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Bank of Ireland drops minimum income needs and hikes max loan size

Bank of Ireland for Intermediaries has today removed its £25,000 minimum income requirement for buy-to-let and increased its maximum loan size by £500,000 to £1.5m.

The lender says the moves are part of a raft of changes meant to make its products available to more customers and appeal to brokers.


The lender is also increasing its upper age limit for residential customers to 75.

LTVs on new build homes or the first sale will increase 5 per cent to 85 per cent and by 5 per cent to 80 per cent for new build flats.

Self-employed applicants still need to have been trading for a minimum of three years, but now only need to provide the last two years’ figures to verify income.

The lender will now consider lending up 90 per cent LTV for flats in modern high rise developments above commercial premises it considers ‘good quality’.

Bank of Ireland for Intermediaries director of sales Alison Pallett says: “We’re thrilled to announce a host of lending criteria changes to make us more accessible and open up our products to more customers.”



Bank of Ireland UK tweaks BTL stress rates

Bank of Ireland UK has today changed its buy-to-let stress rate to comply with Prudential Regulation Authority’s rules which came into effect on 1 January 2017. Rental income must be at least 145 per cent of the monthly stressed interest rate, including any product fees added to the loan. If the product is fixed for […]


Bank of Ireland introduces 0.25% retention proc fees for brokers

Bank of Ireland has introduced retention procuration fees for the first time, offering 0.25 per cent to brokers transferring existing BOI customers. The Bank re-entered the UK intermediary mortgage market two years ago, developing partnerships in Britain and Northern Ireland. Bank of Ireland director of sales Alison Pallett says introducing retention proc fees “recognizes the […]


Property 118 dismisses Skipton and Bank of Ireland defences

Landlord group Property 118 has dismissed defences from Skipton Building Society and Bank of Ireland as its members prepare to legally challenge the lenders. In June, the Court of Appeal found for Property 118 against West Bromwich Building Society and said the lender had wrongly raised interest rates on tracker loans without a rise in […]

Iain Chadwick

The Budget 2015: a brief overview

Following George Osborne’s delivery of his sixth Budget as chancellor and the last of this current parliament, we have provided a brief overview of the initiatives put forward in his statement, focusing on the topics that have an impact upon the pensions landscape, savings, personal taxation and businesses.


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