BM Solutions is launching a single application process, allowing brokers to handle product transfers and further advances simultaneously for existing landlord clients.
From Friday 24 April, brokers can submit one combined application when a landlord is switching to a new deal while also raising additional borrowing. Previously, the two elements required separate submissions.
The buy-to-let arm of Lloyds Banking Group said both elements of the loan can now be placed onto a single product, subject to availability, marking a shift towards more streamlined case handling in the buy-to-let sector.
PROCESS CHANGES AIM TO CUT DUPLICATION
The move removes the need for brokers to re-key the same information across multiple applications, a long-standing friction point in refinancing cases. It is expected to reduce administration time and improve processing efficiency.
For landlords, combining the borrowing into one structure allows the full mortgage balance to sit on a single product, typically a five-year fixed rate.
This, the lender said, can provide greater certainty over monthly payments and may enhance borrowing capacity, as five-year fixed products are often assessed using lower stress rates.
It also simplifies the overall mortgage structure, reducing the number of sub-accounts and repayment arrangements.
PORTAL ENHANCEMENTS INTRODUCED
Alongside the combined application process, BM Solutions has made a series of updates to its further advance submission platform, applicable to both combined and standalone cases.
These include the introduction of a save-and-resume function, allowing brokers to return to applications at a later stage, and the ability to generate mortgage illustrations without completing a decision in principle or full application.
The platform now also allows greater flexibility when adjusting term lengths and repayment types across sub-accounts, while a soft-footprint decision in principle enables eligibility checks without leaving a hard credit mark.
Brokers can also refine application details prior to submission and access next steps and document upload requirements immediately after submission, supporting faster progression.
LIMITED SCOPE FOR COMPLEX CASES
The combined process will not apply to cases requiring legal involvement, such as those involving an existing second charge. These applications will continue to follow the existing route.
PART OF BROADER MARKET SHIFT
The change reflects a wider trend among lenders to focus on existing customer retention and to improve intermediary workflows, particularly in the buy-to-let market where case complexity can be higher.
While some lenders have introduced similar functionality, combined product transfer and further advance applications are not yet standard across the sector.
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.”
BM Solutions said the changes place it among a relatively small group of lenders working to reduce friction at the point of refinancing and additional borrowing.
