Calculate the maximum amount of capital your client can borrow to purchase their property. Birmingham Midshires is a division of Bank of Scotland plc. LTV Declare all annual profit from UK Land and Property as declared on latest tax calculation / SA302. Before the Mortgage Market Review took place in April 2014, Birmingham Midshires was a popular choice as they used to forego income referencing for any buy to let applicant. Financial Services Register number 169628. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. SC327000. Buy to Let Mortgage Criteria Buy to Let Re-mortgage Birmingham Midshires Mortgages Buy to Let FAQ Tools. Hi, we are days away from completing a buy to let re-mortgage with Barclays (from Birmingham Midshires). We can arrange a product transfer for Birmingham Midshires buy to let existing customers within 24 hours. The value of your client's home may alter with market conditions so that the amount of the loan may exceed the value of the home. We will use the applicant’s main residence to determine the correct tax band for each applicant. resident in the UK and should not be regarded as an offer or invitation to sell Click the ? … The how much can I borrow calculator takes your monthly income and calculates roughly how much a lender may be willing to offer you. • Birmingham Midshires Standard Variable Rate currently at 5.09% will decrease down to 4.59%. Telephone number 0345 850 5000. Log in. Financial Services Register number 169628. *For more than two applicants, applicants 3 and 4 will not be considered in the Maximum Loan Amount Calculation*. If you wanted to purchase a Buy to Let property with a market value of £100,000 you would require a minimum deposit of £25,000. Before agreeing a loan, a credit search and full application is required, and our lending requirements must be met. Remember, limits apply to all our Buy to Let products: Visit our criteria page to find out more. Birmingham Midshires is a division of Bank of Scotland plc. SC327000. Birmingham Midshires Mortgage Servicing PO Box 833 LEEDS LS1 9PU. Please also check our. you must ensure it conforms to the Financial Conduct Authority's advising and selling BM solutions are a specialist buy to let mortgage lender who operate across all of the UK. Scottish tax rates and bands differ in Scotland compared to rest of UK. Trinity Financial mortgage brokers have dealt with Birmingham Midshires (now BM Solutions) for over ten years. Birmingham Midshires is no longer offering existing buy-to-let borrowers new mortgage rates when they call directly and they advise all customers to speak to a mortgage broker. Mortgage Overpayment Calculator – Pay Off Your Mortgage Early Use the mortgage overpayment calculator to work out how repay a mortgage early by making regular overpayments. Birmingham Midshires has become the latest lender to announce how it will comply with this requirement. Mortgage products in any jurisdiction other than the UK. Registered office: The Mound, Edinburgh EH1 1YZ. This morning we received an email from the Barclays enlisted solicitor to say they could not complete because Barclays had not made the funds available. Buy to Let with BM Solutions (Birmingham Midshires)? Birmingham Midshires is a division of Bank of Scotland plc which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628. Our maximum loan on a Buy to Let mortgage is £1,000,000. Registered in Scotland Select product rate from our current product range. It’s fast, easy to use and designed to give you a top-line estimate for how much you’ll be able to borrow, based on the monthly rent you plan to charge. contained on this site. A specialist broker can help you to overcome these difficulties explaining complex incomes and holistic working, for The Bank of England has announced a change to the base rate. For the use of mortgage intermediaries & other professionals only. Registered Office: The Mound, Edinburgh, EH1 1YZ. Home; Buy to Let; Buy to Let FAQ ; Buy to Let FAQ. If you are a professional and you reproduce any part of icon to show help with using this Calculator. 0.1%. Mortgage Calculators Re-mortgage. Please select Yes or No based on location of each applicant’s current main residence. For the use of mortgage intermediaries & other professionals only. Portfolio landlords will now have to provide full details of their property portfolio when submitting an application, which will then be tested in aggregate using an interest cover ratio of 145% stressed at 5.5%. If you do not have professional experience, you should not rely on the information Our maximum loan on a Buy to Let mortgage is £1,000,000. However, with the right information and guidance, investing in a Buy to Let property can be the perfect way for a contractor to boost income. If you do not have professional experience, you should not rely on the information SC327000. BM Solutions is the Buy to Let brand of Lloyds Banking Group, focusing on servicing the Buy to Let, ... Rate Change Calculator - Find out how your customer's mortgage repayments will be affected by a change in the Bank on England base rate. the information contained on this site, to be used with or to advise private clients, Our Buy-to-let calculator is a great first step for any independent professional who’s thinking of investing in a rental property. Registered in Scotland No. Registered office: The Mound, Edinburgh EH1 1YZ. SC327000. | Guides. Entering the Buy to Let property market in Northern Ireland is not as simple as it may first seem there are many things to consider before taking your first step to becoming a Landlord below we answer some of the most frequently asked questions we get in regards to Buy to Let property investment. Ideally you will already know the area in which you intend to make your buy to let property purchase. Telephone number 0345 850 5000. the selected product rate allows, Enter the maximum Purchase applications – enter the purchase price. Whilst a fixed rate mortgage can give your client certainty around monthly payments, the Bank of England Bank Rate may go down as well as up. If you would like any further information please contact the lending call centre on 0345 300 2627. Phone: 0345 300 2627 Calculate interest daily pack requests and conversions. We have a dedicated Birmingham Midshires adviser panel who are experienced with the full BM Solutions Buy to Let mortgage product range. If your lump sum payment is £1000.00 or more in addition to your normal monthly repayment we will calculate a new mortgage payment for you and will write and confirm this to you. For BTL Remortgage and Additional Borrowing applications, please include the rent from the subject property. Remember, limits apply to all our Buy to Let products: A maximum 75% LTV for loans from £25,001 to £1,000,000. Registered in Scotland No. resident in the UK and should not be regarded as an offer or invitation to sell 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%. Our maximum loan on a Buy to Let mortgage is £1,000,000. Guide to Mortgages on Properties to be Let (PDF 1,869kb, document opens in a new window) Existing Customers > ... Rate Change Calculator > Ring-fencing and Birmingham Midshires > ... Birmingham Midshires is a division of Bank of Scotland plc. Calculate the maximum amount of capital your client can borrow to purchase their property. With daily interest we calculate the interest due based on the balance on your mortgage each day. The answer is yes! For the use of mortgage intermediaries & other professionals only. With effect from 1 May 2020: • Birmingham Midshires Standard Variable Rate will further decrease to 4.44%; If your mortgage is affected by either or both of these changes, we'll write to you and confirm your new monthly payment before it is due. BM Solutions offers a rate of 1.62% (3.5% APRC) fixed until 31 December 2025, … Reduce your mortgage payments. Telephone calls may be monitored or recorded. BTL Remortgage or Additional Borrowing – Current Achieved Monthly Rent, Purchase or Let to Buy – Anticipated Monthly Rent. SC327000. you must ensure it conforms to the Financial Conduct Authority's advising and selling I have had to rent out the property and am concerned about informing mortgage lender and being forced onto buy to let mortgage. Registered in Scotland No. All our products are SUBJECT TO AVAILABILITY and can be withdrawn at any time. BTL Affordability Calculator; Key Information Only Landlords with 10 or less Buy to Let / Consent to Let properties (mortgaged or unencumbered) will be considered for a mortgage Small Landlord 3 or less Buy to Let or Consent to Let mortgaged properties (including this application) Cookie Policy, Bank of England bank rate: Call a BMI adviser today on 01844 390910 We’re open until 8pm Birmingham Midshires is a division of Bank of Scotland plc. *Please note that if you later chose a fixed rate product with a term of less than 5 years, this could reduce the maximum loan amount available. Registered in Scotland ( Contact Number BM Solutions Product Transfer ) For the use of mortgage intermediaries & other professionals only. Remember, limits apply to all our Buy to Let products: A maximum 75% LTV for loans from £25,001 to £1,000,000. Birmingham Midshires Mortgage Servicing PO Box 833 Leeds LS1 9PU. This calculator is for illustrative purposes only and is not a mortgage offer. Registered office; The Mound, Edinburgh, EH1 1YZ. Please note that for calculation purposes, we will always assume that each party to a property owns an equal share. I phoned Birmingham Midshires (annonymously)to ask whether a consent to let can be agreed in these circumstances, and they replied No as their main business now is Buy to Let Mortgages. BM solutions for intermediaries as a Birmingham Midshires SVR mortgage broker solution buy to let calculator. *Please note if you change this after Decision in Principle, the maximum loan amount available may change.*. Mortgage products in any jurisdiction other than the UK. BM Solutions is the mortgage lending arm of Birmingham Midshires Mortgages. SC327000. This website is for the use of professional mortgage intermediaries or financial advisers only. For Portfolio Landlord Applications, additional criteria applies. contained on this site. *, Enter the maximum icon to show help with using this Calculator. Registered office; The Mound, Edinburgh, EH1 1YZ. No. We may be able to help you reduce your monthly payments. The buy to let mortgage calculator will give you the information that you need to start the search for the best property. SC327000. Birmingham Midshires buy to let existing customers rates from 1.77%. Buy to Let Mortgage Tennant Criteria The type of tenant can play a role in which lender or products are available. They have traditionally been one of the strongest lenders in this space. BM Solutions are the specialist lending brand of HBoS, focusing on servicing the Buy-to-let, ... Birmingham Midshires is a division of Bank of Scotland plc. These pages are for the use of those people who are resident and ordinarily Applicant’s share of total gross monthly rent from all existing let properties. Your client's home may be repossessed if they do not keep up repayments on their loan. Buy to Let mortgages (BTL) are usually more expensive than regular mortgages, and because of the nature of letting, can be a risky business in terms of earning potential. The maximum size of your buy to let contractor mortgage is calculated using the rental yield of the property, which needs to be 125% of the annual mortgage repayments. Telephone calls may be monitored or recorded. The chances are if you are a professional landlord you will have at least one mortgage with BM Solutions (Birmingham Midshires) – but are you on the best rate? Birmingham Midshires Solutions (BM Solutions) retains the best rate for a five-year fixed rate buy-to-let mortgage this month – and it is only available from a mortgage broker. Click the ? A question you will ask yourself is... Can I get a mortgage being self-employed? https://www.bmmortgages.co.uk/existing-customers/statement-information Registered in Scotland No. Birmingham Midshires are part of the RBS ( Royal Bank of Scotland ) group and only offer buy to let mortgages through this channel. Many mortgage lenders allow overpayments of about 10% of the outstanding balance of … Becoming self-employed takes guts and the freedom it offers can be priceless, but it does come with some difficulties, including getting a self-employed mortgage. Cookie Policy, Bank of England bank rate: You should therefore key the Gross Monthly Rent figure for each applicant with an equal share, regardless of how the title is held. Additional borrowing on existing BM Solutions mortgage. Remortgage, LTB and additional borrowing – enter the estimated value of the property. Confirm whether product will be a 5 year fixed rate. Registered in Scotland No. Birmingham Midshires are now part of Lloyd’s Banking Group who deal solely with Buy to Let funding. *Please note that where the applicant has existing BTL properties, this must be completed*. New Buy to Let mortgages from BM Solutions are only available through independent financial advisers and dedicated mortgage advisers. We are set to move to a sub 60% LTV mortgage. (They no longer offer residential mortgages). Some locations have more demand than others for rental properties. rules. Get off of the Birmingham Midshires 4.44% revert rate today and stop wasting money. LTV Registered in Scotland No. If you are a professional and you reproduce any part of Buy to let minimum deposits – In general, the available loan to value (LTV) on buy to let property purchases is lower than those available for equivalent value residential purchases. This website uses cookies to improve user experience. Do not include anticipated rent for BTL Purchase or Let To Buy applications. Registered in Scotland No. 0.1%, Register Birmingham Midshires is a division of Bank of Scotland plc. If you reproduce any information contained in this website, to be used with or to advise clients, you must ensure it follows the FCA’s advising and selling standards. Calculate the maximum amount of capital your client can borrow to purchase their property. No. Please call us now on 0800 110 5898 to discuss your requirements in more detail. By using our website you consent to all cookies in accordance with our Cookie Policy. Birmingham Midshires is a division of Bank of Scotland plc which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628. A product is only available for further borrowing if it states this in the features box. These pages are for the use of those people who are resident and ordinarily Self Employment (including profit from self employment and dividends from UK companies), Employment (including bonus, overtime, commission). Full Rental income calculator. Birmingham Midshires Buy To Let Mortgages - Contact Us on 0117 403 4474 to Compare Buy To Let Mortgage Rates on buy to let- Use our FREE Mortgage Calculator. the information contained on this site, to be used with or to advise private clients, Simple Rental income calculator. 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