Birmingham Midshires was formed in the 1980’s when Birmingham and Bridgwater and the Midshires Building Societies merged. Birmingham Midshires are now part of Lloyd’s Banking Group who deal solely with Buy to Let funding. They have traditionally been one of the strongest lenders in this space.
Before the Mortgage Market Review took place in April 2014, Birmingham Midshires was a popular choice as they used to forego income referencing for any buy to let applicant. This was used by individuals that found it very difficult to prove income in a conventional manner. Since then, they now insist on evidence of income and this meant their business levels dropped for a short period of time.
Birmingham Midshires is part of the same group as Halifax, who are long supporters of contractor criteria, and recently have decided to follow suit. They now apply exactly the same contractor income criteria, opening the doors to many more contractors.
With their competitive rates and recently lowered fees, CMME believes they will become a top choice for contractors looking at buy to let.