If you’re a UK landlord or homeowner with a Birmingham Midshires mortgage, you may be considering your options as your current deal comes to an end. One of the simplest and most cost-effective ways to secure a better rate is through a BM Solutions product transfer. In this guide, we’ll answer some of the most common questions about product transfers with Birmingham Midshires, helping you make informed decisions in 2025 and beyond.
What is a Birmingham Midshires product transfer?
A Birmingham Midshires product transfer is when you switch your existing mortgage deal to a new one with the same lender, without changing the mortgage amount or term. This is a popular option for landlords and homeowners who want to avoid the hassle and costs of a full remortgage. With a product transfer, there’s usually no need for a property valuation or legal work, and you can often secure a new rate within a few minutes. If your current deal is ending soon, a BM Solutions product transfer can help you avoid moving onto the lender’s higher standard variable rate.
Who is eligible for a BM Solutions product transfer?
To be eligible for a product transfer with Birmingham Midshires, you must already have an existing mortgage with them. Typically, your account must be up to date with no arrears, and your current deal should be within three months of expiry or already on the standard variable rate. Product transfers are available for both residential and buy-to-let mortgages. If you’re a landlord with multiple properties, BM Solutions can often accommodate portfolio landlords too. It’s worth checking your eligibility early so you can lock in a new rate before your current one ends. For more details, visit our Birmingham Midshires mortgage guide.
How long does a Birmingham Midshires product transfer take?
The process for a BM Solutions product transfer is typically quick and straightforward. Once you or your broker submit the request, the new rate can be applied in as little as 24 to 48 hours. There’s no need for a property valuation or solicitor, which significantly speeds things up. You can usually complete the transfer entirely online or via your mortgage broker. It’s advisable to start the process around 3 months before your current deal ends to ensure a seamless switch to your new rate. This helps avoid any time on the standard variable rate, which is often higher.
Can I switch to a new deal early with Birmingham Midshires?
Yes, Birmingham Midshires allows borrowers to secure a new deal up to 90 days before their current mortgage rate ends. This is known as a forward-dated product transfer. By locking in a new rate early, you can protect yourself against potential interest rate rises in 2025. However, if you’re still within your early repayment charge (ERC) period, switching early may trigger fees. Always check the terms of your current mortgage or speak to a broker to understand your options. If you’re unsure, our Birmingham Midshires remortgage guide can help you compare product transfers with full remortgage alternatives.
Are there fees involved in a BM Solutions product transfer?
In most cases, there are no legal or valuation fees when doing a product transfer with Birmingham Midshires. However, some new mortgage deals may come with a product fee – often around £999 – which can usually be added to the loan. BM Solutions also offers fee-free options, though these may come with slightly higher interest rates. It’s important to weigh up the total cost over the fixed term. A mortgage broker can help you calculate the most cost-effective option based on your loan size and term. Always review the full terms before committing to a new deal.
Can landlords with multiple properties use BM Solutions product transfers?
Yes, BM Solutions is well-known for supporting portfolio landlords. If you have multiple buy-to-let properties with Birmingham Midshires, you can usually complete a product transfer on each mortgage individually. The process is the same as for single-property landlords, and you can often do it online or through your broker. Keeping your mortgages with the same lender can simplify your portfolio management and reduce administration. If you’re managing several properties, it’s wise to plan ahead and stagger your product transfer dates where possible. For more guidance, explore our BM Solutions product transfer resources.
What are the benefits of doing a product transfer instead of a remortgage?
A product transfer is often quicker, easier, and cheaper than a full remortgage. You stay with your existing lender, so there’s no need for legal work, property valuations, or affordability checks in most cases. This makes it an ideal option for landlords or homeowners who want to avoid paperwork and delays. However, a full Birmingham Midshires remortgage or switching to another lender may offer better rates or more flexible terms. It’s important to compare both options before making a decision. A qualified mortgage broker can help you assess what’s best for your situation in 2025.
Whether you’re a homeowner or landlord, understanding your mortgage options is key to saving money and protecting your investments. A BM Solutions product transfer offers a simple and efficient way to secure a better rate without the hassle of a full remortgage. To learn more, explore our full range of guides on Birmingham Midshires mortgages and stay informed about your options in 2025 and beyond.
