If you’re a UK homeowner or landlord with a Birmingham Midshires mortgage, you might be wondering, are BM Solutions product transfers free? Understanding the costs and benefits of switching to a new deal with your current lender is essential—especially as we head into 2025, when many fixed-rate terms are coming to an end. At RateSwitcher, we specialise in helping landlords and borrowers make informed decisions about their mortgage options, including product transfers with BM Solutions.
What is a Birmingham Midshires product transfer?
A Birmingham Midshires product transfer is when you switch to a new mortgage deal with BM Solutions at the end of your current fixed or tracker term, without changing lenders. This process is often quicker and simpler than a full remortgage because there’s no need for legal work or property valuations in most cases. It’s a popular option for landlords and homeowners who want to avoid falling onto the lender’s standard variable rate (SVR). If you’re already a BM Solutions customer, a product transfer can help you secure a better rate without the hassle of moving to a new provider. Learn more about your options on our BM Solutions product transfer guide.
Are BM Solutions product transfers free?
Yes, in most cases, BM Solutions product transfers are free of charge. There are typically no legal fees, valuation costs, or arrangement fees involved—making it a cost-effective way to secure a new mortgage deal. However, some products may come with a fee, especially if they offer a lower interest rate. These fees can usually be added to the mortgage balance if preferred. It’s important to review the specific terms of each product before making a decision. Working with a specialist broker can help you compare fee-free options and those with fees to determine which offers the best long-term value. For more details, visit our BM Solutions product transfer page.
Can landlords apply for a BM Solutions product transfer?
Absolutely. BM Solutions is well-known for catering to landlords, and product transfers are available for buy-to-let mortgage holders. Whether you own a single rental property or a larger portfolio, you can usually switch to a new BM Solutions deal once your current term ends. The process is straightforward and can often be completed without any underwriting or affordability checks, provided your account is up to date. This makes it an attractive option for landlords looking to avoid the costs and paperwork of a Birmingham Midshires remortgage. If you’re a landlord with a BM Solutions mortgage, it’s worth reviewing your options a few months before your current deal expires.
How long does a BM Solutions product transfer take?
The process for a BM Solutions product transfer is typically quick and efficient. Once you’ve selected your new mortgage deal, it can usually be completed within 5 to 10 working days. There’s no need for a solicitor or property valuation in most cases, which significantly speeds things up compared to a traditional remortgage. You can select a new deal up to three months before your current rate ends, giving you time to plan ahead and avoid slipping onto the SVR. If you’re unsure about timing or eligibility, a mortgage broker can help guide you through the process and ensure a smooth transition.
Do I need a broker to complete a BM Solutions product transfer?
While it’s possible to complete a BM Solutions product transfer directly, many borrowers and landlords choose to work with a broker to ensure they’re getting the best deal. A broker can access the full range of BM Solutions products and provide tailored advice based on your circumstances. They can also help you understand whether a fee-free option or a lower-rate product with a fee offers better long-term value. Additionally, brokers often manage the entire process on your behalf, saving you time and reducing the risk of errors. If you’re unsure where to start, our team at RateSwitcher specialises in Birmingham Midshires mortgage advice and product transfers.
Will my rental income or credit score affect my eligibility?
In most cases, BM Solutions product transfers do not require a new affordability assessment, so your rental income or credit score won’t affect your eligibility—provided your mortgage payments are up to date. This is a key benefit for landlords who may have experienced changes in income or credit since their original application. However, if you’re looking to borrow more or make other changes to your mortgage, a full application may be required. It’s always wise to check with a broker or BM Solutions directly to confirm your eligibility based on your current circumstances.
Can I switch early before my current deal ends?
Yes, you can usually secure a new BM Solutions product up to three months before your existing deal ends. This allows you to lock in a new rate ahead of time and avoid moving onto the standard variable rate. However, if you want to switch earlier than this, you may face early repayment charges (ERCs), depending on the terms of your current mortgage. It’s important to weigh the cost of any ERCs against the potential savings of a new deal. A mortgage broker can help you calculate whether an early switch makes financial sense in your situation.
In summary, if you’re asking, are BM Solutions product transfers free?—the answer is generally yes, making them a convenient and cost-effective way to secure a better rate in 2025. Whether you’re a homeowner or a landlord, understanding your options with BM Solutions can help you avoid unnecessary fees and stay in control of your mortgage. To explore your choices and get expert support, browse our full range of guides on Birmingham Midshires mortgage products and transfers.
