Pre booking your new BM Solutions mortgage rate
You can pre-book a new mortgage rate with BM solutions up to 4 months ahead.
Therefore, for a new rate to start 1st May:
- You can pre-book a rate from 1st January to start on 1st May.
- You can pre-book a rate from 1st February to start on 1st March or 1st May.
- You can pre-book a rate from 1st March to start on 1st April or 1st May.
- You can book a rate from 1st April to start on 1st May.
It makes sense to book your new rate early, as this protects you for any rate rises in the months before your new rate expires. If rates fall before your rate is due to start you still have the option to switch to the new, lower, rate.
How our Birmingham Midshires Buy to Let existing customers Mortgage Product Transfer Service works
We need the following information to arrange your BM Solution Buy to Let mortgage product transfer.
- Your mortgage account number (starting 60, if the number you have starts with a ‘2’ or ’02’ it has been replaced by the 60 number)
- The full postal address of the buy-to-let property
- Your full name(s) and contact details
- Your home address
- Your date of birth
If you do not have your BM Mortgage account number to hand, check your online banking as it should be quoted in your DDM entry on your bank statement.
The Bank Account entry will look something like this:
BHAM MIDSHIRE REFERENCE
6092142091000000
The last two digits are not part of the mortgage account number, so in this case, the number we need is 60921420910000
Once we have the account number we can check with the lender your outstanding mortgage balance, the lender’s estimate of your property value, and your product transfer options. You then decide your preference. We then request the new rate from the BM on your behalf, and you have a single Authority Form to sign.
That’s it.
House Price Index
The House price index and your mortgage options as an existing BM Solutions buy to let borrower.
The loan to value on your mortgage account drives the mortgage rates offered to you when you select a new product. Loan to value is the ratio of the estimated value of the property to your mortgage balance. The estimated value is driven by the House Price Index.
A falling House Price Index leads to falling valuations and higher loan-to-value ratios. A higher loan-to-value can mean some of the more competitive rates are not available to you as a borrower.
What does this mean for you as a BM Solutions existing borrower?
If you are within four months of your current rate ending you can secure a new rate now before any valuation changes.
Securing a rate now will protect you from falling valuations, or future rate rises.
If available BM Solutions existing borrower mortgage rates fall between now and when your new rate is due to start, you have the option to pick up the lower rate.
Overpayment allowances
As a concession, BM Solutions allows overpayments each calendar year of up to 10% of your outstanding balance without early repayment charges.
Further to this, if you repay your mortgage in full within six months of making a regular or lump sum overpayment, you will be charged the full early repayment charge, including the proportion due on the regular or lump sum overpayment previously not charged.
If you intend to make regular or lump sum overpayments, first check with the lender that you will be within your overpayment limits.
Cancellation of your BM Solutions product transfer Offer
Once you have a BM Solutions Product Transfer Offer, you are not bound by the terms of your Offer until the transaction has completed.
If you would like to cancel please call your Broker.
Within 14 days of the date of your completion letter, or before the rate is applied, whichever comes last.
Completion letter
When a product transfer offer is issued, BM solutions will send out a completion letter confirming the offer and the targeted start date. The completion letter is produced early in the month before the targeted start date for rates booked 2 to 4 months ahead.
Where a rate is booked to start the following month, the completion letter is issued within two working days.