Free BM Midshires Rate Switch Existing Customer Service from Niche Advice
Birmingham Midshires product transfer service
Before the recent rate rises BM Solutions product transfer service to rate switch was not as popular as it is not as traditonally remortgages invariably worked out cheaper. “Price” however is not the sole factor in determining rate switches as a BM Solutions Product Transfer may be the only option left on the shelve as remortgage rental calculations are much harder achieve due to the rate rises.
Although BM Solutions offers rate switches they want professional Mortgage Brokers to check out their mortgage suitability of customers. The good news is Niche Advice can do just that and does NOT charge for BM Solutions product transfer service.
So what else do you need to know apart from you will not be charged? Well we’ve devised an informative Frequently Asked Questions Section on the topic of Birmingham Midshires Product Transfer so hope this helps:
A) It simply means you keep your mortgage with BM Solutions and change the mortgage product you are on.
A) No, it the request must come via an Intermediary, such as Niche Advice.
A) No, they are bespoke to the individual customer. Please be mindful that Birmingham Midshires Product Transfer rates advertised on some websites are simply not correct even Birmingham Midshires does not publish its existing product rates on its own website. In all cases, information about the client has been submitted to them by a mortgage broker and they run an electronic check on the account only then a new product will be offered.
A) There is no charge.
A) Yes, there are effectively two names for the same mortgage lender.
A) A remortgage involves moving your current BM Solutions to another Mortgage Lender. A rate switch means you are staying with BM Solutions but switching the Mortgage Product that you are on.
A) If compared solely on price they normally are competitive but can usually be bettered by a remortgage. It is also common for Product Transfer mortgage products to be limited to fixed rates only.
A) Within 3 months prior to the product end date
A) In theory the day before the product end-date but it is sensible for the request to go in 5 to 10 days before to allow for this to be processed.
A) The date can be set when the product transfer rate applies. The most appropriate time for this should be discussed with your Mortgage Adviser.
A) Yes, there are many instances that this occurs. The technical definition is any product which was written under “MCOB regulated rules”; this in the main translates to any mortgage granted for a property you intended to live in. Standard buy-to-lets are normally accepted.
A) The facility is there to switch from capital and interest to interest only, and vice-versa, but as this is a material change to your mortgage you should discuss this fully with your Mortgage Adviser to understand the benefits and drawbacks.
A) Yes, there is the option to extend provided the current term has more than two years remaining at time of application. The length of extension will be limited to finish before the age of 80 years.
A) You can’t complete simultaneously, either application would need to complete before you can start the other application. You can start either the Product Transfer or Further Advance first but please note BM Solutions offers a 28 day cooling off period on a Product Transfers so it is probably sensible to start this first.
A) Yes, there is no extra underwriting on BM Solutions side for Product Transfers instead they put the onus on the Mortgage Broker to make sure the product is suitable.
A) No. However if you want a Further Advance rental stress and underwriting is required.
A) Yes, all applicants must reside in the UK on a permanent basis.
A) No, credit check carried out.
A) Yes.
A) Minimum term remaining of 2 years.
Please click on the below button for our Free BM Midshires Rate Switch Product Transfer Service
NEXT STEPS
Please complete our Contact Form and include your BM Solutions account number. We will then retrieve your current mortgage details and provide mortgage illustrations for the new options open to you for your consideration.
