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  • Buy-to-Let

    Porting a BMS Mortgage

    Hi All,

    I am selling a house that has a mortgage with BMS and would like to be able to port the mortgage to a new property. I presume as they won't talk to customers direct that I have to do this through a broker?

    I hope it's not too late, as the property I'm selling is due to complete soon.

    I don't yet have a property on the buy side, but have seen one I want to view that looks a good possibility.

    Thanks,

    Angela
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    Author of The Complete Guide to Property Strategies and The Complete Guide to Property Investing Success
    Learn more at http://www.completepropertysuccess.co.uk

    I also post property updates on my Facebook Page

    "It is the small decisions you and I make every day that shape our destiny" Anthony Robbins

    Hi Angela,

    I have a mortgage with Birmingham Midshires and it is portable as long as you re-buy within 6 months of completing the sale on the first property. I haven't looked into the finer details as it's not something I am looking to do at the moment, but on the face of it, I believe those are the conditions required.
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    Hi Angela, yes BM require a Broker to be involved as this is still a loan that should be advised on as there may be more viable products available from the market - and they want to be seen as responsible lenders. However of course their (old reversionary) rates are excellent so porting may be appropriate still.

    To ascertain if we can assist, download the attachment, complete it and return to me for review and I'll be pleased to help.

    Our TOB's can be viewed / downloaded here > https://www.hdconsultants.net/library/

    We can discuss further too > https://www.hdconsultants.net/contact-us/

    Hope this helps.
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    Thanks for your reply Martin, that's great.

    Howard, thanks for replying too. The mortgage in question is £306,000. Could you confirm what your fees would be?

    Thanks,

    Angela
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    Author of The Complete Guide to Property Strategies and The Complete Guide to Property Investing Success
    Learn more at http://www.completepropertysuccess.co.uk

    I also post property updates on my Facebook Page

    "It is the small decisions you and I make every day that shape our destiny" Anthony Robbins


    I can indeed - call me anytime and we can discuss the whole process and the fees involved.

    Howard.
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    I have left a message for you at your reception Howard and await a call back:-)

    Thanks,

    Angela
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    Author of The Complete Guide to Property Strategies and The Complete Guide to Property Investing Success
    Learn more at http://www.completepropertysuccess.co.uk

    I also post property updates on my Facebook Page

    "It is the small decisions you and I make every day that shape our destiny" Anthony Robbins

    Howard will look after you wonderfully Angela but just for info I've just done the exact same thing.

    However its important to note that if you're maxed out with the Lloyd's group then they won't let you port. Its criteria now not then that matters.

    This was what happened with mine, two clients on the existing mortgage and same two clients on the property we wanted to port it to. One was maxed out with Lloyd's. So we had to remove the one party from the loan and also from the property by way of transfer of equity.

    I'm amazed it got though and that BM 'got it' but it all went pretty smoothly

    Lisa
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    Lisa All comments are for education and information purposes only and do not construe as advice or a financial promotion. No liability is accepted for comments made. If you wish to receive information in an advisory capacity then please contact me about becoming a client. www.keys-mortgages.com


    Thanks Lisa,

    Yes, I was in touch with Howard yesterday thanks.

    He got back to me before the day's end to say he'd spoken to BMS but they said "no" (or their computer said no?!) because like you say, I have more mortgages with the group than allowed now.

    I was quite bummed out when he said that. I thought 'oh no!' as it's on one of the lovely low pre credit crunch rates of 2.5% that I like to see on my spreadsheet - most of the post 2008 ones being up to 5% and even over...

    It is a bit - annoying - that the mortgage T&Cs seem to indicate the mortgage is portable, but then it's like "only if we say so at the time!"

    However, as you will know but I didn't - he said he could get me a good interest rate now because the buy to let mortgage market has become very competitive lately. He could (hopefully) get me 2.99%. I was amazed by that !!

    So he said he'll review my portfolio to see which ones on higher rates he may be able to remortgage for me, which is great.

    Thanks,

    Angela
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    Author of The Complete Guide to Property Strategies and The Complete Guide to Property Investing Success
    Learn more at http://www.completepropertysuccess.co.uk

    I also post property updates on my Facebook Page

    "It is the small decisions you and I make every day that shape our destiny" Anthony Robbins


    Gone are the days when BMS had no limit at all. I remember doing a 60 property remo for one Client to them all in one go, and for another Client I arranged over 100 deals too. Happy days .....

    Anyway, products are definitely more competitive now and there are indeed deals available with an initial pay rate as low as 2.99%. And one that I am thinking of goes up to 75%LTV, has a £200 flat fee, no valuation fee and no legal fees for remortgages either. And the lender allows the borrower to have up to 10 deals with them too. But that's just one option. Loads more out there as well and that's why I advocate working with a professional Broker who knows the market. Lisa, thanks for the compliment .... you're not bad yourself either. :-)
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    (14-02-2015 09:53 AM)howard_reuben Wrote:  <> there are indeed deals available with an initial pay rate as low as 2.99%. And one that I am thinking of goes up to 75%LTV, has a £200 flat fee, no valuation fee and no legal fees for remortgages either. And the lender allows the borrower to have up to 10 deals with them too <>

    P.S. There are no redemption penalties on this product either :-)
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    T: 01206 654 444
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    Cheers Howard :-)

    Yes Angela its a common misconception about porting.

    I tend to tell clients to ignore the fact a mortgage is portable and think about their plans around the product term ie don't fix for 5 years if you'll be moving in 2!

    I spoke to someone recently who took out a £650k 5 year fix mortgage with their previous broker knowing they were going to go self employed and move within a year or two. They were gutted when I told them they had no chance of porting the mortgage and were looking at putting their plans on hold or a £32k penalty and no chance of getting a new mortgage for a while.
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    Lisa All comments are for education and information purposes only and do not construe as advice or a financial promotion. No liability is accepted for comments made. If you wish to receive information in an advisory capacity then please contact me about becoming a client. www.keys-mortgages.com