BM Solutions Buy to Let Product Transfer Rates
Rates for existing customers current as of July 1, 2024Please note: BM Solutions does 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.
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 July 1, 2024
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- Your mortgage account number (starting 60, if the number you have starts with a ‘2’ or ’02’ it has been replaced by the 60 number)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 contact 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, the lender’s 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 by 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 does this mean 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 your 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 Rate | Available Fixed Rate | Difference | Monthly Saving |
| 9.59% | 4.81% | 4.78% | £398 |
| available 5 year fixed rate | per £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 on | You can secure a new rate from | The new rate can start between | and |
| 31st December | 1st July | 1st October | 1st January |
| 31st January | 1st August | 1st November | 1st February |
| 28th February | 1st September | 1st December | 1st March |
| 31st March | 1st October | 1st January | 1st April |
| 30th April | 1st November | 1st February | 1st May |
| 31st May | 1st December | 1st March | 1st June |
| 30th June | 1st January | 1st April | 1st July |
| 31st July | 1st February | 1st May | 1st August |
| 31st August | 1st March | 1st June | 1st September |
| 30th September | 1st April | 1st July | 1st October |
| 31st October | 1st May | 1st August | 1st November |
| 30th November | 1st June | 1st September | 1st December |
Example: Your existing rate ends on 31st August, you can select a new rate from 1st March, to start when your current rate ends on 1st September.
If it suits you, 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 July 1, 2024| Type | Rate | Until | Fee | LTV |
| 2 years Fixed | 5.45% | 31/10/26 | £0 | 65% |
| 2 years Fixed | 4.88% | 31/10/26 | £1499 | 65% |
| 5 years Fixed | 4.81% | 31/10/29 | £0 | 65% |
| 5 years Fixed | 4.57% | 31/10/29 | £1499 | 65% |
| 2 years Tracker | 5.68% | 31/10/26 | £1499 | 65% |
Please note: BM Solutions does 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 July 1, 2024| Type | Rate | Until | Fee | LTV |
| 2 years Fixed | 5.55% | 31/10/26 | £0 | 75% |
| 2 years Fixed | 5.01% | 31/10/26 | £1499 | 75% |
| 5 years Fixed | 4.86% | 31/10/29 | £0 | 75% |
| 5 years Fixed | 4.59% | 31/10/29 | £1499 | 75% |
| 2 years Tracker | 5.78% | 31/10/26 | £0 | 75% |
Please note: BM Solutions does 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 & Term | Period | Charges | End Date |
| 2 Year Fixed | 1 | 2% until 31/10/25 | 31/10/26 |
| 2 | 1% until 31/10/26 | ||
| 5 Year Fixed | 1 | 5% until 31/10/25 | 31/10/29 |
| 2 | 4% until 31/10/26 | ||
| 3 | 3% until 31/10/27 | ||
| 4 | 2% until 31/10/28 | ||
| 5 | 1% until 31/10/29 | ||
| 2 Year Tracker | 1 | 1% until 31/10/25 | 31/10/26 |
| 2 | 0.5% until 31/10/26 |
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, first check with the lender that you will be within your overpayment limits.
How do BM Solutions’ product transfer rates compare?
The rates available from Birmingham Midshires on product transfer are competitive, but there 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 from 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
| Type | Rate | Term | Fee | LTV |
| 2 Year Fixed | 5.45% | 31/10/26 | £0 | 65% |
| 2 Year Fixed | 5.55% | 31/10/26 | £0 | 75% |
| 5 Year Fixed | 4.81% | 31/10/29 | £0 | 65% |
| 5 Year Fixed | 4.86% | 31/10/29 | £0 | 75% |
Please note: BM Solutions does 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 the underwriting considerations that make BM Solutions so popular in the market, and 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 is 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 the 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
BM Solutions 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 the sale and purchase are not concurrent, the early redemption penalty must be paid which can be refunded if the purchase is completed within three months.
Properties with annexes
Can be considered by BM Solutions as long as the annexe is on the same title as the main building. Also, there should be no separate tenancy agreement for the annexe.
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 is 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 does not accept applications from first-time buyers, expats or limited companies.
First-time landlords are acceptable.
Foreign nationals must have a permanent right to reside to be accepted for borrowing.
Professional landlords are welcome, although portfolio landlords must have a 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. The maximum age at application is 75 and the maximum age at 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 a new build is 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 the family of the borrower will live in the property.
Flats adjacent to a business
A flat above or adjacent to 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 a short lease on the property the minimum term is 70 years at the application
Property clubs
BM Solutions does 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 deposits from a business, either cash from the business account or as a director’s 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 is not interested in lending on bedsits, commercial properties, live-work units, mobile homes, timeshares
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