Bank of Ireland for Intermediaries has announced a series of enhancements to its residential mortgage range, aimed at giving brokers greater flexibility for homebuyer and remortgage clients.
The lender has extended the maximum mortgage term to 40 years across its standard product range. It has also increased the maximum loan to income to five times income for single applicants earning at least £40,000 and for joint applicants with a combined income of £50,000 or more.
Applicants below those thresholds will continue to be assessed at 4.49 times income.
NEW BUILD
In the new build sector, the lender has raised the maximum loan to value for residential houses from 85% to 90%. For residential new build apartments, the maximum loan to value has increased from 80% to 85%.
Changes have also been made to interest-only lending, which will now be available up to 60% loan to value on standard residential products.
The enhancements take effect from 26 February and remain subject to the bank’s responsible lending and eligibility criteria.
Rhys Powell, interim head of distribution at Bank of Ireland for Intermediaries, said: “We are pleased to offer this series of enhancements across our mortgage product range which are designed to help make it easier for intermediaries to help their clients with their homebuying ambitions.
“Whether that’s getting a first step on the property ladder, upsizing or moving to their ideal home, we’re proud to deliver solutions that meet their needs.”
