When it comes to mortgage loans, the base bank interest rate is a key factor. This index is the one that most loans and mortgage loans are indexed to. If you are currently using a Birmingham Midshires Term Tracker product, your interest rate will likely be between 3.75% and 5.99%. Birmingham Midshires requires applicants to have a rental coverage rate of at least 145%, as well as being able to cover mortgage payments if interest rates rise to 5.5%.
If your credit circumstances have changed, we can still help you exchange your mortgage product with Birmingham Midshires. Current mortgage customers can access exclusive exchange rate offers on their accounts; however, Birmingham Midshires no longer publishes these rates as they are individual to the account. If you are looking for the most recent purchase and remortgage rates, you can access Birmingham Midshires mortgage rates live and in real time using the link below. The AER (Annual Equivalent Rate) illustrates what your interest rate would be if interest were paid and capitalized every year, making it easy to compare different offers. The mortgage “exchange” market has grown significantly in recent years, with most mortgage lenders now offering exchange rate offers. 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. 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. Birmingham Midshires will not approve a purchase-to-rent mortgage if an applicant has one or more properties that are not profitable. The cheapest option when comparing the “total interest payable” during the initial fixed term of the offer is actually to change the Birmingham Midshires product with the fees added to the loan option. For BTL (Buy-to-Let) mortgage customers who have mortgages in the Birmingham Midshires, mortgages with follow-up rates have been popular.
