BM Solutions is making substantial reductions of up to 1.48 percentage points to selected product transfer and further advance rates on Wednesday.

The buy-to-let arm of Lloyds Banking Group is making major rate cuts on selected two and five-year fixes at up to 75 per cent loan-to-value.

The reductions are:

• At 60 per cent LTV its product transfer two-year fixed rate with a £999 fee will drop from by 1.05 percentage points from 2.6 to 1.55 per cent, while the fee-free alternative will fall by 1.28 points from 3.19 per cent to 1.91 per cent.
• At 75 per cent LTV, its product transfer and further advance two-year fixed at 2.69 per cent with a £999 fee will drop to 1.79 per cent, while the fee-free option will fall from 3.39 to 2.26 per cent
•  At 60 per cent LTV its product transfer five-year fixed at 2.79 per cent with a £999 fee will fall by 0.96 points from 2.79 per cent to 1.83 per cent, while the fee-free option will be cut by 1.48 points from 3.49 to 2.01 per cent.
• At 75 per cent LTV its product transfer five-year fix with a £999 fee will reduce from 3.24 to 2.13 per cent, while the fee-free alternative will fall from 3.54 to 2.36 per cent.

BM Solutions head Phil Rickards says: “We are constantly reviewing our offering and listening to broker feedback to help shape our products and policies to help meet the needs of their clients. 

“Bringing these changes to our product transfer range will help support our existing customers in the current environment, and our BDMs are standing by over the phone or via email to help with any queries.”