Exclusive: BM Solutions reviewing portfolio property limits

BM Solutions is reviewing the number of properties it limits portfolio landlords to hold and making improvements to its application and underwriting process.

 

Speaking at The Buy to Let Forum, BM Solutions head Phil Rickards (pictured) also noted that it was making a significant investment in its technology systems, but reiterated that it was highly unlikely to enter the limited company sector.

Rickards told the audience in Manchester that the policy was under active review and he hoped to have an answer soon.

He also pointed out that the lender had invested in its portfolio offering, including developing underwriters.

“For example, our underwriters on every portfolio application will now pick up the phone to you and they will have a sensible conversation about what they need to get the application through to offer,” he said.

“We’re already getting feedback that it’s been very well received and we’re also changing the way we ask for information by simplifying the customer profile form.

“And over time we’ll automate the decision process, so it’ll be similar to what you see for a traditional buy to let,” he added.

When quizzed by the audience, Rickards confirmed that there was a “massive programme of IT development” taking place to improve the lender’s IT systems.

However, he repeated the statement that the lender was unlikely to enter the limited company arena.

“All of our reason for being is about writing traditional buy to let and writing it really well,” he continued.

“And if we carry on doing that there’s a big percentage of the market we can support, and we can support you with a slick process.”

 

SOURCE: mortgagesolutions

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