Important notice

Covid-19 Payment Holiday guidance:

With immediate effect, customers whose income has been impacted by Covid-19 may be offered payment holidays for up to 3 months. This applies to all BM Solutions customers regardless of whether they have a Buy to Let mortgage or Residential mortgage.

We're currently dealing with a much larger number of calls than usual. The quickest way for you to apply is online.

You can learn about payment holidays and how to apply online in our payment holidays section.

Payment holidays

If you're taking a break from your mortgage payments, you might be wondering what happens when your payment holiday ends.

While you're on your payment holiday, you don't need to do anything. We'll write to you before it ends to let you know:

• • Your new monthly payment amount. This will be higher than before your payment holiday, to cover the interest charges and payments you missed while you took a break.
• • How we can help if your income is still affected by coronavirus. We'll tell you how we can help if you'd like some more support.

In the meantime, please don't call us. Rest assured we'll be in touch before your current payment holiday ends.

If you're in a position to resume your payments after your break, we strongly recommend that you do so to keep your monthly payments and interest charges as low as possible. However, if you find that you need further support when your payment holiday ends, you will be able to take another payment holiday for an extra 3 months or, if you think your income will be affected longer term we can discuss other ways we can help. Remember there is no need to contact us, we'll be in touch before your current payment holiday ends on how we can help.

Bank of England rate change announcement

On Thursday 19th March a further decrease in the Bank of England base rate was announced, moving it from 0.25% down to 0.1%. This follows the previous reduction announced on Wednesday 11th March.

As a result, our variable rate will be changed in-line with these decreases.

With effect from 1 April 2020:

• • Birmingham Midshires Standard Variable Rate currently at 5.09% will decrease down to 4.59%.

With effect from 1 May 2020:

• • Birmingham Midshires Standard Variable Rate will further decrease to 4.44%

If your mortgage is affected by either or both of these changes, we'll write to you and confirm your new monthly payment before it is due.

Use our Rate Change Calculator to get an idea of how much a monthly mortgage payment might change by, following a Bank of England Base Rate change.

Find out more about the Bank of England base rate and your mortgage.

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 we offer through the intermediary channel please contact an independent financial adviser.