BM Solutions

Buy to Let Mortgages Let to Buy Product Transfer Further Advances from BM Solutions

BMI Money specialise in BM Solutions mortgages

Our application process is quick,

01844 390910

BIRMINGHAM MIDSHIRES

Are Let to Buy or Buy to Let mortgage specialists

Offer Fixed or Tracker deals 

To New & existing customers

No broker fees

SIMPLE CALCULATOR, CLICK HERE

BRIGHT
MONEY

Independent mortgage brokers

We’re open until 8pm

Avoid the 5.09% revertion rate

As an existing Birmingham Midshires buy-to-let customer, you will need assistance when your current mortgage rate ends to avoid moving onto the BM Solutions’ revert rate of 5.09%.

Call a BMI adviser today on 01844 390910 We’re open until 8pm

Buy to Let

  • Deposit — typically, the maximum Buy to Let mortgage is 75% Loan to Value – so you will need to fund at least 25% of the property value
  • Arrangement fee — could be up to 3.5% of the amount borrowed. This can usually be added to the loan, in which case interest will be charged on it.

NEW FIXED RATES AS OF SEPTEMBER 13th 2019

https://www.bmsolutions.co.uk/products/buytolet/

On clicking the above link you will leave the regulated site of Bright Money Independent Ltd. Neither Bright Money Independent Ltd, nor Sesame Ltd, is responsible for the accuracy of the information contained within the linked site.

BREAKING NEWS: BM Solutions have raised their lending limit from 3 to 5 properties and their maximum lending limit from £2m to £3m

  • Birmingham Midshires offer a variety of fixed and discounted buy-to-let rates
  • For individual borrowers purchasing rental stock, including ex-local authority houses and flats
  • Applicants must be at least 25 years old
  • Applicants must be no older than 80 at the end of the mortgage term
  • This particular lender doesn’t impose any minimum income requirements
  • BM Solutions may review a borrower’s overall financial position. 

Evidence of income and deposit must be provided with the application and reconciled with the details declared on the application form.

 

Property criteria

The property must meet these minimum criteria.

  • Must be habitable
  • Readily saleable
  • Structurally sound 
  • Have buildings insurance arranged upon it
  • If outstanding works are such that the property is not fit for letting then all of the advance will be retained until works are complete and the valuer confirms the property is fit to let.
  • The property must be situated within the UK and subject to a UK legal jurisdiction.
  • Property acceptability is based on a satisfactory valuation from the bank’s appointed valuer
  • Non-standard construction will be assessed on individual merit. Certain types of pre-cast reinforced concrete (PRC) construction are designated defective and may not be acceptable unless repaired. We will be guided by the suitability of all mortgage properties by the Valuer.
  • Adjoining property purchases are acceptable however will be subject to valuer’s comments
  • Houseboats and mobile homes/park homes are not acceptable.
  • Properties with Annexes are permitted as long as the annex forms part of the main title and are not split. There should also be no separate tenancy agreement in place with respect of the annex accommodation.
  • Studio flats are acceptable subject to valuer’s comments. There is no minimum size (sq ft) requirement, the acceptability is subject to valuer’s comments.
  • Right to Buy/Shared ownership applications are not acceptable.
  • If a flat is part of a conversion where the total number of flats in the scheme is above eight, the valuer must confirm that the whole conversion project has been or will be completed to a high standard.
  • Flats above/adjacent to a business which is owned by the same person are not acceptable
  • Flats above/adjacent to a business not owned by the same person are subject to valuers comments.

Let to buy

  • Available to applicants wishing to let out an existing residential property

NEW FIXED RATES AS OF SEPTEMBER 13th 2019

http://www.bmsolutions.co.uk/products/lettobuy/

On clicking the above link you will leave the regulated site of Bright Money Independent Ltd. Neither Bright Money Independent Ltd, nor Sesame Ltd, is responsible for the accuracy of the information contained within the linked site.

 

  • Affordability is assessed using both the anticipated rental income from the property and on the applicants earned income, comparing their net disposable and allowable income to their expected future residential costs
  • Maximum LTV 75%
Portfolio Lending
Portfolio lending to clients with 4 or more mortgaged Buy to Let properties including the new transaction is also available

Product Transfer

  • Typically no further credit checks or income checks required. Speak to one of our advisors.

How it works

We need the following information to arrange your product transfer.

  • Your mortgage account number (11 digits starts with a 2)
  • The full postal address of the buy to let property
  • Your full name(s) and contacts details
  • Your home address
  • Your date of birth

Need a BM Solutions product transfer?

  • We don’t charge fees
  • We don’t require a meeting
  • We don’t require paperwork
  • All we need is your BM Solutions mortgage reference number

 

A Product Transfer application can be made within two months of the expiry of the existing product. Any early repayment charge applicable to the existing product will not be payable.

Product transfers are not available for customers with a regulated mortgage, including Self Build, regulated Buy to Let and all other residential mortgages.

Regulated Mortgages
BM Solutions no longer accepts any changes to existing Regulated mortgages held with us. This includes the following schemes;

  • Residential
  • Buy to Let (where it is let to a family member)
  • Self Build
  • Self Certified
  • Sub Prime
  • Mortgage Plus

BM Solutions cannot offer any contractual changes to existing mortgages including Further Advances, Product Transfers, Transfer of Equity or Repayment Term/Type changes. Please note that where the original mortgage was deemed as regulated, the status of the mortgage will never change.

Further Advance

  • For existing BM Solutions mortgage clients who are looking for additional borrowing.
When applying for Additional Borrowing the product chosen must be from the same scheme as the main borrowing; the minimum additional borrowing is £5,000. A flexible product cannot be combined with any other product type.

Additional borrowing applications will not be permitted within 6 months of completion of the original mortgage.

Buy to let capital raising for home improvements
Where the loan purpose is for Home Improvements for a BTL property, the ‘BTL Property Improvement’ loan purpose should be used.

If the ‘Home Improvements’ option is selected, we will assume this is for Home Improvements to a residential (non BTL) property, therefore Consumer BTL regulation will be applied. Where the loan purpose is Business BTL, the application will be subject to further decision tree questions before we can confirm how the application will be regulated.

Buy to Let capital raising to buy another property
When borrowing against an existing BTL to raise a deposit for another BTL purchase, the ‘BTL Deposit’ loan purpose should be selected.

If Capital Raising to purchase a residential (non BTL) property, the ‘2nd Property Purchase’ option should be selected. This would be regulated as a Consumer BTL loan. Where the loan purpose is Business BTL, the application will be subject to further decision tree questions before we can confirm how the application will be regulated.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Call a BMI adviser today on 01844 390910

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Birmingham Midshires (BM Solutions) is a trading name of Bank of Scotland PLC, part of the Lloyds backing group. Forms in 1986 by the merger of Birmingham and Bridgwater Building Society with Midshires Building Society.