Birmingham Midshires Buy To Let Mortgages

Application Process

Navigating the mortgage application process can often be intricate, especially when it comes to buy-to-let mortgages. BM Solutions, as a dedicated buy-to-let mortgage provider, has streamlined its application process to assist both new and seasoned property investors. Here’s what you need to know:

Eligibility Criteria

To apply for a BM Solutions buy-to-let mortgage, applicants must meet specific criteria:

• Age Restrictions: Applicants must be aged 25 or over. They must be no older than 74 when they apply, nor older than 79 when their mortgage term is due to end.
• Property Ownership: At least one applicant must either previously owned or be in the process of purchasing a property in the UK.
• Minimum Property Value: The property in question must meet a certain minimum value to qualify for a mortgage. Minimum acceptable property valuation/purchase price (whichever is lower): £50,000.
• Residency Status: While the primary expectation is for applicants to be UK residents, there might be provisions for ex-pats or foreign nationals under specific conditions.

BM Solutions, being a division of the Bank of Scotland, adheres to stringent criteria to ensure responsible lending and safeguard both the lender and the borrower.

Affordability Checks and Stress Tests

BM Solutions is dedicated to responsible lending, which is evident through:

• Thorough Affordability Checks: These evaluations are designed to ensure that applicants can manage their monthly repayments, considering both their income and outgoings.
• Stress Tests: BM Solutions conducts rental stress tests to determine an applicant’s capability to cover mortgage payments under various scenarios, such as potential hikes in rates of interest or unforeseen financial changes.
• Credit History Review: A comprehensive review of the applicant’s credit history is undertaken to gauge their financial reliability and past borrowing behaviour.

This systematic approach ensures both parties are protected, making the loaning process fair and transparent. Please be aware that this data may change over time – for accurate information please reach out directly to BM Solutions or consult a mortgage advisor.

Understanding Property Eligibility with BM Solutions

As your dedicated mortgage broker, we guide you through BM Solutions’ criteria for property eligibility. It’s important to understand what types of properties are acceptable to them.

Essential Criteria for All Properties

• Habitability and Saleability: Properties must be habitable, lettable, and saleable.
• Structural Soundness: Ensuring structural integrity is a must.
• Insurance Eligibility: Properties should qualify for building insurance.
• Completion of Works: If there are outstanding works, the full advance is retained until the property is confirmed fit for letting.

Diverse Property Types Considered

BM Solutions recognises the diversity in the property market and is open to a wide array of property types. From modern apartments situated above commercial spaces to charming ex-local authority properties, their inclusive criteria cater to various housing styles and constructions, ensuring a broader range of options for borrowers.

Above Commercial Premises

• Properties above or adjacent to commercial spaces are considered, given no borrower association with the business and a separate entrance.

Adjacent Properties

• Owning an adjacent property is not a barrier to application, irrespective of its type or ownership.

Studio Flats

• We welcome studio flats with no minimum size requirements.

Ex-Local Authority Properties

• Eligible properties include those with deck access, without lifts, and in high-rise buildings, based on saleability.

Non-Traditional Constructions

• Each non-standard construction is assessed individually to ensure fairness.

Annexes

• Annexes are acceptable if they are part of the main title and without separate tenancy agreements.