Birmingham Midshires offering existing buy-to-let customers product transfers
Birmingham Midshires (now BM Solutions), the broker only buy-to-let lender, is offering existing customers a range of rates for mortgages between £300,000 and £2 million.
The lenders most competitively priced two-year fix is 2.99% and its four-year fix is higher at 3.99%. The overall cost for comparison is 4.6% APR and 4.7% APR respectively.
Both mortgages have £999 arrangement fees and borrowers are required to have at least 40% equity in their property. For those with 25% equity, the rates are a bit more expensive.
After the fixed rate period both of these mortgages revert to the lenders standard variable rate which is currently 4.84%.
Aaron Strutt, product manager at Trinity Financial, says: “If you have come to the end of your fixed rate or you are looking to raise more money, Birmingham Midshires offers a range of product transfers.
“The only catch is that you will need to use a broker to submit an application as they don’t lend to existing customers anymore.
“It is always worth assessing the market to ensure your are getting a good deal, especially with so much competition in the buy-to-let market at the moment.”
For borrowers able to put down a 30% deposit, Trinity has access to Virgin Money for Intermediaries leading 2.39% two-year tracker. The overall cost for comparison is 4.9% APR.
It has a £995 arrangement fee and £500 cashback is paid on completion.
If you would like help to secure a buy-to-let mortgage or switch to another rate with Birmingham Midshires, call Trinity on 020 7016 0790.
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