Head of Content
Mortgage Advisor & Director
Birmingham Midshires (BM Solutions)
About Birmingham Midshires/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.
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What type of mortgages do they offer?
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:
- Buy-to-let mortgages
- Let-to-buy arrangements
- Product transfers
- Further advances for existing customers
- Green buy-to-let mortgages
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.
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
What mortgage rates are available?
BM Solutions' mortgages are competitive with other buy-to-let mortgage providers, with the exact rate you qualify for being determined by the amount of deposit you have, the overall strength of your application and the type of product you choose.
You can compare their latest rates with deals across the market using our free mortgage-sourcing tool.
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 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 benefits of using a broker is that they can help you compare BM Solutions' buy-to-let offerings with every 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.
How Teito Works
You have two options when you get started with Teito: you can select the option to speak with an advisor straight away or source a mortgage yourself. If you want to choose your own mortgage deal, follow the steps below:
Click ‘Get Started’
Hit the button below and enter a few quick details. It takes less than 60 seconds to begin the mortgage process with us
Compare Quotes Online
Next you can view rates and deals from across the entire market online and choose the one you want in real time
Apply Online
We’ll take it from here and have an expert mortgage broker on hand to ensure you have chosen the best deal for you
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.