Mortgage Broker for BM Solutions
Those applying for a mortgage or product transfer with Birmingham Midshires must now use a mortgage broker.
In light of this change, many have been seeking experienced mortgage brokers to get a mortgage with BM Solutions.
Employing the services of a mortgage broker is a good way to ensure success when it comes to applying for a mortgage – or any type of borrowing.
It follows then that this requirement is not bad news for borrowers, as having a broker involved is the best way to view all your available options and find the best competitive mortgage product.
In this post, we explain why you'll need to go through an intermediary for a BM Solutions mortgage, and how we can help.
If you'd rather skip ahead and speak to us directly about your case - please get in touch.
Why don’t Birmingham Midshires offer mortgages directly?
To explain, Birmingham Midshires now does not offer mortgages directly to customers. Instead, they offer mortgages through a network of brokers and intermediaries.
This means that customers must go through a broker or intermediary to apply for a mortgage with Birmingham Midshires – existing customers must also employ a broker to use their services, whether that’s transferring to a new mortgage product or seeking further advances on an existing loan.
A mortgage broker with access to Birmingham Midshires products can communicate the finance options and oversee the entire process independently, unlike many other UK lenders with in-house mortgage brokers.
What mortgage products do BM solutions offer?
BM Solutions offer a range of mortgage products, some for existing customers only – such as mortgage transfers or advances on existing loans.
Here is a brief rundown:
- Buy-to-let – The range of fixed rate buy-to-let mortgages available from Birmingham Midshires includes two, three and five-year fixed rate deals. The rates vary depending on the loan amount and the mortgage term.
- Let-to-buy – BM Solutions offer let-to-buy mortgages, at a fixed rate, for two and five year terms – with up to 75% LTV (Loan-to-Value). It is important to note that the higher the LTV, the higher the interest rate can be on a particular product. But criteria and several other factors can change rates – this is why it is important to seek out an experienced broker.
BM Solutions also offer products for existing customers only:
- Mortgage transfers – If you already have a mortgage with BM solutions, you may want to transfer to a different product when considering the expensive SVR (standard variable rate) that you’ll switch to when your current deal ends.
- Further advances – As an existing customer, you can acquire additional borrowing on an existing loan. It is best to seek the aid of a mortgage advisor to provide you with the necessary information on seeking further advances. With BM solutions, advances can be arranged on both buy-to-let and let-to-buy mortgages – with fixed rates and tracker rates applied to both, while advances on let-to-buy will have only fixed rate deals.
Why are mortgage brokers useful?
Regardless of whether you’re seeking a mortgage through BM solutions, having the expertise of a broker on your side is beneficial. Despite the extra fee, a broker’s knowledge is well worth the additional cost.
A mortgage broker can help you in several ways, including:
- Assessing your financial situation and recommending the most suitable mortgage products.
- Comparing mortgage products from different lenders to find the best deal.
- Helping with the mortgage application process, including filling out the forms and negotiating with lenders.
- Advising on the most cost-effective mortgage options, including interest rates and fees.
- Providing support throughout the mortgage process, handling any issues that arise.
- Offering ongoing support, including reviewing and refinancing options as your circumstances change.
Mortgage brokers are committed to securing the best possible deal based on your interests.
In the case of BM solutions, a broker can compare rates on the best options and guide you towards an appropriate product offered by Birmingham Midshires.
With Clifton Private Finance, our brokers put a client’s best foot forward with a mortgage application and increase the chances of success.
Need a broker for a BM solutions mortgage? We can help
It is good practice to ask a mortgage broker to help you through the important financial decision and process of applying for a mortgage – regardless of what lender you are borrowing from.
At Clifton Private Finance, our experts can work directly with BM solutions, whether you’re a new or existing customer, and determine precisely the type of mortgage product you need.
We can also compare the products offered regarding rates and suitability given your own circumstances.
We're available to answer any questions, so don’t hesitate to contact us.