Have you been told by Birmingham Midshires that you need to speak to a broker to get a mortgage with them?
You’re not alone in your frustrations but the good news is that with the help of a broker, you can access their rates as well as numerous others, giving you the overview you need to make an informed decision about which lender to go with.
Whether you’re looking to remortgage, transfer a mortgage, apply for a buy-to-let or let-to-buy, we’ve got you covered.
Our BM Solutions mortgage experts are waiting to help, so feel free to send them a question or contact an advisor directly via our online chat.
How can new and existing customers access Birmingham Midshires mortgages?
Current and prospective borrowers have come to us for advice about how to apply for finance with the Birmingham based lenders and we advise both that to access the exclusive rates at BM Solutions, they’ll need to work with a broker who can contact the lenders and negotiate on their behalf.But why can’t borrowers search for a mortgage with Birmingham Midshires on their own? Next, we’ll look at this and answer questions surrounding whether a broker can help you get a better deal.
Why can’t I get a mortgage with Birmingham Midshires directly?
In short, BM Solutions provide their service to intermediaries and professionals, which means they are not customer facing.
Unlike many other UK lenders who have in-house mortgage brokers, Birmingham Midshires rely on independent mortgage brokers from outside their group to communicate the finance options they provide and to oversee the mortgage process.
You might be concerned that this could slow down the process but don’t be dismayed! Brokers that specialise in BM Solutions products can be extremely helpful, saving you time, money and possibly a headache or two.
How does a mortgage broker find me the right mortgage with BM Solutions?
They use their knowledge of BM Solutions and the other lenders to compare aspects including:
Interest rates
Mortgage fees
Exit fees
Eligibility criteria
Overseeing multiple mortgage applications over the years has given our brokers the ability to quickly compare criteria and retrieve the information you need to make your next steps with confidence.
They truly know the process like the back of their hands, which is how they’re able to identify errors on applications so efficiently, preventing the people they help from making a mistake that could lead to a rejection or an unnecessary delay.
How can a BM Solutions mortgage broker help me?
A great benefit of working with a broker is that they’ll use mortgage sourcing software to look at numerous lenders from right across the UK, giving you a broader perspective of the other deals that could be better.
After weighing up the pros and cons of the various options that may be available to you, it may be concluded that a BM Solutions mortgage is the right choice for you. If this is the case, our brokers will explain the differences between the choices in detail.
If you decide that you want to apply for a BM Solutions mortgage product, our brokers will start the process, drawing on their relationship with Birmingham Midshires as well as their access to their online tools and award winning service.
When should I contact a BM Solutions broker?
Every situation is different but it can be advisable to begin a search for your finance options as early as possible, to compare a range of deals and have enough time to review agreements and feel comfortable with your decision.
If you’re a current BM Solutions customer looking to transfer your mortgage, it may be worth checking the terms and conditions of your current mortgage agreement to check whether you’ll incur any penalty fees for leaving your contract early (if you choose to do so).
Our brokers can do this on your behalf too, so if you’re unsure, make an enquiry and they’ll help you with your next steps.
What mortgage products do BM Solutions offer?
Birmingham Midshires are specialists in:
Buy-to-let
Let-to-buy
Mortgage transfer products (Existing customers only)
Further advances (Existing customers only)
What mortgage options are available for new Birmingham Midshire mortgage customers?
Our brokers have access to the latest rates and range of products available to new customers and can check your eligibility while also looking at alternative lenders to find the most preferential deal for you.
New Buy to Let Mortgages
Birmingham Midshires have a range of fixed rate, buy-to-let mortgage deals available to new customers.
Your mortgage broker will check your eligibility for the products you’re interested in ahead of making a formal application, so you’ll know which ones you’re most likely to get approved for with your circumstances.
New Let to Buy Mortgages
We’ve helped lots of homeowners obtain the finance they need when they want to let out their previous residential property and buy a new one to live in.
Let-to-buy mortgages are available with BM Solutions on a fixed-rate basis which some landlords prefer as this can provide a level of certainty surrounding how much the repayments will cost.
Interest rates vary heavily for these products and usually, though not always, agreements with a higher loan-to-value ratio are charged at a higher rate of interest.
This reflects the level of risk that BM Solutions would take as a lender, were they to loan a larger percentage of a property's value. The more risk, the higher the interest rate.
What options are available for existing Birmingham Midshire mortgage customers?
Further advances from BM Solutions
If you would like to borrow additional funds from BM Solutions Mortgages our experts can check your eligibility, advise you on the pros and cons and then if you’re happy to proceed, arrange a Further Advance.
This type of loan is also referred to as a top up loan because essentially, the borrower is borrowing more on top of a current loan.
Further Advances with Birmingham Midshires can be arranged on buy-to-let and let-to-buy mortgages.
Buy-to-let advances can be arranged on a fixed or tracker rate basis, whereas let-to-buy advances are offered on a fixed rate only.
Extending a BM Solutions mortgage as an older borrower
It’s not unusual for buy-to-let landlords to want to extend their mortgage term and continue their property endeavors into retirement. Afterall, this can be a great solution for some seeking income to top up their pension or retirement savings.
Increasing a buy-to-let mortgage term with BM Solutions can be more restrictive if you’re an older borrower and you may be charged a higher rate of interest, but that’s not to say it’s impossible.
Your age, income and the amount of years you have left on your current mortgage agreement can affect Birmingham Midshires’ decision to approve your extension.
Can BTL landlords extend their BM Solutions mortgage with a product transfer?
Buy-to-let landlords often ask our advisors how they can extend their BM mortgage term and if it can be done with a product transfer. This may be possible with the help of a broker though there will be eligibility and affordability criteria that the lender will require you to meet.
A mortgage product transfer with BM Solutions is most commonly offered to current BM solutions customers nearing the end of a promotional period but it can also be an option for those nearing the end of their mortgage term, looking to extend.
Product transfers with BM Solutions
Existing customers coming to the end of their deal may wish to transfer to a cheaper BM Solutions product to avoid having to revert to the SVR (standard variable rate) which will inevitably be higher.
Usually, product transfers are reserved for BM Solutions customers who are looking to change a mortgage product that is nearing the end of a promotional rate but can also be used for mortgage term extension.
If you’re nearing the end of a promotional date, our brokers may be able to help you avoid early exit fees associated with your current contract, though this will depend on many circumstances such as how close you are to the end of your contract.
Usually, the quicker you act the better as this provides plenty of time to find the best solution, however, any good broker would always recommend haste as a product transfer is a big financial decision. It’s all about what works for you.
Can I transfer my regulated residential mortgage with BM Solutions?
If you want to transfer your existing BM mortgage to another product in the range, you should know that product transfers are not available for customers with a regulated mortgage such as a residential mortgage.
That’s because BM Solutions mortgage products were simplified in advance of the Mortgage Market Review (MMR) regulation changes and since April, 2020, their product range has no longer included:
Regulated Buy to Let applications, including Buy to Let mortgages where a family member will reside in the property
Self Build mortgages, including new business, product transfers and further advance applications
Understandably, this is a big blow for many customers, however, hope is high, with potentially numerous other lenders available, depending on your circumstances. If you need advice, don’t hesitate to ask one of our BM Solutions specialists who can help you with your search for a mortgage product transfer.
Should I transfer my mortgage with BM Solutions?
Lots of people don’t want the hassle of transferring their lender or porting a mortgage elsewhere, which is why they stay with their current mortgage provider. Though this may be the less time consuming route, it might not alway find you the best deal.
Whether you’re a current BMS customer or not, if you’re considering a product transfer with Birmingham Midshires, it could still be beneficial to have your mortgage broker compare a range of alternatives too.
Interest rates are an important factor to consider when deciding to transfer or not but they’re not the only thing that can affect how much you pay during your mortgage term; there are fees too.
BM Solutions mortgage fees
Like many financial agreements, there are fees to consider when deciding which, if any, Birmingham Midshires mortgage product you want to take out.
A BM Solutions mortgage specialist can compare the fees that you could incur in various scenarios as well the fees associated with any other lenders that may be of interest.
These might include:
Early exit fees
Product transfer fees
Arrangement fees
Procuration fees
Valuation fees
Additional borrowing valuation fees
Product fees
We’re here to help you
Our brokers at The Mortgage Hut specialise in BM Solutions mortgage products but still compare a vast range of lenders to find other deals that may be worth your time too.
They know the best way to find the right deal for you is to take the time to listen to what you want, get to know your circumstances and compare, compare, compare. They take the hassle of this chore away from you, providing an efficient route to finance that leaves you without the stress.
Experts are on hand and can be reached on 023 8098 0304 but feel free to make an enquiry if you’d prefer to type. We also have online advisors who can answer quick questions if you’re in a hurry.
