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.

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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.”