The lender will offer a range of non-conforming products, including near-prime and unlimited adverse. While the products will be branded under the BoIM name, they will be funded and processed by Kensington Mortgages.
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Ian Bates, head of marketing at BoIM, said: “The non-conforming sector has grown rapidly in recent years and in response to increasing demand from our key brokers, we have been keen to expand our proposition to embrace it. Our chosen approach is to offer non-conforming loans via Kensington Mortgages and we believe the partnership represents the synergy of two lenders firmly committed to offering competitive products and the highest possible levels of service to intermediaries and their clients.”
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BoIM is specifically targeting recently self-employed clients, with products with no rate loading and free valuations on properties up to £500,000.
Loans up to 85 per cent loan-to-value on unlimited products and light adverse terms available to clients whose bankruptcy has been discharged two years prior to application are also available.
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However, unlike Kensington, BoIM is advocating brokers apply for the products directly, rather than through packagers.
Mike Fry, director of Halton Insurance Services, commented: “It’s not quite up there with GMAC-RFC and BM Solutions but it is getting there. The combination of a bank and a non-conforming lender is a good thing and I think banks are seeing a wider picture than just lending money like they used to. Full marks for innovation.”
