Bank of Ireland UK announces lending criteria changes

Bank of Ireland for Intermediaries today announces lending criteria changes for its mortgage offerings to the market.

Designed to make the Bank’s products available to a wider customer base and broaden its appeal with brokers, these changes will come into immediate effect and are part of the Bank’s ongoing commitment to the development of a number of improvements to be announced in 2017.

Since Bank of Ireland UK re-entered the intermediary mortgage market over two years ago it has sought to diversify its offering by providing greater choice and expertise to its intermediary partners and their customers. The key changes include:

Removing the minimum income requirement on Buy-to-Let cases

Removing the £25,000 minimum income threshold will ensure the products are more accessible, and help customers looking to tax plan more efficiently in advance of changes.

Maximum lending age increase

Lending will be increased for residential customers up to 75 years of age.

New build proposition criteria change

Loan to Values on new build houses or the first sale will increase to 85%, and 80% for new build flats. Both represent a 5% rise.

Self-employed criteria change

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.

Maximum loan size increase and income multiple for large loans increase

The new maximum loan size of £1.5million marks an increase of £500,000.

Flats in mixed use buildings criteria change

The Bank will now consider lending up 90% LTV for flats in modern high rise developments situated above good quality commercial premises.

Alison Pallett, Director of Sales, Bank of Ireland for Intermediaries commented: “We’re thrilled to announce a host of lending criteria changes to make us more accessible and open up our products to more customers. Whilst this will widen our offering to the market it will also support our commitment to actively engage with our partners, listen to their feedback and make brokers lives easier.”

For further details on each of the changes please visit: http://bankofireland4intermediaries.co.uk/lending-criteria-changes/

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