If you’re a UK landlord or homeowner with a Birmingham Midshires mortgage, you may be considering a product transfer as your current deal nears its end. A common question we hear is: Are there fees for BM Solutions product transfers? Understanding the costs involved is crucial when planning your next steps. In this guide, we’ll answer the most frequently asked questions about BM Solutions product transfers, helping you make informed decisions for 2025 and beyond.
What is a Birmingham Midshires product transfer?
A Birmingham Midshires product transfer, often referred to as a BM Solutions product transfer, is when an existing BM mortgage customer switches to a new deal with the same lender at the end of their current fixed or tracker rate. This is an internal switch, meaning there’s no need to remortgage with a different lender. Product transfers are popular among landlords and homeowners who want to avoid the hassle of a full remortgage application. They’re typically quicker, involve less paperwork, and can often be arranged without a property valuation. If you’re considering your options, a BM Solutions product transfer could be a simple and cost-effective way to secure a better rate for 2025.
Are there fees for BM Solutions product transfers?
In most cases, BM Solutions product transfers do not carry any arrangement or exit fees. This makes them an attractive option for borrowers looking to avoid the costs associated with a full remortgage. However, some specific products may include a product fee, typically around £999, which can often be added to the loan. It’s essential to review the product details carefully or speak with a mortgage adviser to understand if a fee applies. Unlike a Birmingham Midshires remortgage, which may involve legal and valuation fees, a product transfer is usually fee-free and straightforward. Always check the latest 2025 product brochure or consult a broker to confirm the current fee structure.
Can landlords access BM Solutions product transfers?
Yes, BM Solutions product transfers are available to landlords with existing buy-to-let mortgages through Birmingham Midshires. BM Solutions is the intermediary-only arm of Birmingham Midshires, specialising in buy-to-let lending. If you’re a landlord with a fixed-rate deal ending in 2025, you can typically switch to a new product without needing to provide updated income documentation or undergo a new affordability assessment. This makes the process efficient and appealing for portfolio landlords. To explore your options, speak with your broker or visit our Birmingham Midshires mortgage guide for more insights.
How long does a BM Solutions product transfer take?
BM Solutions product transfers are known for their speed and simplicity. In many cases, the switch can be completed within 5 to 10 working days, provided all necessary information is in place. Since no legal work or property valuation is typically required, the process is much faster than a traditional remortgage. Borrowers can usually choose a new product up to three months before their current deal ends, ensuring a smooth transition and avoiding the standard variable rate. If you’re planning ahead for 2025, it’s wise to begin reviewing your options at least 8–12 weeks before your current deal expires.
Do I need a broker to arrange a BM Solutions product transfer?
Yes, BM Solutions only offers product transfers through intermediaries, meaning you must go through a mortgage broker to access their deals. This ensures you receive professional advice tailored to your circumstances. A qualified broker can help you compare available products, identify any fees, and manage the application on your behalf. Using a broker also ensures you’re meeting BM Solutions’ criteria and timelines, especially if you’re a landlord with multiple properties. For expert guidance, consider speaking with a broker who specialises in Birmingham Midshires mortgages.
Can I add a product fee to my mortgage balance?
If the BM Solutions product you choose includes a product fee, you will often have the option to add it to your mortgage balance rather than paying it upfront. This can help with cash flow, especially if you’re managing multiple properties or planning other investments in 2025. However, adding fees to your loan will increase the total amount of interest paid over time. It’s important to weigh the cost of the fee against the savings from a lower interest rate. A broker can help you calculate the most cost-effective option based on your goals and portfolio size.
Will a product transfer affect my credit score?
No, a BM Solutions product transfer does not involve a full credit check, so it won’t impact your credit score. Since you’re staying with the same lender and not applying for new credit, the process is considered a low-risk transaction. This is particularly beneficial for landlords with complex finances or those who want to avoid unnecessary credit enquiries. If you’re concerned about your credit profile or future borrowing plans, a product transfer is a smart way to maintain stability while securing a competitive rate for 2025.
In summary, BM Solutions product transfers are a flexible, low-cost option for existing borrowers looking to secure a new deal without the hassle of a full remortgage. Whether you’re a homeowner or a landlord, understanding the process and any potential fees is key to making the right financial decision. To learn more about your options, explore our full range of guides on Birmingham Midshires mortgage products and BM Solutions product transfers.