The buy-to-let brand of Lloyds Banking Group has announced applications falling under the sector’s new underwriting standards can continue to be submitted online with no change in the process.
From 30 September, portfolio landlords will be assessed differently from non-portfolio landlords – who hold three or fewer mortgaged buy-to-let properties.
BM Solutions, which focuses on servicing landlords and the self-build sectors, has stated it will accept new mortgage applications that fall into the portfolio definition of customers holding four or more mortgaged buy-to-let properties and they will be assessed by one of its underwriters.
All applications will continue to be submitted online via the BM Solutions mortgage application system, with no change to its current process for landlords with three or fewer properties.
But portfolio applications will require brokers to provide additional information including proof of income and supporting documentation.
Phil Rickards, head of BM Solutions, said: “A continuous wave of changes in the past few years has led to added layers of complexity in the buy-to-let market.
“We have worked hard to keep our ethos of making things simpler, and whilst the new Prudential Regulatory Authority standards will require some more information at the time of application, I’m confident that our new proposition will support brokers to continue writing good quality portfolio business, backed by the award-winning service on which we remain focused.
“Being able to support both small and portfolio landlords with our tailor made proposition is a key part of our ongoing commitment to the market.”
The changes also include underwriting the full portfolio in its entirety, understanding business plans, cash flow, and personal affordability.
BM Solutions will introduce a national broker workshop programme from 21 August to help intermediaries understand the changes and how it will affect their customers and their business.