BM Solutions, the buy-to-let lender arm of Lloyds Banking Group, has introduced a single combined product transfer (PT) and further advance (FAD) application process, designed to reduce administration for mortgage brokers and give landlords greater clarity when refinancing and borrowing more.
Brokers can submit one combined application when supporting an existing BM Solutions landlord who wants to move to a new deal and take additional borrowing at the same time. Previously, brokers were required to submit two separate applications.
Combining both borrowing needs into a single process allows the full mortgage balance to be aligned onto one product, typically a five-year fixed rate.
Alongside the combined application journey, BM Solutions has introduced a number of enhancements to its further advance submission portal. These improvements apply to both combined PT/FAD applications and standalone further advances.
New features include save and resume functionality, allowing brokers to return to applications at any time, the ability to generate mortgage illustrations without completing a decision in principle or full application, and greater flexibility to amend term lengths and repayment types across sub accounts.
In addition, the portal will now generate a soft footprint decision in principle, enabling brokers to check eligibility before full submission, the option to refine application details prior to final submission, and immediate access to next steps and document upload, supporting faster case progression.
Applications that require a solicitor — such as cases involving an existing second charge on the property — are excluded from the new combined application process and will continue to follow the existing route.
Leigh Church, 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.”
