When it comes to mortgages, there are a variety of fees and charges that you should be aware of. Birmingham Midshires is no exception. From initial valuation fees to property revaluation fees, understanding the costs associated with a Birmingham Midshires mortgage is essential for making an informed decision. An initial valuation fee is typically required when you first apply for a Birmingham Midshires mortgage.
This fee usually starts at £100. If you need to take out additional loans, you may also be required to pay a property revaluation fee, which can also start at £100. Additionally, if you need to release funds from your mortgage, you may be charged a property re-inspection fee. It's important to note that there are no transfers or “legal” transfers during the Birmingham Midshires mortgage exchange process.
The savings of Birmingham Midshires and Lloyds Bank will continue to be covered separately by the Financial Services Compensation Plan. Both Birmingham Midshires and Lloyds Bank will remain separate entities, with different phone numbers and online systems. If your current mortgage offer in Birmingham Midshires is ending and you want to switch to a new offer, early repayment charges will not apply if there are three months or less left before your current offer ends. The difference between the Birmingham Midshires SVR and the rate of a “new exchange offer” product can be significant, potentially resulting in hundreds of pounds in additional monthly mortgage payments. Fortunately, BM advisors do not charge advisor or broker fees for product transfers in excess of £50,000. If your product transfer is less than this loan amount, the assigned advisor may charge a fixed fee of up to £49. Yes, as long as you comply with the Birmingham Midshires lending policy, you can re-mortgage Birmingham Midshires. You can add some of the fees to your mortgage, but remember that interest will then be charged on these charges.
Plus, if you're moving house and taking your current Birmingham Midshires mortgage offer with you, you won't have to pay any early repayment fees. Changing or transferring your mortgage does NOT mean remortgaging (which means moving to another lender). With the change, you stay with your current lender, Birmingham Midshires, but instead switch to a new Birmingham Midshires product. We can still help you exchange your mortgage product with Birmingham Midshires if your credit circumstances have changed. If your Birmingham Midshires mortgage is coming to the end of your fixed-rate term or your initial agreement, you'll be paying the Birmingham Midshires SVR; you'll have to make an important decision about how you'll keep your mortgage payments low. Change your mortgage rate or transfer your mortgage rate: no broker fees, just a fast mortgage transfer service from lenders like Halifax, Barclays, Birmingham Midshires, Virgin Money and Metro Bank, up 26%.
