Are Birmingham Midshires the best BTL Lender ?

Birmingham Midshires is a UK based company offering a number of banking services. The mortgage lending arm of Birmingham Midshires is  BM Mortages also known by BM Solutions Mortgages. BM Solutions mortgages is the largest BTL (Buy to Let) mortgage lender in the UK.

Birmingham Midshires – A Brief History

The original Birmingham Midshires company was formed in 1986 with the merger of a number of buildings societies. In 1999 Birmingham Midshires became part of Halifax and in 2008 they became part of the Lloyds Banking Groupsource | Wikipedia

BM Solutions – Buy to Let Mortgages

Birmingham Midshires offers only Buy to Let mortgages at present – these are only obtainable through Independent Financial Advisers and Mortgage Advisers. BM Advisers are a dedicated BM Solutions Adviser.

Buy to Let mortgage rates

For the latest Birmingham Midshires mortgage rates and product information, visit our products page.

Existing BM Solutions Customers

If you are an existing BM Solutions mortgage customer and coming to the end of your existing mortgage deal – your mortgage rate will change to BM Solutions SVR (standard variable rate). This SVR is currently 4.44% which invariably means your monthly payment increase. You can do two things to secure or change to a better rate.

1. BM Solutions Product Transfer

At the end of your mortgage deal you can transfer your product to a new rate offered by BM Solutions. You need to do this with an independent financial adviser or mortgage adviser. A new product transfer rate can be chosen up to 3 months in advance of your existing product expiry. BM Mortgage Adviser offer this as a completely FREE service.

2. Remortgage

You can also remortgage to a new mortgage company. Remortgaging will take longer and mean valuations and conveyancing will also need to take place.

You can read about the pro’s and cons of Product Transfers (or product switching) V Remortgaging in this detailed article.

Interest rates – what affects interest rates ?

From a mortgage perspective there are a number of interest rates that are relevant for mortgage products.

Bank of England Interest Rate – This is the borrowing rate for lending institutions as set by the Bank of England.

Mortgage Product Interest Rate during your mortgage deal – this is the rate of interest you will pay on your chosen mortgage product and will last for a specified period.

Standard Variable Rate – this is the rate of interest you will pay once your existing mortgage deals expires.

Ultimately the rate of interest you will pay on your mortgage is primarily set by the LTV or Loan to Value – the lower the loan to value the lower the product interest rate.

Fixed Rates and Tracker Rates

There are many types of interest rates that are available – BM Solutions currently only offers fixed rate mortgages. For further reading on the differences between fixed rate and tracker rate mortgages you can read this article.

Investing in UK rental property for income and capital appreciation

Investing in BTL property can be very lucrative – but an objective and longer term view is the mainstream one. Investors typically look at rental yield in the first instance and then look at the potential capital appreciation. The recent UK tax changes has also meant profiting from rental property can be challenging unless the right advice and objective is set out from the onset.

Using a mortgage adviser

BM Mortgage Advisers offer a completely free mortgage product transfer service. Remortgaging and new purchases also attract NO adviser or broker fees. Using BM Mortgage advisers will give you peace of mind as full product research is conducted for product transfer products and also remortgage products.

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