The chances are that you have made contact with BM Solutions (Birmingham Midshires) they have told you that they are unable to help you with any advice and that you need to speak to an independent mortgage broker. If this is the case, read on.
BM Solutions do not have their own mortgage advisers and therefore you will need to find a Mortgage Broker that can talk to BM Solutions on your behalf. This applies to existing BM Solution customers and also for new customers.
Are there advantages of using a BM Solutions mortgage broker?
It may well be that you are an existing customer of BM Solutions (Birmingham Midshires) and that your fixed or tracker rate product is coming to an end. It may be in your best interest to stay with BM Solutions in which case a mortgage broker will advise you of this and then be able to talk and corresponded with BM Solutions on your behalf.
An independent no fee mortgage broker will also be able to search the whole mortgage market and advise you if it is of benefit to stay with or move away from BM Solutions.
If you both agree that is best for you to stay with BM Solutions the mortgage broker or adviser will be able to do this on your behalf. The broker will complete the mortgage application for you and see the whole mortgage application through to completion.
It may be that you are about to purchase a property and want to use BM Solutions as they are offering good rates and deals at that time. Once again you will need the help of a mortgage broker to get the mortgage application underway.
How do I find a mortgage broker that does not charge a fee?
Often the best way is to get a recommendation from a friend or family. If this doesnt work why not ask your friends on facebook. Another option is to google. How to find a broker that does not charge a fee? It is definitely investing a little time in finding a no fee mortgage broker as it will save you a lot of money.
What are the advantages of finding a whole of market mortgage broker?
There are definite advantages to finding a whole of market mortgage broker. Firstly if a mortgage broker is going to search for a lender offering competitive interest rates it makes sense that they search the whole market and that way the will find you the very best rates.
Secondly different lenders charge different fees including valuation and arrangement fees. Once again if the mortgage broker searches the whole mortgage market they will be able to get you the lowest fees possible.
The third area to consider is very important area. Not all banks and building societies have the same lending criteria. The lending criteria will vary vastly on what type of construction they will lend on. Minimum amounts of deposit needed. Maximum number of properties owned by you. Length in time in employment.
The reason lending criteria is of so much importance is that your property or personal situation may not be acceptable with one lender however may be acceptable with a different lender. This is where a mortgage broker can be of massive assistance as they will be able to search the whole mortgage market to match your very own criteria to a lender that will accept you.
How do I know if a mortgage broker will find me the best rates?
Mortgage brokers use mortgage sourcing software to search the mortgage market. The most common software used are Mortgage Brain and Trigold. Make sure you are using a mortgage broker who searches the whole market. This way you will be ensuring that you are open to every mortgage available from every bank and every building society. This usually gives the mortgage broker over 14,0000 mortgages to choose from.
The mortgage broker will then use filters to whittle down the options for example they might search for mortgages offering free valuation surveys or may search for lenders offering free solicitors to carry out the conveyancing. Also another important factor to take into consideration is the arrangement fees. Paying an arrangement fee may get you a lower interest rate, however in the long term does this benefit you?
Most of the time it will benefit you to look at the cost of a mortgage over the term of your rate. So say you want a 2 year fixed rate mortgage ge your mortgage broker or adviser to search for the best rate over the 2 year period. The software will then take everything into consideration including free incentives, rates and arrangement fees and will come up with the very top mortgage out of over 14,000 mortgages searched. You can ask for the broker for evidence of the research produced by the mortgage sourcing software. This way you will have the peace of mind that you have the very best mortgage available open to you.
How much will it cost me to remortgage?
The first cost of remortgaging will be for a valuation survey. If you are remortgaging you may feel that you don’t need a survey as you already own the property however the new lender will want to make sure that they are are willing to lend your money and that the property is of the correct value and is in good repair. Some lenders offer a free valuation as part of their remortgage incentive to attack you as a new customer.
The second cost will be to a conveyancer to carry out the legal work on transferring the mortgage from your old lender to your new lender. The solicitor will be making sure everything is legally correct you you so you are protected and they will also be working for your new lender to make sure they are also protected. Once again you will find that some lenders will offer this as a free incentive to attract you to them as a new customer
The last cost to take into consideration is the arrangement fee. Although you may think as it sounds that this is for arranging the mortgage is actually it is not! The arrangement fee is the cost of purchasing a fixed or discounted rate. Although most lenders will offer you one interest rate with no fee, they will often offer a lower rate with an arrangement fee. Your mortgage adviser will be able to calculate if it will be of benefit to pay an arrangement fee to get a lower rate.
So the answer to the question how much will it cost me to remortgage is it could you nothing or it could you a few thousand pounds. Get good financial advice from a mortgage broker and they will advise the best course of action for you.
Who are BM Solutions?
BM Solutions are the Buy to Let company of the Lloyds Banking Group,
Birmingham Midshires started in 1986 by the merger of the Birmingham and Bridgwater and the Midshires Building Societies. These societies started back as early as 1849.
In 1999, Birmingham Midshires Building Society were taken over by the Halifax. The Halifax itself became a part of HBOS plc when it merged with the Bank of Scotland in 2001.
In 2008 HBOS plc were taken over by Lloyds Bank and is now part of the Lloyds Banking Group.
BM Solution Facts
- Portfolio lending to clients with 4 or more mortgaged Buy to Let properties including the new transaction is also available
- You can have up to five Buy to Let properties that can be mortgaged with a £3 million lending limit across Lloyds Banking Group
- Maximum Loan to Value of 75%
- Monthly rental income must cover 125% of the monthly mortgage payment
- At least one of the applicants must currently own a property in the UK. Inherited and gifted properties are acceptable
- No minimum income requirement however at least one applicant must be in receipt of earned or pension income
- Available for first time landlords
- Available for student lets and landlords with tenants in receipt of benefits
- Awarded 5 Stars at the Financial Adviser Service Awards for 14 consecutive years
What Interest rates do BM Solutions offer?
BM Solutions offer a good range of fixed and tracker rates including
- 2 year
- 3 year
- 5 year
So don’t take it personally that if you call BM Solutions that they wouldn’t offer you any of their products or advise you of any options open to you. They are not treating you differently as this will be the case for everyone contacting them.
Although a little annoying this may well end up being to your advantage. Find a whole of market, no fee mortgage broker who will search the whole mortgage market to get you the best interest rates and the lowest arrangement fees, Not only will you save money but they will also save you a lot of time filling in applications and chasing the mortgage through to completion.
Need us to help with your BM Solutions Mortgage?
Make contact with us at YesCanDo Money. We have a team of friendly advisers who will be more than happy to help you get a mortgage decision in principle and along with this will provide lots of free advice. YesCanDo Money are a NO FEE mortgage broker so it won’t cost you a penny. We are a family run independant mortgage broker located near Southsea, Hampshire, however we cover the whole of the South of England.