If you’re a UK landlord or homeowner with an existing mortgage from Birmingham Midshires, you may have heard of a 1.1 product transfer. This option can be a smart way to switch to a new rate without the hassle of a full remortgage. At RateSwitcher, we specialise in helping property investors and homeowners understand their mortgage options with trusted lenders like BM Solutions. Whether you’re looking to reduce monthly payments or secure a better deal in 2025, understanding how a 1.1 product transfer works is key.
What is a Birmingham Midshires product transfer?
A Birmingham Midshires product transfer is when an existing mortgage customer switches to a new deal with the same lender, without changing the mortgage amount or term. The “1.1” refers to an internal code used by BM Solutions to identify a specific type of product transfer. This process is usually quicker and more cost-effective than a full remortgage, as it doesn’t involve legal work or property valuations. It’s ideal for landlords and homeowners who want to avoid early repayment charges or simply secure a better interest rate as their current deal ends. You can explore more about this on our Birmingham Midshires mortgage hub.
Who is eligible for a 1.1 product transfer with BM Solutions?
Eligibility for a 1.1 product transfer typically includes existing Birmingham Midshires customers whose current mortgage deal is coming to an end or who are already on the lender’s standard variable rate. BM Solutions only offers product transfers through intermediaries, so you’ll need to work with a mortgage broker. The property must be a buy-to-let, as BM Solutions specialises in landlord lending. Additionally, your mortgage account must be up to date with no arrears. If you’re unsure whether you qualify, a broker can help assess your situation and guide you through the process. For more details, visit our BM Solutions product transfer page.
What are the benefits of a 1.1 product transfer over a remortgage?
One of the main benefits of a 1.1 product transfer is convenience. Unlike a full Birmingham Midshires remortgage, a product transfer doesn’t require legal work, property valuation, or credit checks in most cases. This means the process is faster—often completed within a few days—and typically incurs no fees. It also helps you avoid early repayment charges that might apply if you remortgage during a fixed-rate period. Landlords often choose this route to maintain cash flow and avoid disruption to their portfolio. However, it’s still important to compare available rates to ensure you’re getting the best deal for your circumstances.
Can I switch to a new fixed rate with a 1.1 product transfer?
Yes, one of the key features of a 1.1 product transfer is the ability to switch to a new fixed-rate mortgage with Birmingham Midshires. BM Solutions typically offers a range of fixed-rate options—usually over two, three, or five years—depending on your needs and risk appetite. Fixing your rate can provide stability in monthly payments, which is especially useful for landlords managing multiple properties or planning for the long term. In 2025, with interest rates fluctuating, locking in a favourable rate could help protect your rental income and overall investment strategy.
Do I need a solicitor or valuation for a 1.1 product transfer?
No, one of the biggest advantages of a 1.1 product transfer is that it requires no solicitor or property valuation. Since you’re staying with the same lender and not changing the mortgage amount or term, the process is administrative rather than legal. This makes it quicker and more cost-effective than a remortgage. However, it’s still wise to review the new mortgage terms carefully with your broker to ensure it aligns with your financial goals. If you’re considering a Birmingham Midshires remortgage instead, legal and valuation steps would apply.
When is the best time to apply for a 1.1 product transfer?
The best time to apply for a 1.1 product transfer is typically three to six months before your current mortgage deal ends. This gives you enough time to review available rates, consult with your broker, and secure a new deal before you revert to the lender’s standard variable rate. In 2025, with market conditions shifting, it’s even more important to act early to avoid potential increases in monthly payments. BM Solutions usually allows you to lock in a new rate in advance, which can offer peace of mind and financial predictability.
Can I make overpayments after a product transfer?
Yes, most Birmingham Midshires product transfer deals allow for overpayments, but there may be limits depending on the specific product. Typically, you can overpay up to 10% of the outstanding balance per year without incurring early repayment charges. Overpayments can help reduce the overall interest paid and shorten the mortgage term. If overpayment flexibility is important to you, be sure to discuss this with your broker when selecting a new deal. For more guidance, visit our Birmingham Midshires mortgage section.
In summary, a 1.1 product transfer with Birmingham Midshires can be a simple and cost-effective way for landlords and homeowners to secure a better mortgage deal in 2025. Whether you’re aiming to reduce your monthly payments or lock in a fixed rate, BM Solutions offers flexible options tailored to buy-to-let borrowers. To learn more, explore our guides on BM Solutions product transfers and Birmingham Midshires remortgages, or speak to one of our expert advisers today.
