BM Solutions, the buy-to-let (BTL) lender arm of Lloyds Banking Group, has introduced a single combined process for product transfer and further advance.
The lender said this would reduce administration for mortgage brokers and give landlords more clarity when refinancing and borrowing more.
Now, mortgage brokers will be able to submit one combined application for existing BM Solutions’ borrowers who want to switch deals while taking additional borrowing. Previously, two separate applications were needed.
Both elements of the loan can be put onto one product, subject to availability.
BM Solutions said this meant brokers would no longer need to rekey similar information across multiple applications, saving time and reducing duplication.
The lender said that moving the full loan onto one product would give landlord borrowers more certainty over monthly payments, improve borrowing potential, particularly with five-year fixes, and provide a simpler mortgage structure.
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Improved further advance portal
BM Solutions has also enhanced its further advance submission portal, and these improvements will apply to combined product transfer and further advance applications, as well as standalone further advances.
New features include a save and resume function, so brokers can return to applications at any time, and the ability to produce mortgage illustrations without completing a decision in principle or a full application.
There will also be more flexibility when amending term lengths and repayment types across sub-accounts.
Further, brokers will be able to make a soft footprint decision in principle to check their client’s eligibility, and can refine application details before the final submission.
The enhanced portal will give brokers immediate access to the next stage of the application, such as document upload, allowing for faster case progression.
These features will not be available for applications that require a solicitor, such as cases involving an existing second charge on the property. These applications will follow the existing process and are also excluded from the combined application process.
Leigh Church (pictured), head of BM Solutions, said: “We’re always looking at ways we can support both brokers and our landlord customers.
“These improvements to our further lending application process make it simpler and less time‑consuming for brokers and give landlords greater clarity and borrowing potential when refinancing and raising additional funds.”