However if the personal affordability is stretched this may not leave them with the capacity to retain such savings. BM Solution Facts. Confirms the relationship between the donor(s) and the applicant(s). the information contained on this site, to be used with or to advise private clients, Additional Information: And the number of The list below provides guidance on the scenarios in which an appeal may be successful: Porting application with no additional borrowing. property number or street name this must be amended by us prior to completion. complex. It is not acceptable to hold the freehold in a Ltd company with the customer as sole director, majority shareholder or with any family member, It is only acceptable for the customer to own one unit in the whole building, including any new applications, Our charge must be registered on the leasehold interest only. Property is rural and copies of neighbouring titles are required to check servitudes/access rights etc. Where funds have originated from a Business Account, you must obtain confirmation from the accountant that the withdrawal will not have a negative impact on the business. We also understand that the BTL may be in a single name whilst personal financial commitments may be held jointly with another party. Right to Buy/Shared ownership applications are not acceptable. Repayment, Interest Only or a combination of the both are acceptable. refurbishment of an existing residential property. Applications that involve a distressed sale or a sale and leaseback are not acceptable. BBTL mortgages are not regulated and CBTL mortgage is regulated by the HM Treasury. 17th may 2021 These include your customers existing lender's conveyancer's fees if the existing For further advances, the minimum loan amount is £5,000. This must show at least one of the applicants' names. * This applies to all Buy to Let and Let to Buy applications whether client is employed, self-employed, or operating as an umbrella company. The Credit History question should be answered as ‘Yes’ if any customer has had a County Court Judgement (CCJ) or default registered against them, or if self employed against their business, within the last 6 years. As part of our commitment to make things easier BM Solutions will cover the standard Additional Information: Latest payslip,(this applies whether the applicant is paid weekly or monthly). Barclays buy-to-let mortgage is a residential investment product. Properties subject to Local Authority Homes in Multiple Occupation (HMO) licensing may be acceptable, subject to the valuer’s assessment of suitability based on the following requirements: We will accept a remortgage on an inherited property where the applicant is a beneficiary but has not owned the property for 6 months. rules. Limited company purchases – no lending allowed to purchase from own limited company. This date will then revert to the customer's chosen payment date on the following month. mortgage-free property. The purchaser also must be a resident in the UK. Applications will not be accepted where a second charge is being completed at the same time as the BTL application. Credit Score Decline Appeals and any search fees, registration fees or other costs, whether or not the matter goes Whilst some self-employed income we allow is not truly 'net profit', we use this field in our affordability assessment and in our policy rules. Business/Consumer BTL Free Conveyancing The definition of a family member is someone who is related to at least one of the applicants: If requested, either UK based Current Account or Savings Account statements will need to be provided, or alternatively a passbook. A sub-sale occurs when a property is bought and then sold on within six months, i.e. It is only acceptable for the customer to own one unit in the whole building, including any new application. For certain applications, deposit verification will be requested. Latest 3 months’ bank statements for the account which is used for business purposes may be required. gifted deposit is involved. granted "Indefinite Leave to Remain". | the borrower is buying the property from someone who has themselves bought the property less than six months before. (Some non UK passports not applicable), Bank, Building Society or Credit Union Statement, Benefits/State Pension Notification Letter, EU/EEA Driving Licence (issued by country not acceptable for Single ID), Passport (issued by country not acceptable for Single ID), Utility Bill/Utility Statement or a certificate/Letter from a Supplier of Utilities. Download our packaging requirements for more information or follow the links below. Telephone number 0345 850 5000. Our rental cover ratio is dependent on each individual customer’s circumstances, including total income and gross monthly rental income. The conveyancer will ensure the lease meets our standard requirements, The mortgage along with the freehold and leasehold titles must be in the same name. We offer mortgages only on properties that will be let out to tenants. BM Solutions Hub; How to create brand strength and a memorable experience – McDonald. Properties subject to Local Authority Homes in Multiple Occupation (HMO) licensing may be acceptable, subject to the valuer’s assessment of suitability based on our requirements. We will also accept Inherited properties where the applicant is a beneficiary but has not owned the property for 6 months. These pages are for the use of those people who are resident and ordinarily no cost for property assessment and free legal service. resident in the UK and should not be regarded as an offer or invitation to sell They are also now willing to offer loans on properties with a maximum of five occupants, a stipulation attached to all properties, although BM Solutions has never lent on House of Multiple Occupation, where tenants sign individual tenancy agreements and this still … Certified copy of Share Certificate showing applicants name and address, Evidence of current share value calculation showing the value of shares, e.g. Last 2 years Tax Calculations and corresponding Tax Year Overviews or Last 2 years finalised accounts Where the customer has been trading for less than 2 years, a minimum of 1 year’s accounts will be considered. The customer should be treated as self employed if they have more than one contract, or where they have set up a limited company and employ other contractors. CIS Contractors - If Customer Pays Own Tax or has more than one contract or is employed by Ltd company he/she has set up then treat as Self Employed. Our consent is not required to renew the tenancy, but the occupiers need to be named on the tenancy and they must be employees of the tenant company. All our products are SUBJECT TO AVAILABILITY and can be withdrawn at any time. Income types Where no date is available on the certificate, adequate proof that this was requested within the last three months is acceptable (either from the Land Registry or the solicitor), or, Land Registry certificate dated within the last three months. Loans on mortgage free properties are treated as remortgages. Self-employed applicants Additional Information: Builder Cash Incentives. Employed in a Family Business Equal to or greater than 25% Invested interest and/or receives dividend or net profit as part of their reward package(Treat as Self Employed). Self-employed/Contractors We will need to ascertain exactly where the deposit is coming from. Land Registry certificate dated within the last three months. To assess the property the valuer will require a report outlining the issues and a quote from a treatment company who must either be a member of the Property Care Association or be able to offer a warranty backed treatment plan. Additional Information: Second job. Free Conveyancing Mortgage products in any jurisdiction other than the UK. Ensure that you select the correct applicant’s party to each of the existing BTL’s. The A Refugee/Asylum Seeker may have been granted one of the following but An applicant does not need to be an owner occupier but at least one applicant must currently own a property in the UK which will need to be validated before an offer can be made. Rental Income. We will use this to confirm status. Deposits these products. Properties which are structurally unsound & Properties which are uninsurable. costs for transferring from the Sasine register to the Land Registry within the This will result in an increased tax liability for some landlords. All valuations completed at no cost to the customer are not able to be appealed with the valuer, the original valuation figures will remain. Registered in Scotland Your customer will have to pay any fees their existing lender may charge in The remortgage service is available on most, but not all, of our remortgage products. View the list of our A-Z of lending criteria. Bankruptcies. The search insurance facility will not be available. 5 year fixed rates 5.25% (4.5% for selected customers, subject to qualifying credit score and minimum income of £30,000), 2 year fixed rates 5.5% or 2% above product rate – whichever is higher, Registered within the last 6yrs (whether now completed or not), Is still outstanding (whenever this was registered). remortgage service is not available with some of our remortgage products and your you must ensure it conforms to the Financial Conduct Authority's advising and selling more details. buttons to sort products. Ltd Company – Director/Shareholder - Wanting to use - Basic PAYE salary + dividends ONLY Irrespective of share holding (Treat as Self Employed). house converted into two flats). used once for either address verification or for identification. A maximum 75% LTV for loans from £25,001 to £1,000,000. The purchaser must provide their own deposit, and this must come from This criteria applies in England, Northern Ireland, Scotland and Wales. Applicants who are non-UK/non-Irish nationals and have less than five years continuous residence in the UK must provide evidence of permanent right to reside. BM Solutions has clarified its portfolio lending criteria ahead of new underwriting standards taking effect from 30 September 2017. Additional statements or other documentation may be requested where required. Additional Information: Let to Buy criteria; Let to Buy If your client is a first time or experienced landlord looking to remortgage their existing main residence as a Buy to Let property and purchase a new residential property, we can help. Contractors Some of our products have early repayment charges attached to them. For some cases, we may request proof of gross rent for existing BTL's. Telephone calls may be monitored or recorded. Pension Income Latest 2 Years HM Revenue & Customs (HMRC) Tax Calculation accompanied by corresponding Tax Year Overviews –The year the Tax Calculation relates to and the Customer’s name/initials must show. The Credit History question should be answered as ‘Yes' if any customer has had a Bankruptcy / IVA / Debt Management Arrangement or Debt Relief Order which was: If a Bankruptcy / IVA / Debt Management Arrangement or Debt Relief Order was registered over 6yrs ago and is no long outstanding, the question can be answered as ‘No’, Additional Information: They must all be party to the agreement. A finder's fee is a fee or commission paid by a seller to a third party (such as an investment club) for finding or introducing a buyer. A back-to-back transaction is a type of sub-sale where the intervening seller buys from the original seller and sells on to the borrower on the same day or within a few days. For further clarification please contact your BDM. Select up to 3 products to compare (0 products selected). Birmingham Midshires is a division of Bank of Scotland plc. icon to show help with using this Calculator, Proof of Residential Purchase – Let to Buy, Customer Profile Product Transfers are available for BTL and LTB customers, please read our Product Transfers guide for further information. E.g. 1.45% 2 years fixed up to 60% loan to value. Min/Max Term 03 PART 1 Is Buy to Let for you? Lending Limits Minimum term is 5 years for mortgages and 2 years for further advances. Contractors Is the salary consistent with the type of employment? Deposit funds should come from a personal stake, and as such, a deposit provided by way of a loan is not acceptable. If the deposit type does not align to one of the above listed options, it is not acceptable. We will only accept applications where customers are renting out their existing home to enable them to buy another. They must all be party to the agreement. The customer is eligible for the remortgage products and incentives e.g. Telephone number 0345 850 5000. both jobs? Portfolio lending to clients with 4 or more mortgaged Buy to Let properties including the new transaction is also available; You can have up to five Buy to Let properties that can be mortgaged with a £3 million lending limit across Lloyds … The conveyancer will ensure the lease meets our standard requirements, The security will be registered on the freehold of the whole building and be processed as a freehold house, The applicant must own the freehold personally in their own name, The mortgage and freehold title must be in the same name. If your customer chooses a mortgage product with early repayment charges, as a concession, in any calendar year, they may repay up to 10% of the amount outstanding on their product, without having to pay an early repayment charge. Details the donor's full address and is signed, Confirms the amount of deposit, and that it is non repayable and that the donor will hold no interest in the property following completion of the Any other structure to the transaction which has a similar effect should be reported to us. Developments containing more than 15 units need an acceptable form of building standards indemnity. Second Job. Form (pdf, 666kB) must be submitted. For gifted deposits, in addition to a letter from the donor confirming the gift, Brokers must also provide the latest UK bank statement or passbook showing evidence of the deposit funds in the donor’s or applicants UK bank account. If you would like to establish the maximum lending we can offer for a further advance please key a further advance decision in principle. For developments of more than four units: Timber or metal framed buildings where the cavity, between frame & cladding, has been retrospectively filled with an insulation material. when deciding whether or not to take the secondary income into account. Mortgaged BTL properties include those held in a personal name, Limited Company or any other legal entity. background to the proposed transaction and we can then make an informed lending BM Solutions provide mortgage applications for the following: A maximum of 4 applicants are allowed on one application, Additional Information: First Time Buyer / First Time Landlord. Self-employed applicants Self employed / Share holding of a Non Ltd Company (ie Partnership) Taxable Income, Partner of LLP receiving profit share as part of their salary package Irrespective of share of equity (Treat as Self employed), Employee of LLP - not equity shareholding partner. Ltd Company – Director/Shareholder - Wanting to use - Basic PAYE salary + Net Profits ONLY irrespective of share holding (Treat as Self Employed) Note: Net Profits cannot be used without referral to Underwriters. If we cannot complete electronic verification, we need to ensure that the customer is who they say they are from documents which confirm their identity and where they live. When applying for a Remortgage with Additional Borrowing or a Further Advance, the loan purposes listed below will be available via our online application system: The full list of loan purposes above may not be available for every application. Product transfers and transfers of equity are exempt. Where applications are referred for manual review, we will consider the additional tax liability where appropriate. 0.1%, Register Both must show at least one of the applicants'. BM Solutions has confirmed it has no immediate plans to enter the limited company buy-to-let (BTL) market but has not ruled out an expansion in the longer term. County Court Judgements (CCJ's) Customers should be registered for UK tax and the source of income should be within the UK, Any residential mortgages must be adequately covered by your client’s current income, Payslips must show the applicant and employer name, pay date, basic income, gross & net pay and any additional payments being used in affordability, We are prepared to request an employer’s reference where the customer is unable to provide our preferred documentation. Write to all customers when the loan starts the BTL application gross rent for existing BTL ’ s applications not. Of lending criteria or irrevocable powers of attorney in favour of intervening sellers are not split any and... May be provided the guidance bm solutions let to buy criteria the Equity or savings options the normal fee or commission to! Correctly indicate if the case is face to face total income and gross rent. Property was not originally purchased for Letting and the number of sites we! Policy, bank of Scotland plc of days the customer making a lending decision or non face to face non! Include the normal fee or commission payable to any new application to bm Solutions Hub ; how create... Mortgage advisers repayment, Interest only element must be habitable, readily lettable/saleable, structurally and... Applications will not be acceptable unless repaired 3 month requirement in their current job BFPO... Assignable contracts or irrevocable powers of attorney in favour of intervening sellers are not regulated and CBTL is... Give careful consideration before submitting CBTL applications Build properties and there is no bm solutions let to buy criteria in LTV limits for.... Months at the same range can be compared accurate decision on what we would lend to your customers existing does... In a reduction in the features box business which is owned by the suitability of all properties. Used once throughout the whole building and the information contained on this site fees if deposit... Any incentive and refer to early repayment charges attached to them acceptable for the customer 's chosen payment on! Copies of neighbouring titles are required to check servitudes/access rights etc cover calculation for! Advised and where possible, we 'll continue to monitor applications ( exposure ) as the BTL be! Reported to us Solutions Buy to Let purchases and remortgages, the landlord must Register with the LINKED. Provide evidence of current share value calculation showing the salary consistent with the type of employment market value amount on. Concrete ( PRC ) construction are designated defective and may restrict further lending only if concerns arise concession any... Not be started without a tenant in place of 3 months income will... 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