BM Solutions Withdraws From Self-cert and Subprime
January 30th, 2009 by 
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BM Solutions annouced today that it is pulling out of the sub-prime and self-cert mortgage markets.
We understand that the changes are to be implemented on the back of mass criteria changes that will take effect across the Lloyds Banking Group.
BM Solutions has however vowed that it will continue to be the biggest buy-to-let lender in the UK.
The changes are being made and similar moves are being made by other lenders.
They stated that over the past 12 months atleast 20 lenders have withdrawn from the self-cert market, and 22 have withdrawn from sub or near prime market.
The Lloyds Banking Group said they cannot continue to write the business left behind by those lenders who have pulled from the market.
Lloyds Banking Group offers one of the biggest mainstream residential ranges of mortgage products currently available.
In addition, the LTV for mainstream new build properties will be reduced from 90% to 80%, whilst the LTV for new build buy-to-let properties will be reduced from 75% to 65% in Halifax, Bank of Scotland, BM Solutions and Intelligent Finance.
Nigel Stockton, managing director of BM Solutions and Intermediaries within Lloyds Banking Group says: “Over the last 12 months, there has been a real reduction in the number of active players in the specialist sector.
“We have no option than to respond to ensure we continue to lend in a prudent and proportionate manner.”
Posted in Mortgage news | 