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Important Information

Monday 14 April 2014

On Saturday 26th April the changes required by the Mortgage Market Review (MMR) will take effect, meaning that all UK mortgage advisers and lenders must comply with the latest responsible lending regulation.

Lloyds Banking Group is fully prepared to be MMR compliant and we’d now like to share with you a number of changes we’ll be making ahead of the 26th April deadline.

From close of business Friday 11th April, BM Solutions will no longer offer Self Build or regulated Buy to Let mortgages.

Self Build

  • From Monday 14th April, intermediaries will be able to apply for Self Build mortgages through Halifax.
  • Existing Self Build applications, where both stage 1 and stage 2 forms have been received fully complete and fees paid before close of business Friday 11th April, will continue to be processed by BM Solutions.
  • If a change which impacts KFI or Offer is requested before the initial advance, a new application should be submitted through Halifax.
  • Any existing Self Build BM Solutions customers whose property build is yet to complete, but have had the initial advance and require a further advance should speak to their intermediary.
  • Existing Self Build BM Solutions customers will not be permitted a product transfer, transfer of equity, term or type change until their property is complete.
  • Any existing Self Build BM Solutions customers whose property has completed and any other BM residential customer's who require a contract change, product transfer or further advance, should speak to their intermediary.
  • Any applications received by BM Solutions after Friday 11th April, will be declined.

Regulated Buy to Let

Regulated BM Solutions Buy To Let mortgages are assessed based on the applicants earned income. Some applicants choose to have a tenancy agreement in place, however, the affordability is not based on rental income.

Following the withdrawal of this scheme, applicants may find that the Halifax Intermediaries Second Home Loan product is an alternate option. This product allows customers to apply for a mortgage to purchase a second property based on their earned income. The applicant may wish to place a tenant in the property; however, tenancy agreements are not acceptable with this scheme.

For more information on these changes, please visit from 14th April or contact your local Business Development Manager

For the use of mortgage intermediaries & other professionals only

If you do not have professional experience, you should not rely on the information contained on this site. If you are a professional and you reproduce any part of the information contained on this site, to be used with or to advise private clients, you must ensure it conforms to the Financial Conduct Authority's advising and selling rules.

These pages are for the use of those people who are resident and ordinarily resident in the UK and should not be regarded as an offer or invitation to sell Mortgage products in any jurisdiction other than the UK.

Birmingham Midshires is a division of Bank of Scotland plc. Registered in Scotland No. SC327000. Registered office; The Mound, Edinburgh, EH1 1YZ

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 169628. Telephone number 0345 850 5000. Telephone calls may be monitored or recorded.

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