When you apply for an interest-only mortgage, Birmingham Midshires will evaluate if the payment vehicle meets their requirements. This includes checking if you have a reasonable chance of repaying the amount you're borrowing with interest only. If they can't offer you any of the options, they'll tell you why. If they can offer one or more of them, they'll explain how each option would work and give you time to consider it.
If your Birmingham Midshires mortgage is coming to the end of your fixed-rate term or your initial agreement, you'll be paying the Birmingham Midshires SVR; you'll have to make an important decision about how you'll keep your mortgage payments low. Some companies may offer you new loans or even invite you to sell your property to them and then rent it out again. The difference between the Birmingham Midshires SVR and the rate of a “new exchange offer” product is significant, since the consequence of not changing it could mean an increase of hundreds of pounds in monthly mortgage payments.
Birmingham Midshirescan still help you exchange your mortgage product with them if your credit circumstances have changed.
If you're having trouble paying your mortgage and bills, there are different options available to you. The AER illustrates what your interest rate would be if interest were paid and capitalized every year and allows you to easily compare different offers. You can change your mortgage rate or transfer your mortgage rate without any broker fees, just a fast mortgage transfer service from lenders like Halifax, Barclays, Birmingham Midshires, Virgin Money and Metro Bank, up 26%. Changing or transferring your mortgage does NOT mean remortgaging (which means moving to another lender).
With the change, you stay with your current lender, Birmingham Midshires, but instead switch to a new Birmingham Midshires product.