If you’re a UK landlord or homeowner with a Birmingham Midshires mortgage, you may be wondering about your options as your current deal comes to an end. A BM Solutions product transfer can be a smart way to secure a new rate without the hassle of a full remortgage. With 2025 approaching, now is the perfect time to review your mortgage and ensure you’re getting the best possible deal. In this guide, we’ll answer common questions about product transfers with Birmingham Midshires to help you make informed decisions.
What is a Birmingham Midshires product transfer?
A Birmingham Midshires product transfer is when you switch to a new mortgage deal with BM Solutions (the intermediary-only arm of Birmingham Midshires) without changing lenders. It’s available to existing customers whose current fixed or tracker rate is ending. The process is typically faster and involves less paperwork than a full Birmingham Midshires remortgage. There’s no need for a property valuation or legal work, and in many cases, no credit check is required. It’s a popular option for landlords and homeowners looking to avoid moving to a higher standard variable rate (SVR) in 2025.
Who is eligible for a BM Solutions product transfer?
To be eligible for a product transfer, you must be an existing Birmingham Midshires customer with a mortgage that’s within six months of its current deal ending. Your account must be up to date with no arrears, and the mortgage must not be in the process of being redeemed. BM Solutions product transfers are available for both residential and buy-to-let mortgages. If you’re unsure whether you qualify, a mortgage broker can help check your eligibility and guide you through the process. You can also explore your options directly through your broker or by reviewing your Birmingham Midshires mortgage details.
What are the benefits of doing a product transfer with Birmingham Midshires?
There are several benefits to choosing a product transfer with BM Solutions. Firstly, it’s a quicker and simpler process than a full remortgage. There’s no need for legal work, property valuations, or affordability checks in most cases. Secondly, there are often no fees involved, and you can avoid early repayment charges if you switch at the right time. Thirdly, product transfers help you avoid the higher SVR, which can significantly increase your monthly payments. With new rates available for 2025, acting early can help secure a competitive deal and provide peace of mind for landlords and homeowners alike.
Can I switch to a new BM Solutions deal before my current one ends?
Yes, BM Solutions allows you to secure a new deal up to six months before your existing rate expires. This is known as a forward-dated product transfer. By locking in a new rate early, you can protect yourself from potential interest rate increases in 2025. The new deal will automatically begin when your current one ends, so you won’t pay early repayment charges or overlap rates. It’s a proactive way to manage your mortgage and ensure a smooth transition to your next fixed or tracker deal.
Are there fees involved with a Birmingham Midshires product transfer?
Most BM Solutions product transfers come with no arrangement or legal fees, making them a cost-effective option. However, some mortgage products may include a product fee, which can often be added to the mortgage balance. It’s important to compare the overall cost of the deal, including any fees, interest rates, and incentives. A mortgage broker can help you assess the best value option for your circumstances. If you’re considering a Birmingham Midshires remortgage instead, be aware that this may involve additional costs and a longer process.
Can landlords with buy-to-let mortgages do a product transfer?
Absolutely. BM Solutions specialises in buy-to-let lending, and product transfers are available for landlords with existing Birmingham Midshires buy-to-let mortgages. Whether you own a single rental property or a larger portfolio, a product transfer can help you maintain profitability by avoiding the SVR and securing a competitive rate. BM Solutions offers a range of fixed and tracker products tailored to landlords’ needs. If you’re managing multiple properties, a broker can help coordinate your product transfers and ensure you benefit from the most suitable deals in 2025.
How do I apply for a BM Solutions product transfer?
BM Solutions only works through intermediaries, so you’ll need to go through a mortgage broker to arrange a product transfer. The broker will access the latest rates, check your eligibility, and handle the paperwork on your behalf. The process is usually straightforward and can be completed in a matter of days. If you’re nearing the end of your current deal, speak to your broker as soon as possible to explore your options. For more details, visit our BM Solutions product transfer page.
Whether you’re a homeowner or landlord, understanding your options with Birmingham Midshires can help you save money and plan ahead. With 2025 on the horizon, now is the time to review your mortgage and consider a product transfer. Explore our full range of guides on Birmingham Midshires mortgages and speak to a qualified broker to find the best solution for your needs.
