Birmingham Midshires offers mortgage products to applicants aged 75 or younger with at least two years to meet the term of their mortgage. This product also provides an opportunity to exchange rates at the same time. The maximum term at the end of the mortgage is 80 years (for the oldest applicant). The “Amount of Each Installment” section of the mortgage illustration establishes a first payment, assuming that the mortgage is completed on the 1st of the following month. Exceptions are made for early requests for essential repairs to the mortgaged property and product transfers.
A lease agreement or letter from the leasing agent can be used to verify the rental income listed on the property schedule screen in the application. Birmingham Midshires mortgages are purchase-to-rent mortgages and are therefore used solely for investment purposes, not for the landlord to occupy. Mortgaged BTL properties include those held in a personal name, limited company, or any other legal entity. This includes Bank of Scotland, Birmingham Midshires, TMB, Halifax, Intelligent Finance, Lloyds Bank, C&G and Scottish Widows. However, some transactions are considered to have an additional level of complexity, since Birmingham Midshires will not be able to cover all the costs as part of the remortgage service. A Portfolio Landlord request is when customers have four or more BTL properties mortgaged, including the new transaction.
A maximum of five properties applies to all rental loans with option to purchase, purchase for rent, loan for second home, consent to rent and housing two homes in the retail division of Lloyds Banking Group. In a transfer request, any early repayment fees that may apply to your customer's current mortgage product will be waived or refunded if the prepayment period ends within the next three months. Your customer will have to pay any fees that their current lender may charge in connection with the repayment of their current mortgage. If your customer chooses a mortgage product with early repayment costs, as a concession, in any calendar year, Birmingham Midshires can reimburse up to 10% of the outstanding amount of your product without having to pay any early repayment fee. The details of the customer's bank account from which the mortgage will be paid must be indicated at the time of application. If a customer sells their property and repays their current mortgage before submitting a new application, they will incur any early repayment fees that apply to them.
