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Case details

Our client originally took out a buy-to-let mortgage through Birmingham Midshires as her fixed rate was coming to an end.

She was keen to ensure her monthly repayments did not increase and her mortgage did not automatically revert to the lenders expensive standard variable rate of 4.84%.

After finding out that it is possible to access a new existing customer rate with Birmingham Midshires up to three months before her fixed rate expires, she called Trinity to arrange a new deal.

Solution:

Birmingham Midshires no longer offer mortgages to existing customers if they apply directly to the lender, they have to approach a mortgage intermediary to submit the application on their behalf.

As Trinity has an excellent working relationship with Birmingham Midshires (now BM Solutions) we were able to explain the mortgage rates available to existing customers and how competitively priced they were when compared to the rest of the market.

As our client always made their mortgage repayments on time, the lender was happy to offer a new rate before the mortgage reverted to their standard variable deal.

Property: Three bedroom house in London

Value: £1.1 million

Mortgage: £690,000

Rate: Fixed rate at 3.74% until 31/07/2019

APR: 4.7%

Lenders arrangement fee: £999 product fee

Mortgage term: 23 years

Repayment type: Mortgage taken on an interest-only basis

Loan-to-value: 62%

Reversion rate: 4.34% over the Bank of England base rate, currently 4.84%

Early repayment charge: 5% of the loan amount until 31/07/2016, and then 4% until 31/07/2017, 3% until 31/07/2018 and 2% until 31/07/2019.

The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.

If you have a Birmingham Midshires mortgage and would like help to secure a new rate, call Trinity on 020 7016 0790.

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