When it comes to mortgages, it's important to understand the repayment period and the associated costs. If you have a Birmingham Midshires mortgage, you must repay everything you owe before the end of the term, including the loan, fees, and interest. When your fixed-rate term or initial agreement is coming to an end, you'll need to make a decision about how to keep your payments low. If your account is overdue and you have a payment plan in place, review the terms of the plan as payments may need to be modified. Your mortgage may be a combination of different payment methods with different interest rates and terms.
If your credit circumstances have changed, Birmingham Midshires can still help you exchange your mortgage product. The difference between the Birmingham Midshires SVR and the rate of a “new exchange offer” product can be significant, potentially resulting in hundreds of pounds in additional monthly payments. Your total monthly payment is the amount you must pay to cover that month's interest. To change or transfer your mortgage rate, include your name and property address on the back of the form and mail it to Birmingham Midshires at PO Box 833 Leeds LS1 9PU. Note that changing or transferring your mortgage does not mean remortgaging (which involves moving to another lender).
With a change, you stay with Birmingham Midshires but switch to a new product. Birmingham Midshires offers no broker fees and a fast mortgage transfer service from lenders like Halifax, Barclays, Virgin Money and Metro Bank, up 26%.