Whether you’re a seasoned landlord or a homeowner looking to secure a better deal on your mortgage, understanding your options with Birmingham Midshires is key. A BM Solutions product transfer can offer a straightforward way to switch to a new rate without the hassle of a full remortgage. In this guide, we’ll answer common questions UK borrowers have about product transfers in 2025, helping you make informed decisions about your property finance.
What is a Birmingham Midshires product transfer?
A Birmingham Midshires product transfer is when an existing customer switches to a new mortgage deal with the same lender, without changing lender or undergoing a full remortgage process. It’s a popular option for landlords and homeowners whose current fixed or tracker rate is coming to an end. The process is typically quicker and involves less paperwork than a remortgage. There are no legal fees or property valuations required, making it a cost-effective way to avoid moving onto the lender’s standard variable rate (SVR). If you’re currently on a Birmingham Midshires mortgage, a product transfer could help you lock in a better rate for 2025 and beyond.
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 customer with a mortgage that is either approaching the end of its current deal or already on the SVR. The mortgage account must be up to date with no arrears. Product transfers are available to both residential and buy-to-let customers, although most BM Solutions mortgages are for landlords. The property must remain the same, and the mortgage amount cannot increase unless you’re using a specific further advance product. If you’re unsure whether you’re eligible, a mortgage broker can help assess your situation and guide you through the process.
How does a Birmingham Midshires product transfer work?
The process for a Birmingham Midshires product transfer is relatively simple. Around three to four months before your current deal ends, BM Solutions will typically send you a letter or contact your broker with available new deals. You can then choose a new product to switch to, often without needing a credit check, valuation, or solicitor. Your broker can help you compare the available options and submit the transfer request. Once accepted, the new rate will take effect on a specified date—usually the day after your current deal ends. This seamless process helps you avoid the higher cost of reverting to the SVR.
Can landlords with buy-to-let mortgages use BM Solutions product transfers?
Yes, landlords with buy-to-let mortgages can absolutely use BM Solutions product transfers. In fact, BM Solutions is the specialist buy-to-let arm of Birmingham Midshires, so most of their business is focused on landlords. Whether you own one rental property or a portfolio, a product transfer allows you to secure a new rate without the need to remortgage. This is particularly useful in 2025, as interest rates continue to fluctuate and landlords look for ways to manage costs. If you’re currently on a Birmingham Midshires mortgage for a buy-to-let property, a product transfer could be a smart financial move.
Are there fees involved in a BM Solutions product transfer?
Most BM Solutions product transfers do not involve legal or valuation fees, which makes them a cost-effective option for many borrowers. However, some of the new mortgage products may come with a product fee—typically ranging from £0 to £1,995. This fee can often be added to the mortgage balance or paid upfront. Your broker can help you weigh up the total cost of each option, including any fees, to determine which product offers the best value. Compared to a full Birmingham Midshires remortgage, a product transfer is often quicker, cheaper, and easier to complete.
When is the best time to start a product transfer with Birmingham Midshires?
The best time to start a product transfer is typically three to four months before your current mortgage deal ends. This gives you enough time to review your options and avoid slipping onto the SVR, which is usually higher. In 2025, with interest rates still uncertain, acting early can help you lock in a more favourable rate. BM Solutions allows you to secure a new deal in advance, and it will take effect once your current rate expires. If you’re unsure about timing, speak to your mortgage broker—they can help you plan ahead and ensure a smooth transition.
Can I switch products if I’ve already moved onto the standard variable rate?
Yes, even if your mortgage has already reverted to the standard variable rate (SVR), you can still complete a product transfer with BM Solutions. In fact, switching away from the SVR can often lead to significant monthly savings. There’s no penalty for switching from the SVR, and the process is typically quick and straightforward. If you’ve been on the SVR for a while, now is a good time to review your options—especially as we move into 2025 and new fixed-rate products become available. A product transfer can help bring your payments back under control without the need for a full remortgage.
In summary, a BM Solutions product transfer offers a simple and cost-effective way for UK landlords and homeowners to secure a better mortgage deal. Whether you’re approaching the end of your current rate or already on the SVR, it’s worth exploring your options. To learn more about Birmingham Midshires mortgage products, Birmingham Midshires remortgage options, or how to complete a BM Solutions product transfer, browse our expert guides and speak to a qualified mortgage broker today.
