Birmingham Midshires (BM) is the result of a merger of some 50 building societies, since the 19th century, including the Liverpool and Birmingham & Bridgwater Building Societies. Birmingham Midshires today is the largest private employer in Wolverhampton . In 1999 it became part of the Halifax Group, and now Birmingham Midshires is part of HBOS plc.
Repayment methods: you can choose to pay off your mortgage by a capital repayment method (paying off the interest and the loan) or interest only or a combination. In general you will be able to borrow 3.25 times your gross income. Birmingham Midshires offer the following types of mortgages:
Fixed Rate
Flexible Rate
Tracker Rate
Fixed: BM have three 2 year fixed mortgages. They are all set at a fixed rate for an agreed period. After the fixed rate has finished your rate will revert to the Bank of England base rate plus a charge set by the society.
An arrangement fee is applicable
An early repayment charge is applicable
Flexible: the rate is a variable one, set according to the Bank of England base rate plus a charge for the whole mortgage term. The main feature of a flexible mortgage is that the repayments you make are flexible. You can make underpayments and take payment holidays as long as you have made prior overpayments.
An arrangement fee is applicable
There is no early repayment charge
Tracker Rate: BM have a number of tracker mortgages. You can choose from 2 year, 2 year re-mortgage, Lifetime tracker, Lifetime tracker re-mortgage. The rate your mortgage is linked to the Bank of England base rate.
An arrangement fee is applicable
An early repayment charge may be applicable
Buy to Let: this type of mortgage is for a person, usually an investor, who wants to buy a house or flat in order to rent it out. BM has the following types of Buy to Let mortgages:
Fixed
Flexible
Tracker
Fixed: there are 2, 3 and 5 year fixed mortgages. Your rate will be fixed for a set interval, (depending which product you choose) and it will then revert to a rate set above the Bank of England base rate.
An arrangement fee is applicable
An early repayment charge is applicable
Flexible: your rate will be set according to the Bank of England base rate. You can make underpayments and take payment holidays as long as you have made previous overpayments.
An arrangement fee is applicable
An early repayment charge may be applicable
Tracker: the rate your mortgage is set at is linked to the Bank of England base rate. After a set period it will revert to a higher charge.
An arrangement fee is applicable
An early repayment charge is applicable