Mortgage Advisors Birmingham

    What We Do

    Welcome to RM Mortgage Solutions

    A Message from our Director, Richard Moring.

    How Our Mortgage Advisors in Birmingham Can Help

    Mortgages, Protection & Insurance Made Simple
    A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

    Independent Mortgage Advisor in Birmingham

    Are you ready to take the first step towards owning your very own home? Bored of the endless mortgage jargon? Just want someone to take care of it all on your behalf? Introducing RM Mortgage Solutions. Discover the best mortgage advisors Birmingham has to offer.

    Here at RM Mortgage Solutions, our experienced and independent Birmingham mortgage advisors do all this and more. With decades of experience across all types of mortgages, our advisors expertly analyse the entire UK mortgage market to find competitive rates, and appropriate lenders to bring you a stress-free local mortgage advice experience. Our advisors remain dedicated to helping you secure your forever home. And did we mention we do all the paperwork too?

    For professional independent mortgage advice in Birmingham that suits your individual needs, look no further. Our services extend throughout the West Midlands to include Coventry, Lichfield, Solihull, Sutton Coldfield, Walsall and Wolverhampton.

    To start your journey towards becoming a homeowner, get in touch for a free no-obligation chat with an advisor today!

    what our clients are saying

    We’re Highly Rated Mortgage Brokers in the Birmingham area
    As well-established mortgage brokers in Birmingham, we take a lot of pride in providing our clients with a first class service. We have successfully helped to arrange mortgages for first-time buyers, home movers, landlords, and clients remortgaging across Birmingham including Lichfield, Walsall, Wolverhampton, Coventry & Tamworth. This is illustrated by the many outstanding reviews our clients have written about us.
    Visit our Reviews page. Our many reviews can also be viewed on our Google & Facebook pages.

    more information

    Mortgages to Suit You

    We are able to offer independent mortgage advice on all types of mortgage. If you would like advice on the following from a qualified independent mortgage advisor then please contact us:
    1First Time Buyer Mortgage
    Buying your first home can appear an exciting but daunting prospect. Making any one wrong decision of the many you need to make could cost you thousands of pounds. We are here to help guide you through the process with expert mortgage advice.
    2Buy-To-Let Mortgage
    Thinking of investing in a buy-to-let property or looking to remortgage an existing buy-to-let investment? We will check the rental coverage meets the lender’s criteria taking account of your income tax band. Once we have confirmed that you meet the eligibility criteria, we will source the most appropriate mortgage for your needs, submit the mortgage application and chase your buy-to-let mortgage through to completion.
    3Capital Raising
    Capital raising is a way of remortgaging your home in order to release equity that can then be used for other purposes. The most common reasons that people capital raise is for home improvements, deposit on a second home or buy-to-let property, purchase luxury goods, debt consolidation or school fees but the funds can be used for many things.

    Think carefully before securing other debts against your home
    4Mortgages for Contractors
    More and more people are seeing the advantages of becoming self-employed and many of these self-employed professionals are looking to work on a contract basis. We have been helping obtain mortgages for contractors for many years and understand the challenges you face. At RM Mortgage Solutions, we have the experience to navigate the mortgage market to find lenders that are willing to help.
    5Bad Credit Mortgage
    Do you have or had in the past 6 years:
    • County Court Judgement (CCJ)
    • Default
    • Missed loan or mortgage payments
    • Debt Management Plan (DMP)
    • Individual Voluntary Arrangement (IVA)
    • Discharged Bankruptcy
    Do you think that you will not be able to obtain a mortgage with your poor credit? Whilst there are many lenders that may not be interested, the good news is that finding a lender that will accept your adverse credit is a very real possibility. We understand that it can be difficult to find a lender willing to provide a bad credit mortgage, but with help from our specialist advisors, you can get access to a potential mortgage with the minimum of fuss.
    6Commercial Mortgage
    If you are thinking about purchasing an office, industrial unit or shop then we can provide advise on how you can achieve this. We can search through many lenders who may be able to assist with a commercial mortgage. Commercial mortgages tend to be more complex than your usual residential mortgage which equates to a longer processing time so obtaining expert commercial mortgage advice is imperative.
    7Ltd Company Mortgage
    Are you considering owning either a buy-to-let property or commercial property through a limited company structure? Due to tax changes this is becoming an option that we are encountering on an ever more frequent basis. You should always take tax advice from a suitably qualified tax advice professional first. If this is the right course of action for you then we can help source the most appropriate limited company mortgage for your needs.

    Frequently Asked Questions

    1What is the difference between fixed-rate and variable-rate mortgages?

    A fixed rate mortgage is a mortgage that has an interest rate which is fixed for a certain period of time, usually 2, 3 or 5 years. This means that whatever happens to the Bank of England base rate, you will continue to pay your fixed rate for the period of the deal.

    These fixed rates usually have Early Redemption Penalties (ERP’s) for the duration of the deal.

    Variable rate mortgages can fall into various categories:
    • Variable rate: This is the lenders default rate that all mortgages will revert to when any special deal matures. It is usually higher than any other interest rates on offer by the lender, but usually doesn’t have any ERP’s.
    • Tracker rate: This interest rate will track the Bank of England base rate plus a margin. This means that if the Bank of England base rate increases by for example 0.25% then the interest rate that you will pay will also increase by this amount.
    • Discounted rate: This interest rate tracks the lender’s variable rate usually minus a margin. An example of this would be that if the lender’s variable rate was 7% and you were receiving a discount of 0.25% then you would pay 6.75%.
    2How much can I borrow for a mortgage?

    The answer to this question varies as each lender has their own affordability calculation. If you’re looking for a broad estimate, then using a 4.5 multiplier on your income will provide a possible estimate.

    However, if you’d prefer to know a more precise number, then we recommend getting in touch with our local mortgage advisors. We’ll be able to take account of all your circumstances before confirming a more accurate figure.

    3What deposit is required for a mortgage?

    Most lenders will want to see that you have a minimum deposit of 5% of the purchase price. However, the more you can put down as a deposit, the lower the interest rate the lender is likely to offer you.

    It is also possible that a lender may offer a 100% mortgage, albeit this is usually with the help of family. Schemes vary, so it may be worthwhile to consult a consulting an independent mortgage advisor for full details of the products currently available.

    4What documents do I need to apply for a mortgage?
    In order to apply for a mortgage, the lender and/or solicitor will require:
    • ID – e.g. an in-date passport or driving licence
    • Proof of current address i.e. an official document dated within the last 3 months with your name and address on it
    • Proof of income – for employed applicants this will be pay slips from your last 3 months and latest P60. Self-employed applicants will need their last 3 years “Tax Calculations” (previously known as SA302’s) and their last 3 years “Tax Year overviews”
    • Bank statements from the last 3 months for each account that income is credited, or bills debited
    5How is my mortgage interest rate determined?
    Your mortgage interest rate is determined by a variety of factors, including market conditions, economic indicators, your credit score, the size of your deposit, the type of mortgage you choose, and the length of your loan term. Get in touch with our mortgage advisors near you to learn more about the factors that can influence your mortgage interest rate.
    6What is the difference between pre-qualification and pre-approval?

    Pre-qualification is based on basic data the applicant submits to a lender. It is designed to provide the applicant with a broad indication of how much a lender may lend.

    Mortgage pre-qualification is based solely on the information handed over to the lender, so if the data is inaccurate, it usually doesn’t mean much.

    Getting preapproved involves an applicant supplying a lender with their financial details including debt, income, and assets. The lender reviews everything and gives an estimate of how much the borrower may be offered. Since a credit check is usually done, it is generally taken more seriously than a pre-qualification.

    A mortgage company will then provide you with a document called an Agreement in Principle (AIP) or Decision in Principle (DIP) that says that you can borrow the amount stated from them; subject to their criteria. Since the AIP is based upon the information provided and has not been checked at this stage, there is a possibility that they will not lend if the information is later shown to be inaccurate.

    AIP’s allow you to approach a property seller with this document that says you have the funds to make an offer on the property.

    7Are there first-time homebuyer incentives available?

    There are currently no first-time buyer (FTB) incentives available. However, there's anticipation surrounding the upcoming budget in March, with rumours suggesting potential incentives for first-time homebuyers. At RM Mortgage Solutions, we have access to lenders who accept Lifetime Individual Savings Accounts (LISAs) for the deposit, which can be a beneficial tool for saving towards your first home purchase. Additionally, it's worth noting that the stamp duty limit for first-time buyers is higher, providing some relief for those entering the housing market for the first time.

    8Can I pay off my mortgage early without penalties?
    This will depend on the mortgage you have. Most mortgage deals come with Early Redemption Penalties (ERP’s) which mean that you will incur a penalty for repaying all of your mortgage within a specified time frame. However, most of these products do allow repayment of some of the mortgage debt each year without a penalty (usually 10%). If you want to repay all of your mortgage without penalty, then you will either need to wait until the ERP’s have expired or apply for a product that does not have any Early Redemption Penalties at any point.
    9What types of mortgages do you offer?
    Our independent mortgage brokers in Birmingham can assist you whether you want a:
    • First-time buyer mortgage
    • Home-mover mortgage
    • Remortgage
    • Second charge mortgage
    • Buy-to-let mortgage
    • Commercial mortgage
    • Bridging finance
    10How long does the mortgage approval process take?
    The duration of the mortgage approval process can vary greatly based on individual circumstances. At RM Mortgage Solutions, our Birmingham mortgage brokers have had offers received in minutes, and others that have encountered delays lasting several weeks. These delays can be due to complications including pending probate, structural concerns with the property, or adverse comments from the surveyor. In general, we expect a mortgage offer to be issued within a few weeks from the initial application submission.
    11What fees are associated with getting a mortgage?

    This depends on whether you are purchasing or remortgaging. With a remortgage, it is possible to find lenders that will offer a free valuation and free legals. They also may offer products with or without a lender’s arrangement fee.

    If you are purchasing then you may have to pay a valuation fee (although many offer free basic valuations), solicitor fees, stamp duty and potentially a lender’s arrangement fee.

    12Can I get a mortgage with a low credit score?

    Lenders each have their own credit scoring systems based on their risk tolerance. If you're unable to meet the criteria of certain lenders due to a low credit score, there are specialised mortgage products available for applicants with poor credit.

    In the past, these products often came with significantly higher interest rates compared to mainstream lenders. However, the gap in interest rates has considerably decreased in recent years.

    13What is the difference between a mortgage broker and a bank?
    A bank will only provide information on their products and ask you to select which you want. An independent mortgage broker will look at the Whole of Market, provide advice based on your circumstances and make a recommendation for the best course of action.
    14Do you offer refinancing options?

    As we an independent Birmingham mortgage company, we can assist with a remortgage whether you wish to raise capital for:

    • Home improvements
    • Purchase additional property
    • Matrimonial settlement
    • Holiday home
    • Debt consolidation
    • Purchase freehold

    Get in touch with our mortgage brokers Birmingham

    Take the first step into owning your very own Birmingham home