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About Birmingham Midshires and BM Solutions

Birmingham Midshires has been part of the Lloyds Banking Group since the finanical services giant acquired its parent company, HBOS, in 2009.

The lender specialised in buy-to-let mortgages but stopped offering new products to new customers in June 2021. Lloyds, however, has since launched the BM Solutions brand in its place to handle all of its buy-to-let mortgage business.

BM Solutions has become known for offering all kinds of buy-to-let mortgages on an intermediary-only basis, which means you can only apply for their products through a mortgage broker. Their product range includes: 

Teito can help you access BM Solutions' products. Our advisors have deep working relationships with this lender and might be able to arrange an exclusive deal for you - get started here to compare their rates and deals, and access expert broker advice.

What mortgage products do BM Solutions offer?

BM Solutions' buy-to-let mortgage product line features a wide range of fixed-rate deals with introductory periods ranging between two and five years. The lender is also offering let-to-buy deals with the same product type and introductory rates periods.

In addition to this, BM Solutions offers product transfers and further advances for existing customers, all done through mortgage brokers. They also offer exclusive deals for portfolio landlords and will allow top slicing for customers who fit the criteria.

What mortgage rates are available?

At the time of writing (April 2024), interest rates on BM Solutions' buy-to-let mortgages are typically between 4.5% and 5.5%, but all mortgage interest rates are subject to change and could shift at any time at the lender's disgresion. Their standard variable rate is currently 9.59%.

You can compare BM Soutions mortgage rates with their competitors from across the market for free below:

Compare BM Solutions mortgage rates with other lenders from across the market for FREE today

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How they calculate affordability

For their buy-to-let mortgages, BM Solutions has a minimum rental cover ratio requirement of 125% for basic rate taxpayers, and 145% if one or more of the applicants are additional/higher rate taxpayers.

For portfolio landlords, the rental cover ratio requirement is 145%, stressed at 5.5%.

Other eligibility requirements

As well as satisfying the lender's requirements for projected rental income, landlords need to meet the following criteria to get approved for a buy-to-let mortgage at BM Solutions:

LTV: The maximum LTV is 75%, meaning you would need a deposit of at least 25%. This drops to 65% for loans between £1 million and £2 million, and where the EPC rating is A, B or C

Landlord experience: Not required. Will lend to first-time landlords with the same LTV caps in place

Property: Will lend on various property types, including HMOs and studio flats, but certain types of non-standard construction, such as timber or metal framework where the cavity between frame and cladding has been retrospectively filled with an insulation material, will trigged an automatic rejection

Age: The eldest applicant cannot be aged over 75 at the time of application, or 80 by the end of the term

Terms: Term lengths of up to 40 years are available

Credit history: BM Solutions offer bad credit buy-to-let mortgages under the right circumstances, using credit scoring and assessing the circumstances surrounding the adverse when making their final lending decision

Does BM Solutions have good reviews?

BM Solutions currently holds a score of 1.3/5 on review service TrustPilot, but has fared better elsewhere, scoring an above-average 3/5 on Smart Money People. These reviews also take into account feedback about the lender's products for savers, as well as its buy-to-let mortgage line.

Pros and cons

The table below highlights the advantages and disadvantages of BM Solutions mortgage range at a glance to help you decide whether they are the right lender for you.

Advantages

Disadvantages

Competitive rates are available

Do not offer company buy-to-let

No landlord experience needed

Unable to extend mortgage offers once they have been tabled

Flexible with term lengths (agreements spanning up to 40 years available)

Does not offer holiday lets

Able to accept borrowers with some types of bad credit

Stringent criteria for non-standard construction properties

How to compare BM Solutions mortgages

You will need a mortgage broker to apply for a BM Solutions mortgage, so speaking to one is the ideal place to start when comparing their product range. One of the main benefits of using a broker is that they can help you compare BM Solutions' buy-to-let offerings with every possible alternative.

This is a better option than limiting yourself to one lender or attempting to compare deals yourself. Our brokers have access to the entire market, as well as in-depth knowledge of BM Solutions' product range, so you can rest assured that you have the best chance of securing the most suitable mortgage for your needs.

Get started here to compare BM Solutions's buy-to-let mortgage rates with their competitors for free and take advantage of a free, no-obligation chat with a mortgage broker who can help you access this lender and choose the best deal.

FAQs

No. BM Solutions stopped offering self-build mortgages in April 2014 following the Mortgage Market Review (MMR). They also stopped offering regulated buy-to-let mortgages around this time.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.