If you’re a UK homeowner or landlord with a Birmingham Midshires mortgage, you may be considering your next steps as your current deal ends. In 2025, many borrowers are exploring their options through a Birmingham Midshires product transfer, which can offer a simple way to secure a new rate without switching lenders. Whether you’re managing a buy-to-let portfolio or your own residential property, understanding how product transfers work can help you make informed decisions and potentially save money.
What is a Birmingham Midshires product transfer?
A Birmingham Midshires product transfer allows existing BM Solutions customers to switch to a new mortgage deal with the same lender when their current fixed or tracker rate ends. This is often a straightforward process that doesn’t require a full application or property valuation, making it a popular choice for landlords and homeowners alike. Instead of remortgaging to a new provider, you stay with Birmingham Midshires and select a new rate from their current product range. This can help avoid legal fees and reduce paperwork. It’s worth noting that product transfers are typically available up to six months before your current deal ends, so planning ahead is key to avoid lapsing onto the standard variable rate (SVR).
Who is eligible for a BM Solutions product transfer?
To be eligible for a BM Solutions product transfer, you must be an existing Birmingham Midshires mortgage customer. Your account must be up to date with no arrears, and your current deal should be within six months of its end date or already on the SVR. BM Solutions primarily serves intermediaries, so landlords and property investors typically arrange transfers through a mortgage broker. However, some customers may be able to access transfer options directly through authorised platforms. Keep in mind that product availability may vary based on factors such as loan-to-value (LTV), property type, and portfolio size. Always consult a broker who understands BM Solutions criteria to ensure you get the most suitable deal.
Is a product transfer better than a remortgage?
Whether a product transfer or a Birmingham Midshires remortgage is better depends on your individual circumstances. A product transfer is usually quicker and involves less paperwork, with no legal fees or property valuation required. This makes it ideal for landlords who want minimal disruption. However, remortgaging to a different lender might offer access to lower rates or more flexible terms. If you’re looking to borrow more, consolidate debt, or change ownership structure, a remortgage may be necessary. That said, many landlords in 2025 prefer product transfers due to rising interest rates and tighter lending criteria. Always compare both options with the help of a qualified broker to determine the best route for your portfolio or personal property.
Can I switch to a new BM Solutions deal before my current rate ends?
Yes, Birmingham Midshires typically allows customers to secure a new product up to six months before their current mortgage deal expires. This is especially useful in 2025, as it lets you lock in a new rate early—potentially avoiding future rate increases. Once you choose a new deal, it will automatically take effect when your current rate ends, so you won’t incur early repayment charges (ERCs) unless you switch too early. It’s a good idea to set a reminder and speak to your broker well in advance of your deal ending. This ensures you have time to review your options and avoid being moved onto the standard variable rate, which is often higher.
Are there fees involved in a Birmingham Midshires product transfer?
Some Birmingham Midshires product transfer deals may include a product fee, typically ranging from £0 to £1,999 depending on the rate and term. However, there are usually no legal or valuation fees involved, which makes product transfers a cost-effective option for many landlords. You can choose to pay the product fee upfront or add it to your mortgage balance, though the latter will increase your total repayment amount. When comparing deals, it’s important to consider the overall cost, not just the interest rate. A broker can help you calculate the true cost of each option and determine whether a fee-free product or a lower-rate deal with a fee is more beneficial in the long run.
Can I borrow more money as part of a product transfer?
In most cases, a standard product transfer with Birmingham Midshires does not allow you to borrow additional funds. If you need to raise capital—for example, for property improvements or to expand your portfolio—you may need to explore a further advance or a full Birmingham Midshires remortgage. Further advances are subject to affordability checks and property criteria, and not all customers will qualify. If you’re considering capital raising, it’s essential to speak with a mortgage broker who can assess your options across both BM Solutions and other lenders. They can help you weigh the benefits of staying with your current lender versus remortgaging elsewhere to access the funds you need.
Do I need a broker to complete a BM Solutions product transfer?
BM Solutions is the intermediary-only arm of Birmingham Midshires, which means you typically need to go through a mortgage broker to access their products. While some platforms may offer direct access to product transfers, working with a broker ensures you receive tailored advice and can compare all available options. A broker will also handle the paperwork and liaise directly with BM Solutions on your behalf, making the process smoother and faster. In 2025, with the mortgage landscape constantly evolving, having expert guidance is more important than ever—especially for landlords managing multiple properties or complex portfolios.
In conclusion, a Birmingham Midshires mortgage product transfer offers a convenient way for existing customers to secure a new deal without the hassle of switching lenders. Whether you’re a landlord with a growing portfolio or a homeowner looking for stability, understanding your options is key. Explore more about BM Solutions product transfers, remortgages, and related guides to make confident, informed decisions in 2025 and beyond.
