If your rate is about to expire and you’re looking to stay with Birmingham Midshires, here’s the information you need. Birmingham Midshires offers various mortgage options for existing customers looking to switch to a new deal.
Key Points -Product Transfers Birmingham Midshires
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- We can request a product transfer on your current BM Solutions buy-to-let or let-to-buy mortgage as long as you are within the last six months of your existing product.
- Applicants need to be residents of the UK.
- To do your rate switch, you will need to give us your mortgage account number, the complete postal address of the buy-to-let property, your full name(s) and contact information, your home address, and your date of birth.
- Birmingham Midshires mortgages determine the current value of your property by considering the initial purchase price or property value at the time the mortgage was taken out, along with the increase in property prices in that area.
- Birmingham Midshires has strict requirements for portfolio landlords, so it’s best to consult with a professional adviser to help you with the process.
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Check Out Our New Rate Switch Reward Calculator
Birmingham Midshires Rates
Birmingham Midshires typically provides fixed rates of 2 or 5 years for existing customers, as well as 2-year trackers, although the selection is generally more restricted compared to what’s available for new clients.
How long will the rate switch take?
After we apply, the process is relatively fast. Mortgage offers are typically given right away, and you can choose for your rate to start either next month or on the end date of your product. If you’re changing your rate, borrowing more, or adjusting other terms like switching to interest-only, it might take more time due to extra checks and underwriting.
Can I borrow extra money?
Yes – BM Solutions provides further advances as well. These are extra borrowing options for your current mortgage. Like product transfers, the rates for extra borrowing are determined on a case-by-case basis.
What does staying with your current lender mean for you?
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- It’s quicker and easier than a remortgage.
- It can be done in just 15 minutes.
- They do not require any credit checks, income checks, or valuation fees.
- Secure a favourable rate six months before your current product expires.
Birmingham Midshires Product transfer process
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- Gather Information: For instance, we will need to know the account number for your mortgage. Birmingham Midshires account numbers start with 60 and you can find your account number on letters Birmingham Midshires have sent you. We will need this to access your account and review your options.
- You will receive quotes from us: We will send over a few quotes fairly quickly and give you time to look over these.
- Review options: When you’re ready, look over the product transfer options that Birmingham Midshires offers. You might need to compare various interest rates, terms, and features to find the best option. We’re here to support you throughout the process, so if you’re uncertain about which option to choose, we can assist you in making the best decision.
After you select your new product, you will receive a complete illustration for the mortgage you chose. If you’re happy with the offer, a signed authorisation is required. After that, the transfer will go ahead.
How can Rate Switch Rewards help?
Rate Switch Rewards will evaluate all your choices, including those from Birmingham Midshires and other market options. We can assist you with your application and manage the necessary tasks. We work hard to assist you in finding a good mortgage option. We aim to make the rate switch process straightforward, efficient, and advantageous for you!
If you want to learn about your options, feel free to reach out and we’ll be glad to help.
If you are still confused about the Rate Switch Rewards, please feel free to take our quiz.
