Bank of Ireland Mortgages has announced improvements to lending criteria for a number of products including buy-to-let.
The bank says its buy-to-let product has been given a "significant facelift" and now features a variety of improvements.
Mortgage rates have now been changed with rental income cover now reduced to 100 per cent of pay rate on fixed rate products that are for three years or more.
There is a reduction from 115 per cent cover – a notional rate of 6.5 per cent for the buy-to-let mortgage.
The bank has also raised the portfolio limit for its buy-to-let mortgages from £1.5 million to £2.5 million and allows for a maximum of 15 properties.
Mike Joyce, managing director of Bank of Ireland Mortgages, believes the enhancement to its lending criteria will help it compete better with other mortgage lenders .
He said: "We have listened to intermediaries and reviewed the market before making these criteria changes to bring ourselves back in line with the competition."
Other improvements include reducing the minimum age form 25 to 21 and removing the requirement of 12 months' buy-to-let experience for borrowers looking for six or more buy-to-let loans .
The announcement follows a new buy-to-let mortgage launched by Leeds Building Society, which has mortgage rates of under five per cent.
Bank of Ireland Mortgages "enhances" buy-to-let scheme
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Bank of Ireland Mortgages "enhances" buy-to-let scheme
Thu, 19 Oct 2006
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