In this blog, we will consider Birmingham Midshires mortgage reviews and how to analyse the publicly available information about Birmingham Midshires mortgages and be able to review them so you can make up your mind about if you want to apply for a mortgage with Birmingham Midshires.

Birmingham Midshires no longer offers mortgage products direct to customers. This includes servicing existing customers with product transfers, further advances and mainstream mortgages. To find out more about the products they offer through the intermediary channel please contact an independent financial adviser.

The Birmingham Midshires mortgage review

When looking at Birmingham Midshires the first available information you have is the trust pilot review on the Birmingham Midshires bank which you can see here. If this review is anything to go by then this will imply that the Birmingham Midshires mortgage reviews won’t be so good.

What kind of mortgage does Birmingham Midshires offer

In our Birmingham Midshires mortgage review, we considered the various types of mortgages which Birmingham Midshires offered.

Birmingham Midshires Fixed-rate mortgages:

With these mortgages, the rates are fixed for a period of 2, 3 or 5 years and provides you certainty over your Birmingham Midshires Mortgages mortgage for that time frame.

Birmingham Midshires Variable rate mortgages:

You can access a host of variable mortgages through Birmingham Midshires Mortgages mortgages and this mortgages will have a variable rate which can be increased or decreased at any time by Birmingham Midshires Mortgages mortgages. You will be informed before a rate increase.

Birmingham Midshires Tracker mortgages:

You can access a host of tracker mortgages from Birmingham Midshires Mortgages mortgages. These mortgages will usually track the bank of England’s rate and will move in line with it, although it may not be the exact rate but rather a rate which will increase by the same point or decrease by the same point as the bank of England rate.

Birmingham Midshires Remortgages:

You can access a host of remortgages on any of Birmingham Midshires Mortgages mortgages products. To get a remortgage you may need to have sufficient equity in your home and meet the mortgage affordability requirements.

Birmingham Midshires Mortgages buy to let:

Birmingham Midshires Mortgages mortgages also offer a host of buy to let mortgages for buy to let investors.

You may be able to access mortgages on Birmingham Midshires Mortgages mortgages with up to 95% Loan to value (LTV).

Do Birmingham Midshires mortgages allow you to make overpayments?

Birmingham Midshires Mortgages mortgages may also allow you to make overpayments on your mortgage but there may be a fee for doing so and a limit on how much you can overpay your mortgage each year. You should check your key facts illustration for this or ask your mortgage adviser.

Does Birmingham Midshires offer the best mortgage deals?

Whilst conducting our Birmingham Midshires mortgage review we looked to see what mortgage provider offered the best mortgage deals but during our analysis, we discovered that the mortgage rates which most consumers ended up getting were based primarily based on their own mortgage affordability and not necessarily the rates offered. This is because every borrower may have different circumstances.

How can you contact the Birmingham Midshires mortgage bank?

You can contact Birmingham Midshires directly through their website here.

Can I borrow more on my Birmingham Midshires mortgage?

Yes, you may be able to borrow more from your Birmingham Midshires mortgage if you meet the mortgage affordability requirements set out by Birmingham Midshires at the time of your request to borrow more from your Birmingham Midshires mortgage.

A few things you may want to do before you apply for a further advance:

Check your credit score

If your credit score is down then focus on credit building activities such as:

Registering on the electoral roll

Getting a credit builder card

Getting a secured credit card

Getting a credit builder loan

Avoid missing credit repayments

Avoid making late payments

Birmingham Midshires mortgages

How do Birmingham Midshires mortgages treat first-time buyers?

If you are a first-time buyer then Birmingham Midshires mortgages welcome you and you may be able to find some mortgage products on offer which may suit you.

For a mortgage as a first-time buyer, you will usually need at least a mortgage deposit of at least 5% and in many cases you may be able to use a host of government schemes which help you increase the amount of mortgage deposit you have or reduce the total cost of the property purchase.

Some of these first-time buyer or home mover government schemes include:

  • Lifetime ISA– gives you a government bonus of £1,000 if you save the maximum £4,000 a year.
  • Help to buy ISA– gives a maximum bonus us £3,000 if you save the maximum allowed of £12,000. Before you get either you should consider which is better. Lifetime ISA vs Help to buy ISA.
  • Help to buy equity loan- gives you up to 40% as a 5-year interest-free equity loan. You begin to pay interest at 1.75 % after the fifth year and 1% plus RPI for every year thereafter.
  • Shared ownership- You can buy between 25% to 75% of the property initially with a shared ownership mortgage and then buy more using a staircasing mortgage.
  • Armed forces help to buy- similar to the help to buy equity loan but specific for the armed forces personnel giving them an increased chance of acceptance.
  • Rent to buy- This is the right to buy scheme on which this guide is currently discussing. A different marketing name is just used. Watch out for this when shopping to avoid missing out on eligible properties due to confusion.
  • Right to buy- allows you to buy your home at a discount price.
  • Preserved right to buy- same as above.
  • Right to acquire- same as above.

Depending on where you live, you may also be able to take advantage of home buying schemes provided by your local council. Example: In Norwich, the local councils provide the Norwich home options scheme.

Is Birmingham Midshires a good mortgage lender?

As with all mortgage lenders, you will have to make up your own mind on if Birmingham Midshires is a good mortgage lender or not.

Throughout our Birmingham Midshires mortgage review, we didn’t find any reason to term Birmingham Midshires mortgages as a bad mortgage lender.

You should also be aware that all mortgage lenders in the UK are regulated by the FCA and so they have to meet certain minimum standards. Mortgage lenders and all FCA regulated entities have to “treat customers fairly”.

If a mortgage lender doesn’t treat you properly then you may be able to claim compensation from the financial services compensation scheme.

Birmingham Midshires mortgages

What is a Birmingham Midshires mortgage in principle?

A Birmingham Midshires mortgage in principle is simply a letter which indicates how much Birmingham Midshires mortgages is willing to lend to you. The mortgage in principle will usually be valid for 90 days. If you need further time then you may be able to get an extension on your mortgage in principle. Some mortgage lenders may require you to make a new mortgage in principle application.  If you are buying a property off plan e.g a new build property then you may need a mortgage in principle which lasts for several months and in some cases up to 12 months. 

How long does Birmingham Midshires give to complete a mortgage?

When buying a property most mortgage lenders will give you 6 months within which you must complete on the mortgage. This is the same with Birmingham Midshires mortgages. If you need more time you may be able to apply for an extension but you may be charged some fees.

You may also be required to make a new mortgage application if the mortgage lender (as most mortgage lenders) has a maximum time in which they will allow a mortgage offer to be valid for.

What documents do I need for a Birmingham Midshires mortgage?

During our Birmingham Midshires mortgage review, we tried to come up with a sample list of documents you may be expected to have before applying for a mortgage in principle with Birmingham Midshires.

Having these documents ready before you apply for your mortgage in principle will ensure your mortgage application is handled swiftly and you can get a mortgage offer in record time once you have found a property you want to buy.

The documents you may need include:

Your Passport Or driver’s license for identification

3 months worth of bank statements

3 months worth of payslips

An accountant’s certificate for mortgage

Your P60 tax return

Your SA302 tax calculation form(if you are self-employed)

Your company accounts or self-employed accounts if you are self-employed

Your contracts if you are a contractor

How long does a Birmingham Midshires mortgage take?

A Birmingham Midshires mortgage application may take as much as 4 weeks to complete but this all depends on your own individual circumstances. If you have a more complex situation then your Birmingham Midshires mortgage application could possibly take longer.

If you want to reduce the amount of time your mortgage application may take then you should get your mortgage documents ready before you start the mortgage process and look to engage the key personnel you may need as early as possible. This could include a mortgage broker, a conveyancer and a real estate agent.

How long does a Birmingham Midshires remortgage take?

When conducting our Birmingham Midshires mortgage review we considered how long the remortgage process could take with Birmingham Midshires. The remortgage process could take as long as 4 weeks but this is all dependent on your personal circumstances. If you are getting a remortgage on a non-standard construction property then you may find that it takes longer to get a remortgage.

This could also be the case if you have bad credit. You may need a specialist bad credit mortgage broker to assist you in finding a mortgage lender willing to offer you a remortgage.

If you are remortgaging from Birmingham Midshires to another mortgage lender then you will need a redemption statement.

This is a document which your mortgage lender gives you to let you know how much you need to pay to settle your mortgage.

You may want to consider a few factors before requesting a mortgage redemption statement. E.g when will the last interest charge be placed.

How much can you borrow from Birmingham Midshires?

The amount you may be able to borrow from Birmingham Midshires is completely dependent on your mortgage affordability but Birmingham Midshires may offer a mortgage multiple of up to 5.

Most mortgage lenders will offer mortgage multiples of around 3 or 3.5.

They may also have a maximum amount which they may borrow regardless of the mortgage multiple.

What happens after your fixed-rate Birmingham Midshires mortgage deal is over?

During our Birmingham Midshires mortgage review, we discovered that as with most mortgage lenders when your fixed-rate mortgage deal ends you will be moved over to the mortgage lenders standard variable rate deal. This is usually more expensive than the fixed-rate deal.

To avoid this you can remortgage at the end of your fixed-rate mortgage deal to a better mortgage than the standard variable rate deal you would have automatically been moved on to.

To ensure you are always on the best mortgage rate you can sign up to a mortgage management platform which searches the best mortgage rates on the market which you are eligible for and nudges you to switch to a better mortgage rate.

Birmingham Midshires mortgage deals

In our review, we considered the types of deals that Birmingham Midshires mortgages had but we didn’t feel it necessary to include them here as the mortgage deals or remortgage deals offered were subject to change at any time and the best way to see what mortgage or remortgage deals are currently available is to check with the respective mortgage lenders or your mortgage broker.

Can you get a Birmingham Midshires mortgage with Bad Credit?

In our Birmingham Midshires mortgage review, we considered if you could get a Birmingham Midshires mortgage with bad credit.

In reality, it is very hard to answer this question as it depends heavily on the type of bad credit you may have.

Birmingham Midshires mortgages will consider this and let you know if you are eligible for their mortgage products.

Bad credit could include:

A CCJ

An IVA

A debt management plan

A default

A bankruptcy

A home repossession

How do I get a mortgage statement from Birmingham Midshires?

You can manage your Birmingham Midshires mortgage online. When you sign up to Online Banking you’ll create a mortgage login which allows you to view information such as your current mortgage arrangements, interest rates, outstanding balance, and more.

Will I be able to manage my Birmingham Midshires mortgage online?

Yes. Once you’ve signed up for online banking, you’ll be able to see your mortgage information online. This includes:

outstanding balance

remaining term

next monthly payment

interest rate

the previous year of payments (including any overpayment charges)

Will I need life cover or critical illness cover with a Birmingham Midshires mortgage?

Some mortgage products may require you to get a life cover or critical illness cover. You should ask your mortgage broker or mortgage adviser to determine if you will need to have life cover or critical illness cover along with your mortgage.

Most mortgage lenders will insist that you have house insurance before they complete on the mortgage. This means the property will be covered in case there is a fire, flood or incase any serious structural issues occur.

Using a mortgage broker for your mortgage

Whilst conducting our review we considered the potential effects of using a mortgage broker and we concluded that using a mortgage broker to search for what mortgages you may be eligible for maybe a better use of your resources than simply applying directly to a mortgage lender like Birmingham Midshires.

This is because mortgage brokers will have access to a host of mortgage products which make up a majority of the market from a long list of mortgage lenders. This in stark comparison to the few mortgage products each mortgage lender may offer.

How do I contact Birmingham Midshires?

You can contact the mortgage lender via the details below: 0345 300 2627

The phone lines are open during normal working hours.

If you have any questions or comments please let us know.

John Bate

John has 22 years of experience in financial services. This spans across financial research, financial services (As a qualified mortgage broker and underwriter), financial trading and sales at global investment banks. While working as a publishing research analyst, he covered European bank credit and advised institutional clients on investment strategies at both JP Morgan and Societe Generale. John has passed all three levels of the CFA (Chartered Financial Analyst) programme.