up to 10 BTL/LTB mortgaged properties with Lloyds Banking Group, up from the previous limit of five.
- Higher Total Portfolio Value: The maximum permitted total value of BTL/LTB mortgages with Lloyds Banking Group rises from £3 million to £5 million.
- No Change to Overall Portfolio Limit: The total portfolio limit with all lenders remains capped at 10 properties.
- Further Advances: These new limits also apply to customers seeking further borrowing on existing properties.
This change affects customers with BTL/LTB mortgages across Lloyds Banking Group brands, including Bank of Scotland, Birmingham Midshires, Halifax, Lloyds Bank, and Scottish Widows.
Buy-To-Let Mortgage Landlord Mortgage Advice
Oliver Whitehead, our Managing Director at Oportfolio Mortgages, welcomed the announcement, highlighting the positive impact it will have on clients hoping to progress in the private rental sector.
“This is a fantastic development for our property investor clients who hold multiple properties within their portfolios,” Oliver said. “Increasing the maximum number of properties and the total lending cap with Lloyds Banking Group provides much-needed flexibility for landlords looking to grow or refinance their portfolios. At Oportfolio, we collaborate with many professional landlords, and this change opens up new avenues for them to maximise their investment potential, especially in today’s competitive rental market.”
Speak To A Buy-To-Let Mortgage Expert
If you are a landlord or property investor looking to take advantage of the new buy-to-let portfolio mortgage criteria, Oportfolio Mortgages is here to help. Contact us today to discuss how these changes could benefit your portfolio and investment goals.
