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Birmingham Midshires Mortgage

Birmingham Midshires Mortgage lending division is called BM Solutions. Only independent financial advisers and specialised mortgage advisers have access to the latest Buy to Let mortgages from BM Solutions.

We have a devoted team of Birmingham Midshires advisers who are knowledgeable with the entire line of BM Solutions Buy to Let mortgage products.

If your fixed period is about to expire, you will return to BM Solutions' Standard Variable Rate. The current SVR for BM Solutions is 8.59%.

This may suggest that your mortgage interest rate and monthly payments will inevitably rise.

By helping you switch your mortgage to a new product, we can often prevent the need for an expensive and drawn-out remortgage.

Up to six months before the end of your current deal, we are able to switch your Birmingham Midshires mortgage product and any outstanding penalties will be waived.

We don't charge any fees to switch your rate on your Birmingham Midshires Mortgage and provide free, impartial advice throughout the process. 

I have an existing Birmingham Midshires Mortgage but they won't speak to me? 
We recognise how frustrating it is! You are a current client of Birmingham Midshires, and even though you have a mortgage with them, they won't offer you any information on any additional borrowing or mortgage deals they may have available.

You will be informed when you phone BM Solutions Mortgages that they are unable to provide any mortgage advice to current clients. You'll be informed that in order to receive unbiased mortgage advice, you must speak with a mortgage broker. We can be the point of contact for your Birmingham Midshires Mortgage and help you whatever the scenario, whilst never charging fees. 

You can get assistance from our mortgage team with any Birmingham Midshires mortgage product that is available to you. In addition to processing your Birmingham Midshires Mortgage application, our consultants will be able to reserve the mortgage rates you require. The best part is that we won't charge you for the service because Birmingham Midshires pays us directly.

Consequently, don't take it personally if BM Solutions doesn't offer you any of their mortgage products or inform you of any options available to you if you phone them. They are not treating you any differently from everyone else that contacts them, including current customers, it's simply that they are no longer regulated to provide mortgage advice or change your rate directly. 

This can end up working in your favour, although being a little annoying. The best interest rates and lowest arrangement fees can be found by using a whole-of-market, no-fee mortgage broker. Not only will you save money, but they will also save you an enormous amount of time by filling out applications and pursuing the Birmingham Midshires Mortgage through to completion whilst being there to support you and answer any questions throughout the process. 

Want to take out an advance to borrow additional funds?
We can set up a facility known as a Further Advance if you want to take out additional money from your Birmingham Midshires Mortgage. This is simply an additional loan to your current Birmingham Midshires Mortgage.

How long does the process take? 
Depending on the type of mortgage, the following are recommendations that demonstrate how long each type of Birmingham Midshires Mortgage will take to complete:
Product Transfer / Rate Switch - We can change your product virtually immediately due to there being no legal work or underwriting required, and the new rate will go into effect from your next monthly payment.
Further Advance / Additional Borrowing - There is relatively little legal work required because you already own the property. These remortgage deals after underwriting typically take 3 to 7 weeks.
New Mortgage - These types of mortgages take the longest to go through and typically take 4 to 12 weeks.

If you're looking for a new mortgage, we have access to the full selection of buy-to-let and let-to-buy Birmingham Midshires Mortgage options.

There are a variety of items available for both experienced and novice landlords. With BM's flexible lending criteria, we can typically customise a solution to fit your needs.

Existing mortgage customers with another lender who want to refinance with BM Solutions may qualify for remortgage customer incentives. These benefits include things like free of charge valuations and without charge legal services. 

Let to Buy Loans
A 'Let to Buy' mortgage is one that you would get if you wanted to get a buy-to-let mortgage on a property that already belongs to a homeowner.

A variety of let-to-buy Birmingham Midshires Mortgage products are available with BM.

Who are BM Solutions?
The buy-to-let mortgage division of the Lloyds Banking Group.

The Birmingham and Bridgwater and the Midshires Building Societies were combined to form Birmingham Midshires in 1986. These organisations were founded as early as 1849.
The Halifax acquired the Birmingham Midshires Building Society in 1999. When the Halifax and the Bank of Scotland merged in 2001, The Halifax itself became a member of HBOS plc.

HBOS plc joined the Lloyds Banking Group after being acquired by Lloyds Bank in 2008.

What is the maximum age I can apply for a Birmingham Midshires Mortgage? 
You can apply for a Birmingham Midshires Mortgage up until your 75th birthday.

What is the maximum age I can take my Birmingham Midshires Mortgage to? 
You can take your Birmingham Midshires Mortgage up until the age of 80. 

What is the maximum Loan-To-Value (LTV) I can take out on my mortgage? 
The maximum LTV you can obtain on a Birmingham Midshires mortgage is 75%. 

Do I have to be an experienced Landlord to secure a Birmingham Midshires Mortgage? 
No, BM Solutions offer products for both new landlords and experienced 'portfolio landlords'; those with 4 or more mortgaged BTL properties. 

Can I apply for a Birmingham Midshires Mortgage as a Ltd Company?
No, BM Solutions only provide mortgage products for landlords taking a BTL mortgage in their own personal names. 

How likely is it that I can get a Birmingham Midshires Mortgage even though I've had credit problems or CCJs in the past?
BM may be able to lend to borrowers who have CCJs or a bad credit history, it depends on the degree of the bad credit. Please speak to an independent adviser who can confirm this for you. 

Do BM accept HMO's? 
Yes, you can secure a Birmingham Midshires Mortgage on a HMO property. 

What is the maximum term I can take out on a Birmingham Midshires Mortgage? 
A BM mortgage can have a duration of up to 40 years if the borrower is under the previously mentioned maximum age restrictions. 

Do BM have a minimum income criteria for applicants? 
There is no minimum income requirement to secure a BTL Birmingham Midshires Mortgage. 

Is there a minimum property value for a Birmingham Midshires Mortgage?
BM Solutions will not consider mortgage applications where the subject property is valued at less than £50,000.

Do BM accept Multi-unit freeholds? 
No, unfortunately you cannot secure a Birmingham Midshires mortgage if the property is a multi-unit freehold / multi-unit block. 

Can I overpay on a Birmingham Midshires Mortgage? 
Yes, you can overpay 10% each year with no early repayment charges (ERC's). If you want to overpay further, the following penalties apply. 

2 year fixed deal
1st year = 2%
2nd year = 1% 

5 year fixed deal
1st year = 5%
2nd year = 4% 
3rd year = 3%
4th year = 2% 
5th year = 1%

BM Solutions - rental income calculations
The maximum amount of money you can borrow to buy your property can be calculated below.
All Birmingham Midshires Mortgages have some restrictions. Please see below limits for BTL products:

Maximum loan-to-value of 75% for mortgages between £25,001 and £1,000,000.
A buy-to-let mortgage can be secured for up to £1,000,000 maximum size.
In order to qualify as a portfolio landlord, additional requirements will be used.

What are acceptable sources of deposit? 
If you are purchasing a BTL , you must use deposit funds from an acceptable source to secure a Birmingham Midshires Mortgage. Please see below the accepted list of sources:
- Savings
- Gift from immediate family
- Builders deposit 
- Loan from immediate family 
- Mortgage on additional property 
- Redundancy payment 

BM Solutions won't consider a new mortgage application if the deposit is from the following sources: 
- Unsecured loan 
- Gift NOT from immediate family 
- Concessionary 

Clifford Dalluge
Clifford Dalluge

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