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Birmingham Midshires Rate Switch

Birmingham Midshires Rate Switch    

If you are coming to the end of your fixed rate period on your current mortgage with Birmingham Midshires, you may want to fix in on another product to ensure you stay on the best rate possible. 

At the end of your fixed rate, you will go onto the lenders Standard Variable Rate (SVR). This is usually quite high and more often than not you can secure a better rate by switching onto a new rate, also known as a product transfer or a rate switch. 

One of the main benefits of doing a Birmingham Midshires Rate Switch is that there is no underwriting required. You don't need to undergo a credit check, provide income proof, do a valuation or get solicitors involved. The new rate simply automatically starts from either the 1st of the next month or when your current fixed fixed rate ends. This is highly attractive to mortgage customers who don't wish to go through the hassle of remortgaging and would prefer to switch to a new rate without having to complete any underwriting. It is important to note that despite Birmingham Midshires Rate Switch products being highly competitive, you may be able to secure a better rate by remortgaging to a different lender, so it is worth looking at all your options before making a final decision. 

So, who are Birmingham Midshires? 

Birmingham Midshires, a mortgage lender with offices in the UK, is a division of the Bank of Scotland, a member of the Lloyds Banking Group. It was first founded in 1986 named Birmingham Midshires Building Society, then in 1999 it underwent a conversion to become a bank. Birmingham Midshires' main business is offering savings and mortgage solutions to clients all around the United Kingdom.

Birmingham Midshires is a mortgage provider that provides a variety of mortgage products, notably buy to let mortgages with fixed rates, tracking mortgages, buy-to-let financing, and remortgages, to meet different needs. They assist borrowers for residential and buy-to-let properties.

Birmingham Midshires largely uses direct channels for business, like their website, internet banking, and telephone banking, which enable users to handle their finances and request new loans from a distance. However, they might also operate actual physical locations or provide services under different Lloyds Banking Group names.

It's crucial to keep in mind that particular facts about the goods, services, and contact information provided by Birmingham Midshires could change in the future. It is advised to check their official web page or get in touch with them directly for the most precise and current data.

What is the process to switch rate with Birmingham Midshires? 

As you may already know, due to them being an unregulated lender, for existing customers to switch rates with Birmingham Midshires you can't go direct to them and you have to use someone independent, such as a mortgage broker or financial adviser. The benefit of this is that they can offer you impartial advice, potentially compare across the whole of the market so you know whether to rate switch or remortgage and as long as the broker is FCA regulated, you will also be protected under the Financial Services Compensation Scheme (FSCS). But how does the process work? See the following steps to complete a rate switch. 

  1. Gather your information. Get your Birmingham Midshires mortgage account/roll number to hand for when you speak to a mortgage broker. They will be able to use the BM system to locate your account and all the information needed to look at your options, such as mortgage balance, current rate, term, expiry and options available to switch to. 
  2. Get advice. Once you have contacted your broker, ask them for all the options available including rate switch and remortgaging to other lenders. This will give you a full idea of what's available. If you're not sure of what to do, it's always recommended to ask for advice from a qualified broker to make sure you're making the right decision. 
  3. Make a decision. Once you've gone through your options and got quotes, it's time to make your mind up on your preferred next step. Depending on your situation, you may choose to fix in for 2 years, 5 years or not fix in at all, as you could be selling the property for example and want to have the option of not getting any Early Repayment Charges. 
  4. Book your rate. Once you've decided on the rate you want, ask your broker to complete the product transfer application and book in your new rate. There's no long application that needs to be done, your broker will confirm a few details that BM already have on file to make sure it's all up to date. After that, they can book your new rate to start either from the 1st of next month or whenever your current deal ends. 
  5. Collect documents. Once approved, which should only take a few minutes, ask your broker to send through the confirmation that the new rate will start, also know as the Offer. You will receive a copy in the post from BM directly, but having proof that your new rate is confirmed is fantastic for peace of mind that it is all sorted, but is also crucial for your own records for the future. 

Believe it or not, but that's it! As quick and simple as it sounds, that's the whole process for switch rate with BM. There's nothing you need to sign or complete as your broker will have done this for you and the rate will just start from the date agreed. 

Due to the simplicity of the process, many mortgage brokers don't charge fees for this service as they're already paid by the lender for carrying out the rate switch. Therefore, when looking for a broker to do a Birmingham Midshires Rate Switch if you don't have one, many people prefer to choose no-fee brokers as they often will provide exactly the same service as a broker who charges fees but choose to manage your mortgage over a longer period and build a longer lasting relationship to offer you a more tailored service. 

Due to Birmingham Midshires not publishing their rates online, contact your broker to find out what the latest tailored product transfer rates are. 

Clifford Dalluge
Clifford Dalluge

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