Bank of Ireland for Intermediaries is increasing the maximum loan-to-income value to six times income for its Bespoke mortgage range.
To access the new income multiple, borrowers must meet a number of strict conditions, with individual applicants needing a minimum income of £50,000 and joint borrowers needing a combined income of £75,000. Borrowers must also comply with the five golden rules of the Bespoke range, which cover:
Reporting the credit score; minimum loan size of £150,000; income in sterling; Loan-to-value up to 90% for residential and 75% for buy to let and compliance with standard real estate criteria.
Bank of Ireland for intermediaries also increases the maximum loan amounts as follows; 90% LTV – up to £1.25 million; 85% LTV – up to £2 million and 80% LTV – up to £2.5 million.
Rhys Powell, national sales manager of Bank of Ireland for Intermediaries, commented: “We developed the Bespoke range to provide mortgage solutions for customers with complex income structures and non-standard lending needs. “We are pleased that our Bespoke offering has performed strongly to date, with a high level of broker service and support.”