Birmingham Midshires

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

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