If you’re a UK landlord or homeowner with a Birmingham Midshires mortgage, you may have heard of a 1.1 product transfer. As we move into 2025, understanding your mortgage options is more important than ever—especially if you’re looking to avoid unnecessary fees or want to secure a better rate. In this guide, we’ll explain what a 1.1 product transfer is, how it works, and whether it could be the right move for your property portfolio or residential mortgage.
What is a Birmingham Midshires 1.1 product transfer?
A 1.1 product transfer refers to a specific mortgage rate or deal offered by Birmingham Midshires (BM Solutions) when an existing borrower switches to a new product at the end of their current deal. The “1.1” typically refers to the interest rate—often a competitive fixed or tracker rate. This type of transfer allows you to stay with Birmingham Midshires without going through a full remortgage process. It’s a popular option for landlords and homeowners who want to avoid valuation fees, legal costs, or credit checks. If your current deal is ending in 2025, a 1.1 product transfer could help you lock in a favourable rate while keeping things simple. Learn more about your options on our Birmingham Midshires mortgage page.
Who is eligible for a BM Solutions 1.1 product transfer?
To be eligible for a 1.1 product transfer with BM Solutions, you must be an existing Birmingham Midshires customer. The mortgage must be in good standing, with no arrears or recent missed payments. Typically, the product transfer is available within three to six months before your current deal ends. This gives you time to review your options and lock in a new rate before reverting to the standard variable rate (SVR). The property must remain in your name, and the loan amount should not change—this is not a further advance or a new mortgage. If you’re unsure about your eligibility, speak to a mortgage broker or visit our BM Solutions product transfer guide for more detailed criteria.
How does a 1.1 product transfer differ from a remortgage?
While both a product transfer and a remortgage involve switching to a new mortgage deal, the key difference lies in the process. A 1.1 product transfer is internal—you stay with Birmingham Midshires and simply switch to a new rate. There’s no need for legal work, property valuation, or affordability checks. A Birmingham Midshires remortgage, on the other hand, involves moving your mortgage to a new lender or changing the terms of your current loan, such as borrowing more or extending the term. Remortgaging can offer more flexibility but often comes with higher costs and more paperwork. For many landlords and homeowners, a 1.1 product transfer is a quicker, cheaper alternative that still delivers a competitive rate.
Can landlords with buy-to-let properties use the 1.1 product transfer?
Yes, landlords with buy-to-let properties are among the main users of Birmingham Midshires 1.1 product transfers. BM Solutions, the intermediary-only arm of Birmingham Midshires, specialises in buy-to-let lending and offers a range of fixed and tracker rate options for landlords. If your current buy-to-let mortgage deal is ending in 2025, switching to a new product via a 1.1 transfer can help you avoid the standard variable rate and maintain profitability on your rental properties. It’s a straightforward process that doesn’t require a new valuation or legal work, making it ideal for portfolio landlords who want to keep admin to a minimum. Visit our BM Solutions product transfer page to explore your choices.
When should I apply for a 1.1 product transfer?
Timing is crucial when considering a 1.1 product transfer. Most Birmingham Midshires customers can apply up to six months before their current deal ends. This allows you to secure a new rate early and avoid being moved to the standard variable rate (SVR), which is usually higher. If your fixed or tracker deal is due to expire in 2025, it’s wise to start reviewing your options now. Keep in mind that mortgage rates can change quickly, so locking in a new deal early can protect you from future rate increases. A mortgage broker can help you assess the best timing based on your current deal and market conditions.
Are there any fees involved in a 1.1 product transfer?
One of the key benefits of a 1.1 product transfer is the minimal cost. In most cases, there are no legal fees, valuation fees, or arrangement charges. However, some new mortgage products may come with a product fee—often around £999—which can usually be added to the loan or paid upfront. Always check the terms of the new product to understand any associated costs. Compared to a full remortgage, a product transfer is generally more cost-effective and quicker to complete. For a full breakdown of fees and options, visit our Birmingham Midshires mortgage guide.
Can I switch to a 1.1 product transfer if I have multiple properties?
Yes, landlords with multiple properties can use the 1.1 product transfer for each eligible mortgage with Birmingham Midshires. Each mortgage is assessed individually, so you can switch one or more properties to a new product as their deals come to an end. This is particularly useful for portfolio landlords managing several buy-to-let investments. It allows you to stagger your rate switches and manage cash flow more effectively. If you have multiple mortgages with BM Solutions, it’s worth working with a broker who understands the complexities of portfolio lending. They can help you coordinate your transfers and ensure you’re getting the best rates across your entire portfolio.
In summary, a 1.1 product transfer with Birmingham Midshires offers a simple, cost-effective way for UK landlords and homeowners to secure a new mortgage deal without the hassle of remortgaging. Whether you’re managing a single buy-to-let or a large property portfolio, understanding your options for 2025 can help you stay ahead of rising interest rates and protect your investment returns. To explore your next steps, browse our expert guides on Birmingham Midshires mortgage options, BM Solutions product transfer details, and Birmingham Midshires remortgage strategies.
