buy to let mortgages
Birmingham Midshires Product Transfer
Information on this page is for information purposes only. It is not intended as investment advice
Birmingham Midshires Mortgage Product Transfer
Product transfers are available to existing Birmingham Midshires mortgage holders. They are only available for mortgages secured against buy to let property
You can complete a product transfer application at any time but the best time to apply is when you are within 2 months of the expiry of your existing product or if you are on the lenders standard variable rate
We will process Birmingham Midshires product transfers with no fees providing your mortgage is at least £100,000.
If your mortgage is less than £100,000 then we would need to charge you an upfront fee of £199. This fee is paid at the outset and is non refundable unless we are unable to recommend a mortgage for you
What deals are on offer?
The deals offered by Birmingham Midshires will be calculated individually. We have access to these rates
How do you apply?
Please complete our Birmingham Midshires Product transfer application form
What happens next……
The products that are available to you will depend upon the mortgage loan as a percentage of the property value (the loan-to-value or LTV)
You will be asked for your current estimate of property value.
Birmingham Midshires will calculate the current value of your property by looking at the purchase price or the property value when they first mortgaged your property and how much property prices have risen in that area. This is known as indexing.
Birmingham Midshires will use the indexed valuation in their calculation
You may find the indexed valuation is lower than your estimate. Is there anything you can do?
It may not matter if the valuation is lower providing you still qualify for the product you want
You can instruct a valuation of your property. Birmingham Midshires will charge a discounted survey fee for this purpose OR
You can choose to pay down your mortgage until you are within a certain product loan to value
Providing there is no additional borrowing or any other changes the product transfer can proceed.
We will send you a full illustration for your chosen mortgage. If you are happy with the illustration, we will just need a signed authorisation and the transfer will go ahead