BM Solutions Product Transfer for Existing Customers
BM Solutions Mortgage Transfer
BM Solutions offers a range of mortgage products to suit different needs. The deals offered are calculated individually. The products available to you will depend on the mortgage loan as a percentage of the property value (the loan-to-value or LTV). Birmingham Midshires mortgages will calculate the current value of your property by looking at the purchase price or the property value when they first mortgaged your property and how much property prices have risen in that area. This is known as indexing.
Existing BM Solutions Customer
As an existing BM Solutions customer, you have the opportunity to switch your current mortgage product to a new retention product offered by Birmingham Midshires. This process is available to customers with mortgages secured against buy-to-let properties. The best time to apply for a BM solutions product transfer is within two months of the expiry of your existing product or if you are on the lender’s standard variable rate.
If your existing mortgage product is nearing its end or if you’re on the lender’s standard variable rate, a product transfer could secure you a better deal. This could mean lower monthly payments or a fixed rate that provides certainty about future payments.
Ready to start your product transfer? Fill in our quick and easy BM Solutions Product Transfer Form.
BM Solutions Product Transfer Process
The product transfer process is straightforward. You will need to provide your mortgage account number, the full postal address of the buy-to-let property, your full name(s) and contact details, your home address, and your date of birth. Once this information has been provided, your lender can assess your outstanding mortgage balance, estimate value of the property, and Birmingham Midshires Solutions product transfers options. If you require a Birmingham Midshires further advance to raise extra funds this can be applied at the time of the BM Solutions buy to let remortgage.
Working with a Broker
It’s important to note that customers cannot apply for a BM Solutions product transfer directly. Instead, it is recommended that you work with a broker who will guide you through the process and liaise directly with Birmingham Midshires on your behalf to provide expert advice. This ensures you make an informed decision regarding whether you are getting the lowest interest rate.
Birmingham Midshires has very strict criteria for portfolio landlords therefore speak to a mortgage broker as you may need to consider a different lender if you are unable to get a mortgage offer.
What if the Indexed Valuation is Lower than Your Estimate?
If the indexed valuation is lower than your estimate, it may not matter if you still qualify for the product you want. However, you can instruct a valuation of your property. Birmingham Midshires mortgages will charge a discounted survey fee for this purpose. Alternatively, you can choose to pay down your mortgage until you are within a certain product loan-to-value.
What Happens Next?
Once you have chosen your new product, a full illustration for your chosen mortgage will be sent to you. If you are happy with the illustration, a signed authorisation is needed, and the transfer will go ahead.
BM Solutions Product Transfers and Early Repayment Charges
It’s important to note that you can secure a new BM Solutions product transfer rate within 180 days of the expiry date of your current product. The new BM Solutions product transfer rate can start within 60 days of expiry of the current product – without incurring an early repayment charge.
BM Solutions Further Advances
BM Solutions also offers further advances. These are additional borrowing options on an existing mortgage. As with product transfers, the rates for additional borrowing are calculated individually.
How to Apply for a Product Transfer
You can apply for a product transfer on a current bm solutions buy-to-let or let-to-buy mortgage where you are within the last six months of an existing product. Customers must be residents of the UK on application.
You can find out the current valuation of the property in the Summary of Accounts screen at the start of the Product Transfer application. If you would like to pay for a revaluation of the property, you will need to complete a Product Transfer Revaluation Authority form. The revaluation will need to be carried out prior to you submitting a Product Transfer application.
How do I cancel a product transfer on BM Solutions?
To cancel a product transfer with BM Solutions, it's best to reach out to your broker as soon as possible and they will liaise directly with them and BM Solutions on your behalf. When cancelling any transfer it's essential that all implications of doing so are fully understood by the parties involved before taking action.
Is BM Solutions part of Lloyds Bank?
Yes, BM Solutions is part of Lloyds Bank and operates as part of their banking group to offer buy-to-let mortgage products to landlords and property investors in the UK.
Is a product transfer easy?
Product transfers are generally straightforward. Your broker will guide you through the process, providing some basic details that will allow them to switch your mortgage without needing to switch lenders. It can be an efficient and time-saving way of switching products without incurring an application fee or switching lenders altogether.
Is BM Solutions the same as Birmingham Midshires?
Yes, BM Solutions is the same as Birmingham Midshires. BM Solutions is the brand used by Birmingham Midshires for its buy-to-let mortgage products. Both are part of the Lloyds Banking Group.
A BM Solutions product transfer can be a beneficial move for current customers, potentially securing a better deal on their mortgage. It’s important to consider your individual circumstances and consult with a mortgage advisor to ensure you make the best decision for your financial situation.
Birmingham Midshires Product Transfer Form
Product Transfers with Birmingham Midshires may be available if your existing Buy-to-let mortgage is either on the standard variable rate or is within 6 months of expiring fixed or discounted rate agreements.
Please complete and submit the below form and one of our advisors will be in touch.