BM Solutions launch new mortgage rates

Published: August 18, 2008

In a surprise announcement last week, HBoS, the group which includes the Halifax and the Bank of Scotland, confirmed the closure of their TMB brand. At the time of the announcement, HBoS confirmed that BM Solutions, the intermediary arm of the Birmingham Midshires, would continue to offer the most popular products from the TMB range. This has been confirmed this morning by the launch of two new House to House products and one new buy to let product by BM Solutions.

The House to House schemes consist of a one year tracker at Bank of England base plus 1.74% and a three year tracker at Bank of England base rate plus 1.44%. The one year tracker is available up to 80% of the property value and the three year tracker is available up to 75% of the property value, and there is a product fee of 2.5% and 2% respectively. The one year tracker has no early repayment penalties, but the three year tracker features early repayment penalties for the three years of the tracker rate.

The new buy to let scheme is a 5.89% rate which is fixed until April 2011. The scheme is available for those who wish to borrow up to 70% of the property value, and features a product fee of 2.5%. Early repayment charges are payable for those who wish to repay part or all of the mortgage within the fixed rate period.