Birmingham Midshires (BM) is a division of Bank of Scotland plc that offers specialized mortgage and savings products. To apply for a new mortgage with BM, you must be a current holder of a BM mortgage. Additional loan applications will not be allowed within 6 months after the original mortgage ends. Not only is a rental coverage rate of at least 145% needed, but BM applies an income stress test and requires applicants to be able to cover mortgage payments if interest rates rise to 5.5%.
The rate is variable and is set according to the Bank of England base rate plus a charge for the entire term of the mortgage.
Birmingham Midshires' purchase-to-rentmortgage products are not directly available to consumers; instead, their buy-to-rent plans are only available through intermediaries through their specific brand BM Solutions, which offers a variety of purchase-to-rent mortgage products. Consult a mortgage advisor to confirm the rates available for your particular circumstances. Birmingham Midshires has become the biggest private employer in Wolverhampton, where it is headquartered. It is the compilation of more than 50 construction companies that have been merging since 1849, including the Liverpool Construction Society and the Bridgwater Construction Society.
For landlords with multiple properties, it's important to note that Birmingham Midshires may require an in-depth review of the applicant's property portfolio. If you're looking to save money on your mortgage, you can compare and calculate your savings by transferring or changing a mortgage product from a standard variable rate to a new and better rate.