Bank of Ireland unveils buy-to-let mortgage requiring 100% rental cover

Thursday, 19, Oct 2006 04:33

The Bank of Ireland has relaxed the lending criteria on its buy to let mortgages, requiring borrowers to demonstrate just 100% rental income cover.

Standard and self-certification mortgages have also had their lending criteria relaxed.

All changes are effective from Thursday October 19th.

Bank of Ireland's Buy to Let proposition:

Rental income cover has been reduced to 100% of pay rate on fixed rate products of three years or more, or a notional rate of 6.50%,

The portfolio limit has been increased from £1.5m to £2.5m, up to a maximum of 15 properties,

The maximum individual loan amount has been increased from £400k to £500k at the product maximum of 85% LTV,

The minimum age has been reduced from 25 to 21, and

The requirement of 12 months BTL experience for borrowers seeking six or more (or £750k+) BTL loans with the lender, has been removed.

Bank of Ireland Mortgages residential lending criteria has changed as follows

Increased income multiples for Standard, Self Cert and 1st Start mortgages.

The minimum income requirement of £20k no longer applies to any of the new income multiples.

In addition, income multiples of 5 x Single, 4.5 x Joint (or 5 + 1) apply on specific Standard 5 year fixed rate products, available on a minimum loan of £150,000.

For Standard mortgages, the maximum loan has been increased to £300,000 at the product maximum of 95% LTV. Previously the maximum loan size at this LTV was £250,000.

For 1st Start Mortgages, the maximum loan has been increased to £350,000 at the product maximum LTV of 100%. Previously the maximum loan size at this LTV was £250,000.

For Self Cert mortgages, the property criteria has been extended to include ex-local authority houses. However, ex-local authority flats remain excluded.

Remortgage Tracker Fixed Buy To Let First Time Buyer

Company	Mortgage Type	Duration	Initial Rate	Subsequent Rate (Variable)	Overall Cost for Comparison	Apply
	Tracker	Term	2.19%	Base + 1.69% currently 2.2%	2.2% APR
	Borrow up to 60% of the value of your home. Product fee £99
To view this table in full and compare a comprehensive range of mortgage products, visit our compare mortgages pages.

Company	Mortgage Type	Duration	Initial Rate	Subsequent Rate (Variable)	Overall Cost for Comparison	Apply
	Tracker	Term	2.19%	Base + 1.69% currently 2.2%	2.2% APR
	Borrow up to 60% of the value of your home, Product fee £999
To view this table in full and compare a comprehensive range of mortgage products, visit our compare mortgages pages.

Company	Mortgage Type	Duration	Initial Rate	Subsequent Rate (Variable)	Overall Cost for Comparison	Apply
	Fixed	2 years	3.19%	4.24%	4.2% APR
	Borrow up to 70% of house value. Booking fee £495
To view this table in full and compare a comprehensive range of mortgage products, visit our compare mortgages pages.

Company	Mortgage Type	Duration	Initial Rate	Subsequent Rate (Variable)	Overall Cost for Comparison	Apply
	Fixed	until 02/10/2012	5.29%	Base + 2.49% currently 2.99%	3.7% APR
	Borrow up to 60% of the value of your property. Minimum loan £50,000 Maximum loan £1,000,000
To view this table in full and compare a comprehensive range of mortgage products, visit our compare mortgages pages.

Company	Mortgage Type	Duration	Initial Rate	Subsequent Rate (Variable)	Overall Cost for Comparison	Apply
	Tracker	2 years	2.54%	3.50%	3.5% APR
	Borrow up to 75% of the value of your home, Product fee £195
To view this table in full and compare a comprehensive range of mortgage products, visit our compare mortgages pages.