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BM Solutions Product Transfer: Buy to Let Existing Customers

Rates current as of May 16, 2022

BM Solutions Buy to Let Product Transfer Rates

2 yrs Fixed 2.56%31/07/2024£99960%
2 yrs Fixed3.09%31/07/2024 £060%
5 yrs Fixed 2.66%31/07/2027 £99960%
5 yrs Fixed2.91%31/07/2027£060%

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  • Your mortgage account number (starting 60, if the number you have starts with a ‘2’ or ’02’ it has been replaced by the 60 number)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:


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.

Rates current as of May 16, 2022

BM Solutions Product Transfer Rates 75% LTV

2 yrs Fixed2.74%31/07/2024£99975%
2 yrs Fixed3.29% 31/07/2024 £075%
5 yrs Fixed2.82% 31/07/2027 £99975%
5 yrs Fixed3.07% 31/07/2027 075%

The cost of inaction

As a Birmingham Midshires buy to let existing customer you will need assistance when your current buy to let rate ends to avoid moving onto the BM Solutions revert rate of 4.44%. If you have borrowings of just £150,000 you are wasting up to £142 a month by not moving off of the BM revert rate. That’s like paying for a Gas Safety Certificate every month.

Tracker for Term – time to switch?

Many long term BM Solutions existing borrowers will have left their BM Solutions mortgage on one of the Tracker for Term rates. These rates have risen in recent months and are typically priced today at 3.05%.

Until recently, for many BM Solutions borrowers, staying on the tracker rate was a good option as rates were competitive with little risk of rate increase.

Now that situation has changed, the tracker rates have increased, and are highly likely to increase further. Meanwhile the fixed rates on offer are starting to look more competitive.

We can now give you the option to move from a 3.05% tracker rate that can increase to a 2.91% fixed rate that will not (fixed until September 2027).
For larger mortgages there is also the option of a 2.66% 5 year fixed rate.

Rates current as of May 16, 2022

BM Solutions Let to Buy Product Transfer Rates 60% LTV

2 yrs Fixed2.56%31/07/2024£99960%
2 yrs Fixed3.09% 31/07/2024 £060%
5 yrs Fixed2.66% 31/07/2027£99960%
5 yrs Fixed2.91% 31/07/2027 060%
Rates current as of May 16, 2022

BM Solutions Let to Buy Product Transfer Rates 75% LTV

2 yrs Fixed2.74%31/07/2024£99975%
2 yrs Fixed3.29% 31/07/2024£075%
5 yrs Fixed2.82% 31/07/2027 £99975%
5 yrs Fixed3.07% 31/07/2027 075%

BM Solutions product transfers and early repayment charges

We can secure a new BM Solutions product transfer rate for you within 90 days of the expiry date of your current product.
We can start the new BM Solutions product transfer rate for you within 60 days of expiry of the current product -without incurring an early redemption charge.

Should you wish to pay off a lump sum you can pay off up to 10% of your mortgage anniversary balance each year without penalty.
If you wish to pay off more than this amount we can arrange for you to pay up to 40% of your anniversary balance in conjunction with a product transfer.


Balance on last anniversary of taking the mortgage £285,000
Current balance £285,000
Current product ends 31/01/2022
Early Redemption Charge 1%

We can secure a new rate from 1st November 2021 to start 1st December 2021

Ordinarily, you can overpay £28,500 without charges (anything above that is charged at £10 per £1,000)
However, as part of the product transfer process you can overpay by up to £114,000 (40%) without charge.

BM Solutions Buy to Let Redemption Penalties – 2 year products

Year one2% early redemption penalty
Year two1% early redemption penalty
10% overpayment allowed each year on all products
Subject to change – Check your mortgage offer for details on your own mortgage contract

BM Solutions Buy to Let Redemption Penalties – 5 year products

Year one5% early redemption penalty
Year two4% early redemption penalty
Year three3% early redemption penalty
Year four2% early redemption penalty
Year five1% early redemption penalty
10% overpayment allowed each year on all products
Subject to change – Check your mortgage offer for details on your own mortgage contract

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

2 yr Fixed3.09%31/07/2024£060%
2 yr Fixed2.56% 31/07/2024 £99960%
2 yr Fixed3.29% 31/07/2024 £075%
2 yr Fixed2.74% 31/07/2024 £99975%
5 yr Fixed3.09%31/07/2027£060%
5 yr Fixed2.66% 31/07/2027 £99960%
5 yr Fixed3.07% 31/07/2027 £075%
5 yr Fixed2.82% 31/07/2027 £99975%
  • 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


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


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


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)


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 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