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Birmingham Midshires Transfer of Equity

Remove someone from a Birmingham Midshires Mortgage using a transfer of equity Birmingham Midshires transfer of equity is the process of adding or removing someone from an existing Birmingham …

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Are Birmingham Midshires the best BTL Lender ?

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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. …

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What can we help with ?

For Existing Birmingham Midshires Customers

Product Switches
Change from Interest only to Repayment
Arrange a lump sump downpayment (as part of a product transfer)
Equity Transfer (add or remove borrowers)
Arrange Further Advances (borrow additional funds)

For New Birmingham Midshires Customers

Purchases and remortgage transactions
Buy to Let, Let to Buy, HMO, Portfolio Landlords

Our adviser network is 'whole' of market, so we can typically carry out the above transactions for most other UK lenders.

How much can I borrow ?

For BTL mortgages the maximum borrowing is generally limited firstly by the Loan the Value - which is 75% of the value of the property.

The rental income must also pass the rental income 'stress test' - this is generally between 125% - 145% of the interest only mortgage payments.

Are there any fees ?

The following costs also need to be considered for any new mortgage, some of these costs may not applicable to remortgages and product transfers.

Valuation Costs
Bank Arrangement Fees
Solicitors Fees (for purchases)
Stamp Duty (for purchases)
Mortgage Adviser/Broker Fees (for purchases)

(BM Advisers do not charge any adviser or broker fees for product transfers above £50,000, if you product transfer is below this loan amount, the assigned adviser may charge a fixed fee of upto £495)

How long does a new mortgage take ?

Product Transfers - we can switch your product almost instantly and activate your new rate from your next payment due.

Remortgages - since you already own the property, only very basic legal work needs to be carried out. Generally these remortgage transactions take between 3-7 weeks.

Purchases - these transactions take the longest and generally can be completed between 4 - 12 weeks.