5.79% Fixed to 01/10/2011

7.44% Tracker

5.79% Fixed to 01/10/2011

7.44% Tracker

Up to £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.

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. BTL applicants must have a minimum combined income of £25k for single or

joint applications.

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

Buy to Let : Accepted

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 : 2% of loan Can be Added

Booking : None

3% of loan to be paid until 01/10/2009, Then 3% of loan to be paid until 01/10/2010, Then 3% of loan to be paid until 01/10/2011

None

Basic:

upto £50,000 - £315

upto £100,000 - £355

upto £150,000 - £390

upto £200,000 - £430

upto £300,000 - £505

upto £400,000 - £575

upto £500,000 - £640

upto £600,000 - £695

upto £700,000 - £755

upto £800,000 - £810

upto £900,000 - £865

upto £1,000,000 - £920

Homebuyers:

upto £100,000 - £535

upto £150,000 - £565

upto £200,000 - £615

upto £300,000 - £735

upto £400,000 - £865

upto £500,000 - £1005

upto £600,000 - £1145

upto £700,000 - £1285

upto £800,000 - £1425

upto £900,000 - £1565

upto £1,000,000 - £1705

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

The maximum loan included added fees, must not exceed 89% LTV.

Further Advance Arrangement Fee - £299.

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 redemption. 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. 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.

No student lets.

Remortgage applications not accepted where the customer has owned the property for less than 6 months.

Accepted Locations : England, Scotland, Wales, N Ireland

Bank Statements No

At Least 3 Months Pay Slips Yes

P60 Yes

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 £5,000,000

Min Age 18 years

Max Age 75 years

Min Term 5 years

Max Term 40 years

Foreign Citizens Accepted

Ex-Patriates Accepted

Rental Income must be 125% of the monthly mortgage payments

Min months in current position 3

Min months in continuous service 12

Min no. of years accounts 1

Average years taken to calculate income 1

Will consider declining profit No

Rental calculation 125% at pay rate.

BTL applicants must have a minimum combined income of £25k for single or

joint applications..

BTL applicants minimum number of months in current employment is 3 with 12 months continuous employment, and self-employed applicants must have been so for 1 year.

Birmingham Midshires does not ask for proof of income however they reserve the right to.

Rental Income must be 125% of the monthly mortgage payments

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 75%

Home Improvements 75%

Debt Consolidation 75%

School Fees 75%

Holidays/Cars 75%

Buy Other Property 75%

Business Purposes 75%

Divorce Settlement 75%

Unencumbered 75%

For additional funds being raised, standard criteria to 85% LTV applies.

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

Remortgage applications not accepted where the customer has owned the property for less than 6 months.

CCJs/Defaults : Accept:

1) Max 2 Defaults to a max of £500.00. These must be fully paid at least 72 months ago or over prior to application. This condition does not incur any rate loading.

2) Max 2 CCJs to a max of £500.00. These must be fully paid at least 72 months ago or over prior to application. This condition does not incur any rate loading.

3) Max 1 Defaults to a max of £250.00. These must be fully paid at least 24 months ago or over prior to application. This condition does not incur any rate loading.

4) Max 1 CCJs to a max of £250.00. These must be fully paid at least 24 months ago or over prior to application. This condition does not incur any rate loading.

Ignore:

1) CCJs which have been fully paid 24 months ago or over prior to application, and are under or up to £250.

2) Defaults which have been fully paid 24 months ago or over prior to application, and are under or up to £250.

3) CCJs which have been fully paid 72 months ago or over prior to application, and are under or up to £500.

4) Defaults which have been fully paid 72 months ago or over prior to application, and are under or up to £500.

Arrears : Accept:

1) Max 2 missed payments in the last 36 months. This condition does not incur any rate loading.

2) Max 1 missed payment in the last 12 months. This condition does not incur any rate loading.

Bankruptcy/IVAs : Accept:

1) IVA must be discharged at least 6 years prior to application. This does not incur any rate loading.

2) Bankruptcy must be discharged at least 6 years prior to application. This does not incur any rate loading.

Ignore:

1) Bankruptcy discharged at least 6 years ago or over.

2) IVA discharged at least 6 years ago or over.

Repossessions : Not accepted.

Repossessions not allowed.