BM Solutions has introduced one combined product transfer and onward registration process.
The lender says the new process is intended to reduce administration for mortgage brokers and give landlords more clarity when refinancing and borrowing more.
Mortgage brokers can now submit one combined application when supporting an existing BM Solutions landlord who wants to switch to a new contract and borrow additionally at the same time.
Previously, brokers had to submit two separate applications.
The combined process eliminates the need to re-enter similar information in multiple applications.
For landlords, combining both financing needs into one process allows the entire mortgage balance to be aligned on one product, typically a five-year fixed rate.
In addition, BM Solutions has introduced a number of improvements to its pre-filing portal.
These improvements apply to both combined PT/FAD applications and standalone further developments and include a save and CV functionality and the ability to generate mortgage illustrations without completing an in-principle decision or full application.
The lender has also added more flexibility to customize terms and repayment types for sub-accounts and essentially provide a soft footprint decision, the option to refine application details prior to final submission and immediate access to next steps and document uploads, supporting faster case progression.
BM solutions head Leigh Church says: “We are always looking at ways in which we can support both agents and our landlord customers. These improvements to our onward loan application process make it easier and less time-consuming for agents and give landlords greater clarity and borrowing options when refinancing and raising additional funds.”