Are you looking to apply for a mortgage with Birmingham Midshires? If so, it is important to understand the eligibility criteria that must be met in order to be approved. In this article, we will discuss the requirements for a Birmingham Midshires mortgage and how to determine if you are eligible. In order to be eligible for a Birmingham Midshires mortgage, you must be employed or self-employed. If you are self-employed, you must have been in business for at least two years.
There is no minimum income requirement, but you must be able to demonstrate that you have enough income to cover your lifestyle costs and any other credit commitments. Additionally, you must have a good credit history. A maximum of four applicants are allowed in one application. If you have transitioned from being self-employed to being employed (in the same line of work), you must still meet the criteria for self-employment.
The exception is when purchasing a newly constructed property, where the value has increased between the purchase agreement and the completion of the building. Incentives for builders are acceptable, provided they meet current criteria. The criteria and products are the same for first-time owners and experienced owners. For portfolio owners, inherited properties in which the applicant is a beneficiary but has not owned the property for six months are also accepted. The carrier will be responsible for ensuring that the request meets acceptable criteria.
It is important to note that in order to apply for a new mortgage with Birmingham Midshires, you must already be a current holder of a Birmingham Midshires mortgage.Additional loan applications will not be allowed within six months after the original mortgage ends. BM Solutions' lowest two-year fixed rate for current customers is 2.79%, provided they have 40% equity in their property. The rate increases to 2.84% for those with 25% capital in their property. Both mortgages have processing fees of 999 pounds. Birmingham Midshires has a limited selection of fixed-rate mortgages available to current customers who want to refinance with a better deal when their rate is due.
After fixed rates, both mortgages return to The Mortgage Works' standard variable rate of 4.74% and both rates have early repayment fees. Most lenders haven't reduced the cost of their fixed rates from the Bank of England's base rate to 0.1%. We are constantly organizing mortgages with fixed and follow-up rates at fantastic prices through major banks and mortgage companies. If you are an existing customer of Birmingham Midshires, you can confirm if you are eligible to receive any of the market's leading purchase and rental rates, or if it is best to stay with Birmingham Midshires. Trinity Financial can submit requests for the transfer of products from purchase to rent from Birmingham Midshires up to 60 days before the end date of the existing product.
Trinity Financial mortgage brokers have been negotiating with Birmingham Midshires (now BM Solutions) for more than ten years and can offer access to a variety of lenders that offer purchase-to-rent mortgages with no minimum income. If you have less than two years left on your existing mortgage, you will need to call the Birmingham Midshire end-of-term team on 0800 056 2980 and carry out a new purchase-to-rent evaluation to determine if you are eligible to extend your term. All products offered through Birmingham Midshires are now only available to current Birmingham Midshires customers. Now, Birmingham Midshires has become the biggest private employer in Wolverhampton, where it is headquartered. One of the reasons why many homeowners want to stay in Birmingham Midshires is that they make less money than when they originally secured the mortgage. Birmingham Midshires made the decision to stop dealing directly with customers when they wanted to remortgage or change rates years ago. When Birmingham Midshires joined the Group in April 1999, it had savings balances of £5.9 billion and mortgage assets of £9.2 billion. Birmingham Midshires no longer offers current purchase-to-rent borrowers new mortgage rates when they call directly, and they recommend that all customers speak to a mortgage broker.
If you want to know if you're likely to qualify for a buy-to-rent mortgage with Birmingham Midshires, complete your enquiry. Birmingham Midshires (BM) has an interesting historical story as it is composed of more than 50 construction companies that have been merging since 1849, including the Liverpool Construction Society and Bridgwater Construction Society & from Birmingham.