When applying for a product transfer, you need a qualified mortgage broker.
A BM Solutions Mortgage Transfer allows you to switch to a different mortgage product within the same lender, BM Solutions. This can be beneficial if your current mortgage deal is nearing its end or if your circumstances have changed and you need a different type of mortgage.
Most probably, when you inquire from BM Solutions, you'll likely end up getting frustrated since they won't share details about further borrowing or even existing deals you might qualify for.
This is why you need a mortgage broker who can guide you through the process.
If staying with BM Solutions suits your needs, a qualified mortgage broker can assess your situation and advise you on the best product transfer options within their range. They'll then handle all communication with BM Solutions on your behalf, making the process hassle-free.
For buy-to-let landlords, seeking advice from a BM Solutions specialist broker can be beneficial. Brokers have a deep understanding of BM Solutions' buy-to-let products and can help them find the right product.
Why Should You Switch to a New Product
Transferring to a new product within BM Solutions can offer several advantages. These include:
A better interest rate. If current rates are lower than when you took out your existing mortgage, a transfer could save you money on your monthly payments.
A different mortgage type. You might want to switch from a fixed-rate to a tracker mortgage or vice versa, depending on your current financial situation and risk tolerance.
Adjusted repayment term. You could extend your mortgage term to lower your monthly payments or shorten it to pay off your loan faster.
How the Product Transfer Happens
Check your property's current valuation. If you are seeking a revaluation, your property must be assessed before you submit your application for a product transfer. To do this, you need to first submit a Product Transfer Revaluation Authority form.
After contacting your broker, you need to assess what product can suit you and consult with the broker if this is a viable option. You need to decide within 180 days before the current product expires.
The broker will then send you details of your mortgage. You need to review it carefully, and discuss any concerns with the broker. Once you've made a decision, the broker will log in on BM Solutions Online to facilitate the submission process.
When a new product has been chosen, a new product effective date will be selected. The online platform will generate a quote and a mortgage illustration.
The broker will then submit your application.
After your product transfer application has been made, you will be assessed for eligibility.
Your broker will inform you if you have passed or not together with the reason.
Remember that the new product transfer rate will commence within 60 days of expiry of your current product.
Note: You may also consider additional borrowing options on your existing mortgage. The rate for this will be based per product.
Early Repayment Charge (ERC) on Your Product Transfer
You will not be paying any early repayment charge three months prior to the current product expiry. However, if any overpayment was made over the 10% allowance, the ERC will be applicable.
Your broker will assist you in the following ways:
1. If your current product is still six months from expiry, a new product will be selected as well as a forward date that the new product will commence once your existing product ends.
2. If your current product is already three months from expiry, a new product will be selected and the ERC will be waived. You may also choose to forward date the new product to commence once your existing product ends.
For example, if your current product expires on January 31st, you can start locking in from August 1st. The date of effect or the commencement for the new product will be on February 1st.
Hire a Mortgage Broker Today
As your current fixed or tracker rate with BM Solutions (Birmingham Midshires mortgages) nears its end, a critical decision arises – what comes next? Choosing to remain with BM Solutions could hold significant advantages.
A qualified mortgage broker can assess your financial picture and guide you through the available product transfer options within BM Solutions' range. Not only can they identify the most suitable new mortgage for your needs, but they can also handle all communication with BM Solutions on your behalf, streamlining the transition and saving you valuable time.;
In addition, for buy-to-let property owners, seeking the expertise of a specialised BM Solutions broker can unlock exclusive deals and ensure you secure the optimal product transfer choice.
Contact The Mortgage Hut today to work with a qualified broker.
Frequently Asked Questions (FAQs)
1. Do I need to be a UK resident to qualify for a product transfer?
Yes, you need to be a UK resident once you apply.
2. When should I apply for a product transfer?
Ideally, it should be within two months of your existing product's expiry, or if you are currently on the lender’s standard variable rate.
3. What is indexing?
BM Solutions will compute the current value of your property based on the purchase price, or its value upon the first mortgage and how much it has increased in your area.
4. I need a revaluation of the property. How can I do this?
You need to complete a Product Transfer Revaluation Authority form. Your property will be assessed before you submit your application for a product transfer.
5. I want to do a product transfer and a further advance application simultaneously. How should I do it?
You cannot apply for both at the same time. Either the product transfer application has to be already submitted, or the further advance application has been completed and the funds have been given out.
6. Can I cancel a product transfer?
Yes, you need to contact your mortgage broker who will facilitate this on your behalf.
How The Mortgage Hut Can Help You
When you’re considering a product transfer with BM Solutions, The Mortgage Hut has dedicated professionals ready to guide you in preparing what you need and what product suits you best.
Reach out to a knowledgeable advisor today by dialling 02380 980304. You can also reach us via email at info@themortgagehut.net or secure your spot by scheduling an appointment through our contact form. You may also refer your friends to us so we can help them make the right mortgage option today.
