BM Solutions will no longer charge a mortgage account fee of £295 on products across its buy-to-let purchase and remortgage range.
In addition, the buy-to-let brand of Lloyds Banking Group has capped its revaluation fees for additional borrowing at £300 and also removed the £100 administration fee for level 1 standard valuations and level 2 homebuyers report valuations.
However, BM Solutions will now charge a flat fee for level 1 standard valuations of £300 for all purchase mortgage applications, but it will continue to offer free level 1 standard valuations for remortgage products.
Phil Rickards, head of BM Solutions, commented: “This package of changes is being introduced to ensure we continue to add value to our products for brokers and their clients.
“By streamlining our valuations process and simplifying our products, we can ensure the same Level 1 valuation fee applies for all customers, regardless of the property purchase price.”