Its 1st Start mortgage deal, designed for first-time buyers, now has 100 per cent LTV on selected products; and a maximum loan at 100 per cent LTV for loans up to £250,000. There is no higher lending charge and it is also available for lifestyle change, e.g. divorce.
The buy-to-let enhancements include rental cover now at 115 per cent from 125 per cent based on a fixed rate or 6.50 per cent notional rate; remortgage to 85 per cent LTV for almost any purpose; and maximum loan at 85 per cent.
For BIM’s true self-cert products, borrowers can now remortgage to 85 per cent LTV for almost any purpose; income multiples are now four times single and 3.25 times joint. Proof of residence has been reduced to the last 12 months.
Mike Joyce, managing director at BIM, said: “Our enhanced lending criteria is designed to make life easier for intermediaries.
“We recognise that the economic environment in the UK is changing and have acted to ensure our criteria remains relevant and competitive. And coupled with our reputation for first-class service, this provides an unbeatable combination for intermediaries and their clients.”
Kevin Morgan, managing director of Consilium Financial Planning, commented: “These are good improvements and BIM has realised it needs to be proactive.
“It is looking at all angles to help first-time buyers and as long as the products have competitive rates, these deals should be taken up. BIM is certainly doing more things right than wrong.”
