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BM Solutions Product Transfer: Buy to Let Existing Customers

BM Solutions Buy to Let Product Transfer Rates

Rates for existing customers current as of April 3, 2024

TypeRateUntilFeeLTV
2 years Fixed5.30%31/07/26£065%
2 years Fixed4.78%31/07/26£149965%
5 years Fixed4.74%31/07/29£065%
5 years Fixed4.53%31/07/29£149965%
2 years Tracker5.68%31/07/26£1,49965%

Please note: BM Solutions do not have a uniform set of rates for product transfers. As of 1st June 2022 each individual customer is now offered their own set of rates to choose from. The rates shown are the lowest we have seen offered currently. Call us on 0208 979 9684 or click here to obtain your personalised list of BM Solutions transfer rates.

*You can reserve a mortgage rate now to protect yourself against further rate rises. Should rates fall before your new rate starts, you can switch to the lower rate.

OBTAIN YOUR PERSONALISED LIST OF BM SOLUTIONS TRANSFER RATES

Standard variable rate now to 9.59% – halve your costs with a new rate

BM Solutions Product Transfer Rates 75% LTV

Rates for existing customers current as of April 3, 2024
TypeRateUntilFeeLTV
2 years Fixed5.45%31/07/26£075%
2 years Fixed4.93%31/07/26£149975%
5 years Fixed4.79%31/07/29£075%
5 years Fixed4.58%31/07/29£149975%
2 years Tracker5.78%31/07/26£1,49975%

Please note: BM Solutions do not have a standard set of rates for product transfers. As of 1st June 2022 each individual customer is now offered their own set of rates to choose from. The rates shown are the lowest we have seen offered currently. Call us on 0208 979 9684 or click here to obtain your personalised list of BM Solutions transfer rates.

Birmingham Midshires buy to let existing customers need to arrange a product transfer through specialist brokers like ourselves. The good news is that we can arrange a BM Product Transfer for you swiftly, easily, and free of charge.

Our BM Solutions product transfer service is provided with

  • No Meetings
  • No Paperwork
  • No Fuss
  • No Broker Fees

How our Birmingham Midshires Buy to Let existing customers Mortgage Product Transfer Service works

We need the following information to arrange your BM Solution Buy to Let mortgage product transfer.

  • Your mortgage account number (starting 60, if the number you have starts with a ‘2’ or ’02’ it has been replaced by the 60 number)
  • The full postal address of the buy to let property
  • Your full name(s) and contacts details
  • Your home address
  • Your date of birth

If you do not have your BM Mortgage account number to hand, check your online banking as it should be quoted in your DDM entry on your bank statement.

The Bank Account entry will look something like this:

BHAM MIDSHIRE REFERENCE
6092142091000000

The last two digits are not part of the mortgage account number, so in this case the number we need is 60921420910000

Once we have the account number we can check with the lender your outstanding mortgage balance, lenders estimate of your property value, and your product transfer options. You then decide your preference. We then request the new rate from the BM on your behalf and you have a single Authority Form to sign.

That’s it.

House Price Index

The House price index and your mortgage options as an existing BM Solutions buy to let borrower.

The loan to value on your mortgage account drives the mortgage rates offered to you when you select a new product. Loan to value is the ratio of the estimated value of the property to your mortgage balance. The estimated value is driven from the House Price Index.

A falling House Price Index leads to falling valuations and higher loan to value ratios. A higher loan to value can mean some of the more competitive rates are not available to you as a borrower.

The latest House Price Index is due early in January 2024 and values are likely to be reduced due to current market conditions.

What this means for you as a BM Solutions existing borrower?

If you are within six months of your current rate ending you can secure a new rate now before any valuation changes.

Securing a rate now will protect you from falling valuations, or future rate rises.

If available BM Solutions existing borrower mortgage rates fall between now and when you new rate is due to start, you have the option to pick up the lower rate.

Stick or save?

If you are already on a BM Solutions tracker rate you can make a big saving by switching to a new fixed rate. See how current tracker rates compare with an available 5 year fixed rate on a £100,000 mortgage.

Standard Variable RateAvailable Fixed RateDifferenceMonthly Saving
9.59%4.74%4.85%£404
available 5 year fixed rateper £100,000

When can I secure a new BM Solutions mortgage product?

From 5th December the window for existing clients BM Solutions to select product transfer was extended to six months from three months.

Your current product expires onYou can secure a new rate fromThe new rate can start betweenand
31st December1st July1st October1st January
31st January1st August1st November1st February
28th February1st September1st December1st March
31st March1st October1st January1st April
30th April1st November1st February1st May
31st May1st December1st March1st June
30th June1st January1st April1st July
31st July1st February1st May1st August
31st August1st March1st June1st September
30th September1st April1st July1st October
31st October1st May1st August1st November
30th November1st June1st September1st December

Example: Your existing rate ends 31st August, you can select a new rate from 1st March, to start when your current rate ends on 1st September.
If it suits, your new BM Solutions product transfer rate can also start up to 3 months earlier on 1st June, 1st July, or 1st August, without incurring an early repayment charge on your current mortgage product. If in doubt, talk to our team?

BM Solutions Let to Buy Product Transfer Rates 60% LTV

Rates for existing customers current as of April 3, 2024
TypeRateUntilFeeLTV
2 years Fixed5.30%31/07/26£065%
2 years Fixed4.78%31/07/26£149965%
5 years Fixed4.74%31/07/29£065%
5 years Fixed4.53%31/07/29£149965%
2 years Tracker5.68%31/07/26£149965%

Please note: BM Solutions do not have a standard set of rates for product transfers. As of 1st June 2022 each individual customer is offered their own set of rates to choose from. The rates shown are the lowest we have seen offered currently. Call us on 0208 979 9684 or click here to obtain your personalised list of BM Solutions transfer rates.

BM Solutions Let to Buy Product Transfer Rates 75% LTV

Rates for existing customers current as of April 3, 2024
TypeRateUntilFeeLTV
2 years Fixed5.45%31/07/26£075%
2 years Fixed4.93%30/04/26£149975%
5 years Fixed4.79%31/07/29£075%
5 years Fixed4.58%31/07/29£149975%
2 years Tracker5.78%31/07/26£075%

Please note: BM Solutions do not have a standard set of rates for product transfers. As of 1st June 2022 each individual customer is offered their own set of rates to choose from. The rates shown are the lowest we have seen offered currently. Call us on 0208 979 9684 or click here to obtain your personalised list of BM Solutions transfer rates.

BM Solutions Product Transfer Rates – Early Repayment Charges

Product & TermPeriodChargesEnd Date
2 Year Fixed12% until 31/07/202531/07/2026
21% until 31/07/2026
5 Year Fixed15% until 31/07/202531/07/2029
24% until 31/07/2026
33% until 31/07/2027
42% until 31/07/2028
51% until 31/07/2029
2 Year Tracker11% until 31/07/202531/07/2026
20.5% until 31/07/2026

Overpayment allowances

As a concession BM Solutions allows overpayments each calendar year of up to 10% of your outstanding balance without early repayment charges.
Further to this, if you repay your mortgage in full within six months of making a regular or lump sum overpayment, you will be charged the full early repayment charge, including the proportion due on the regular or lump sum overpayment previously not charged.
If you intend to make regular or lump sum overpayments, firstly check with the lender that you will be within your overpayments limits.

How do BM Solutions product transfer rates compare?

The rates available from Birmingham Midshires on product transfer are competitive, but they may be more favourable rates available elsewhere on the market.
Being whole of market brokers we can, if requested, run a comparison for you so that you can ensure you get the best deal possible.
Remember, if you decide to move to a new lender rather than taking a product transfer you will need to:

  • Pass a credit score with the new lender
  • Have the property valued
  • Prove your rental income*
  • Prove bank statements (with most lenders)
  • Prove your earned income (with most lenders)
  • Cover legal costs (although some lenders will pay these for you)

*Recent changes to rental calculations across the buy to let mortgage may mean that under current circumstances your rental income may not be sufficient to support your existing lending. This may stop you raising funding from a new lender, but does not affect your ability to request a product transfer

BM Solutions Further Advances

BM Solutions Additional Borrowing Rates Buy to Let

TypeRateTermFeeLTV
2 yr Fixed5.39%30/04/2026£065%
2 yr Fixed5.47%30/04/2026£075%
5 yr Fixed4.94%30/04/2029£065%
5 yr Fixed4.99%30/04/2029£075%

Please note: BM Solutions do not have a uniform set of rates for additional borrowing on an existing mortgage. As of 1st June 2022 each individual customer is offered their own set of rates to choose from. The above rates are examples of typical additional borrowing rates currently offered. Call us on 0208 979 9684 to obtain your personalised list of available rates.

  • If a further advance application is needed at the same time as a product transfer application, we need to complete one application before we can do the other
  • Existing Birmingham Midshires borrowers must be on a single direct debit to apply for a further advance. If this is not the case you will need to adjust your payment method before further advance application.

We can help you decide the best options available to you and handle everything.
Remember, we are an online independent mortgage broker which means no meetings and no paperwork.

About Birmingham Midshires – BM Solutions

BM Solutions are the market leader in buy to let mortgages in the UK and are part of the Lloyds Banking Group. Below we outline some of underwriting considerations that make BM Solutions are so popular in the market and also underwriting issues you need to be aware of.

Tips for BM Solutions product transfers

You may have heard about the recent Birmingham Midshires Account Number change. We have prepared some tips on this and further notes on occasional issues with product transfers

Underwriting – reasons to use BM Solutions

Applicants

BM Solutions are happy with let to buy applications, consumer buy to let (properties previously occupied by the applicant on their family), and portfolio landlords.
BM Solutions can handle multiple applicants with up to 4 on each application.
Most buy to let mortgage products with Birmingham Midshires will offer a free legal service
Let to buy lending is available from BM Solutions but only when there is a related residential purchase. This means that typically the lender will want to see a copy of mortgage offer on the purchase or a letter from the solicitor confirming a mortgage free purchase.

HMO properties

These are acceptable to BM Solutions where there are a maximum of five unrelated tenants in a property that is suitable for residential accommodation.

Inherited properties

Birmingham Midshires will consider remortgages on a property inherited within the last six months can be accepted but only once probate has been granted.

Minimum property value

BMS require a minimum property value purchase price (whichever is lower) to be £50,000

Portability

Buy to let products are normally portable, although let to buy products are not. If sale and purchase are not concurrent, the early redemption penalty must be paid that can be refunded if the purchase is completed within three months.

Properties with annexes

Can be considered by BM Solutions as long as the annex is on the same title as the main building. Also there should be no separate tenancy agreement for the annex

Studio flats

There is no minimum floor size for BMS to accept a studio flat but it’s flat is subject to valuer’s comments

Unencumbered properties

Lending on unencumbered properties are considered remortgages by BM Solutions. Therefore products with free legal and free valuation can be used.

BM Solutions Underwriting – reasons for caution

Applicants

BM Solutions do not accept applications from first-time buyers, expats or limited companies.
First-time landlords are acceptable.
Foreign nationals must have permanent right to reside to be accepted for borrowing.
Professional landlords are welcome, although portfolio landlords must have minimum earned income of £30,000 per application (that income can include profit from a property portfolio)

Age

BM Solutions will not lend to applicants who have not yet attained the age of 25. Maximum age at application is 75 and maximum age the end of the mortgage is 80.

Additional Borrowing

The minimum amount for additional borrowing (further advance) with Birmingham Midshires is £5,000. Further advances are not available within six months of completion of the original mortgage, or a previous further advance.

Bankruptcy

Bankruptcy history within the last six years is not accepted.

Capital raising

Capital raising is not acceptable for business reasons, purchase of timeshare or gambling.

Concessionary Purchases

BM Solutions will accept applications where the property is purchased below market value (unless new build being purchased from a builder)

Distressed sales

Arrangements where a property is sold and then leased back by the original owner are not acceptable.

Family Tenants

BMS will not accept applications where family of the borrower will live in the property.

Flats adjacent to a business

A flat above or adjacent your business is not acceptable for borrowing.

Maximum Exposure to Lloyds Banking Group

Applicants can have a maximum of five buy to lets with Lloyds banking group, with the maximum lending of £3 million.

Minimum lease term

When there is short lease on the property the minimum term is 70 years at application

Property clubs

BM Solutions do not allow applications where a finder’s fee or commission is payable to any Property Club or any estate agent handling the sale.

Portfolio landlords

Birmingham Midshires will accept applications from portfolio landlords. These applications will need to be supported with proof of income and documentation on all the properties currently owned and let. BMS will not lend where an applicant has more than 10 mortgage buy to let properties (including the one relevant to the application)
The rental portfolio will be subject to an overall affordability calculation in addition to the lending on the target property.

Sources of deposit

BMS will not allow deposit from a business, either cash from the business account, or as a directors loan.
Deposits offered by the vendor are not acceptable.
Second charges are not acceptable as deposits.
Builder cash incentives are acceptable up to 5% of the lower of the purchase price or valuation

Tenants on a single AST

BM Solutions will allow up to 5 tenants on a single AST. Maximum tenancy term is 12 months (unless under a DCLG Modal agreement where five years is acceptable)

Unusual property types

Birmingham Midshires are not interested in lending on bedsits, commercial properties, live work units, mobile homes, timeshares