Birmingham Midshires allow existing customers the oppurtunity pick a new rate up to 6 months prior to the existing mortgage deal.
It is very beneficial in todays market place with mortgage rates rising.
One of the benefits of choosing a new mortgage deal 6 months in advance is it allows you to choose a new deal at current rates. This means if rates go up in the future you locked in rate will remain the same. But let say rates start to come down before the new rate starts, you will have the chance to cancel the chosen rate and pick a lower rate if available.
Mortgage product switches refer to a process of transferring a mortgage from one product to another within the same lender. This means that you can switch from one type of mortgage product to another without having to change your lender. It’s a popular option among homeowners who want to take advantage of better interest rates or more flexible terms.
## Eligibility Criteria
To be eligible for Birmingham Midshires’ Product Transfer service, customers must meet certain criteria, the account cannot be in arrears and you must have a minimum of 2 years left on the mortgage term
Additionally, customers must not be looking to borrow more than their existing mortgage amount, as this would require a remortgage rather than a product transfer.
## Steps Involved in the Process
The process of transferring a mortgage product with Birmingham Midshires is relatively straightforward. You cannot go to direct to the lender to do this you must use a mortgage broker. You will be provided with a range of product options and associated rates. Their is no need provide documentation, such as proof of income and identity, to complete the application process. Finally, once the application is approved, the new mortgage product will come into effect, and customers will begin to benefit from its terms and conditions.
Birmingham Midshires’ Product Transfer service offers customers a convenient, flexible, and cost-effective way to switch from one mortgage product to another. By understanding the benefits, eligibility criteria, and steps involved in the process, customers can make informed decisions about whether this service is right for them. Ultimately, the service can help customers save time, money, and stress while achieving their financial goals.
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