7.5% Tracker

5.69% Tracker for 3 Years

7.5% Tracker

Upto £350,000 85% LTV (Rmg 85%)

Upto £500,000 80% LTV (Rmg 80%)

Upto £1,000,000 75% LTV (Rmg 75%)

Mortgage is Portable

You can keep this product if you move to a new property and take out a new mortgage with Birmingham Midshires, provided that the new mortgage is for the same amount and is taken out within 6 months of repayment of this loan. If this occurs, any early repayment charges (detailed above), will not be payable. However, if the new mortgage is taken out in different names Birmingham Midshires will not waive or refund these early repayment charges without the written consent of all original borrowers.

If either the scheme or your circumstances change, you may not be able to keep this product, and any early repayment charges (detailed above), will be payable.

When moving house you will be unable to keep this product if your level of adverse credit increases beyond the maximum allowed.

Self Cert Accepted

Product is not CAT standard.

You are free to make lump sum or regular overpayments to this mortgage, however the early repayment charges, detailed in section 10, will apply if you make lump sum or regular overpayments within the period that these early repayment charges apply.

If you do make a lump sum payment or overpayment then the amount you owe, and the amount of interest you are charged, is reduced immediately. This means that you will get the benefit straightaway.

Let to Buy : Accepted

Capital Rest Period : Daily

Repayment Yes

Endowment Yes

PEP Yes

Pension Yes

Interest only (no RV) Yes

With Profits Yes

Unit Linked Yes

ISA Yes

Split Repayment Yes

Arrangement : 1.25% of loan Can be Added

Booking : None

5% of loan to be paid within first 3 Years

None

Basic:

upto £50,000 - £290

upto £100,000 - £330

upto £150,000 - £365

upto £200,000 - £405

upto £300,000 - £480

upto £400,000 - £550

upto £500,000 - £615

upto £600,000 - £670

upto £700,000 - £730

upto £800,000 - £785

upto £900,000 - £840

upto £1,000,000 - £895

Homebuyers:

upto £100,000 - £510

upto £150,000 - £540

upto £200,000 - £590

upto £300,000 - £710

upto £400,000 - £840

upto £500,000 - £980

upto £600,000 - £1120

upto £700,000 - £1260

upto £800,000 - £1400

upto £900,000 - £1540

upto £1,000,000 - £1680

Special:

upto £50,000 - £215

upto £100,000 - £250

upto £150,000 - £280

upto £200,000 - £310

upto £300,000 - £360

upto £400,000 - £410

upto £500,000 - £460

upto £600,000 - £500

upto £700,000 - £550

upto £750,000 - £590

upto £900,000 - £785

For properties valued over £1 million please refer to Birmingham Midshires for the valuation fee.

The AVM ( Automated Valuation Model) is eligible for the following cases:

* Application is NOT Mortgage Plus.

* LTV (based on purchase price) is less than or equal to 85% on new loan applications.

* LTV is less than or equal to 90% for remortgage.

* Application is not packaged.

* The scheme is NOT Buy to let or ex-pat buy to let.

* Application type is new loan (except where the property is in Scotland or Northern Ireland).

* Application Type is a re-mortgage (except when the property is in Northern Ireland).

* Loan amount is no more than £500K.

* Property is NOT a new build.

* Purchase price/ estimated value is no more than £750K.

Higher Lending Charges are calculated on the difference between 75% of the value of your home and the amount you wish to borrow. Added fees will not be included in this calculation.

Lender Conveyancing Fee - £295.00 Payable on completion. A non refundable fee to your conveyancer due before the loan starts. The figure quoted here is an estimate, the total cost of conveyancing may be higher.

Telegraphic Transfer - £35.00 Payable on completion.

Deeds Dispatch Fee - £50.00 Payable on completion. If the lender holds your Title documentation and your solicitor requires them from the Lender you will be charged a deeds dispatch fee.

Insurance Admin - £50.00 Added to loan. Arrange Direct Charge

Freehold Flat No

Purpose Built Flat Yes

Converted Flat Yes

Flat Over Shop Refer

Maisonette Yes

Studio Flat Yes

Flying Freehold Refer

Thatched Yes

Timber Framed Refer

Concrete Refer

Agricultural Tie No

Flat Over 4 Storeys Yes

Listed Building Yes

Not Accepted

New Build acceptable. Let to Buy accepted on the condition that the mortgage placed with BM Solutions is intended for the residential property. For applications based on properties to be let please see the BM Solutions Buy to Let product range.

Builder deposit is acceptable up to maximum of 5% of the purchase price, provided the LTV does NOT exceed 85%. The valuer must be made aware of the deposit incentive at the time the valuation is carried out. Vendor deposit is NOT acceptable.

Holiday and second home, maximum 75% LTV.

Flats over shops and flats over 4 stories may be considered on merit.

Flying Freehold and Commonhold may be considered on their merits.

Unacceptable Property Types:

Freehold flats, mobile homes, houseboats, self-build, commercial property, and property on which buildings insurance cannot be arranged.

BM will Consider lending on Leasehold Maisonettes but not Freehold.

New Build accepted subject to terms and conditions, please refer to lender.

Accepted Locations : England, Scotland, Wales, N Ireland

Bank Statements No

At Least 3 Months Pay Slips No

P60 No

Proof Of Residency Yes

Life Policy To Be Assigned No

Previous Lender References Yes

Buildings Conditional

Min Loan £25,001/Rmg £25,001

Max Loan £1,000,000/Rmg £1,000,000

Max Portfolio of BTL Loans none

Min Age 18 years

Max Age 65 years

Min Term 5 years

Max Term 40 years

Foreign Citizens Not Accepted

Ex-Patriates Not Accepted

Based on Income > 0

4.5 + 1 or 3.6 joint

Min months in current position 6

Min months in continuous service 12

Min no. of years accounts 1

Average years taken to calculate income 2

Will consider declining profit No

Maximum borrowing is calculated using our affordability model. This takes into consideration the financial commitments of the client and also their household expenditure.

No proof of income required for Self-Cert products.

For employed applicants, annual income will be made up of the following:

Basic salary including shift allowance, large town allowance, mortgage subsidy, car allowance (not expenses), PLUS

We consider up to 60% of regular or non-guaranteed overtime, bonus, and commission.

For self-employed applicants annual income will be assessed from the accounting information supplied.

Pension - 100% of occupational/disability pension (not other benefits relating to disability)/service/widows and state pension can be included as eligible income. State pension would not usually be accepted as the sole means of supporting a mortgage.

Maintenance - maintenance should be likely to continue for a reasonable period of time e.g. 5 years. Payments should be made under a court order/CSA or have a minimum 6 month track record.

Working Tax Credit / Child Tax Credit - 100% of Tax Credits may be added to the earned income being used for mortgage purposes.

Unacceptable Income:

State Pension/Benefits - State pensions and benefits are not usually to be considered as a sole means for supporting a mortgage. This includes child benefit, carer’s allowance, income support etc.

Where applicants are self-certifying their income under the specialist Self-certification Scheme, the total income from all income streams will be used for mortgage purposes.

Outgoings that will be taken into consideration include:

Personal Loans and Hire Purchase Agreements - Provided they have more than 12 months remaining and are not redeemed upon completion.

Credit / Store Cards - This will include 5% of balances that are not cleared on a monthly basis.

Maintenance - Long term commitments such as maintenance and other financial commitments that have more than 12 months remaining are also taken into consideration.

Hire Purchase Taken into account

Personal Loans Taken into account

Overdraft NOT Taken into account

Credit/Store Cards Taken into account

Child Maintenance Taken into account

Child Education NOT Taken into account

Extra Income:-

Other Income - Guaranteed Add 100% to income before multiply

Other Income - Regular Add 100% to income before multiply

Other Income - Irregular Add 100% to income before multiply

Investment Income No

Mortgage Subsidy Add 100% to income before multiply

Large Town Allowance Add 100% to income before multiply

Maintenance Payments No

Non Contributory Pension No

Car Allowance No

Capital Raising 85%

Home Improvements 85%

Debt Consolidation 85%

School Fees 85%

Holidays/Cars 85%

Buy Other Property 85%

Business Purposes 85%

Divorce Settlement 85%

Unencumbered 85%

Business use for capital raising/remortgages does not include business start-ups.

CCJs : Acceptable, max number 1, max amount £ 250, must be satisfied for at least 1 months

Defaults : See CCJs

Arrears : Acceptable, max months 1

must be satisfied for at least 12 months

Bankrupt : Acceptable, min months Discharged 72

Current IVA : Not Acceptable

Repossession : Not Acceptable

No CCJs registered, mortgage payments missed or IVA registered within the 3 months prior to application. The exception is the 90% LTV products where no CCJs are allowed within the previous 6 months. An explanation for any adverse credit is no longer required for Sub-Prime applications.

The Lender follows the general principles of the Council of Mortgage Lenders' Statement of Practice on Handling Arrears and Possessions, including :

- a) with your co-operation, developing a plan with you for dealing with your financial difficulties and clearing the arrears, consistent with both your interests and The Lender.

- b) possession of your property will be sought only as a last resort when attempts to reach alternative arrangements with you have been unsuccessful.