These areas include Residential, Buy-to-Let, True Self-Certification and 1st Start for first time buyers. The changes are effective from 11 April.
With the UK mortgage market more dynamic than ever and a challenging economic environment, mortgage lenders need to keep their offers and criteria relevant and competitive. BIM's criteria enhancements have been designed to meet the changing needs of intermediaries and their clients.
Buy-to-Let enhancements:
- Rental cover now 115% (from 125%) based on a fixed rate or 6.50% notional rate
- Remortgage to 85% LTV for almost any purpose
- Maximum loan at 85% LTV increased from £350,000 to £400,000
- Vacant possession no longer required on purchases
- Ex-local authority houses now permitted
1st Start for First Time Buyers enhancements:
- 100% LTV now available on selected products*
- Maximum loan at 100% LTV now £250,000
- No Higher Lending Charge
- Also available for lifestyle change e.g. divorce
True Self-Cert Enhancements:
- Remortgage to 85% LTV for almost any purpose
- Now 4 x single, 3.25 x joint income multiples
- Simplifies criteria for retained mortgages
- Proof of residence reduced to last 12 months only
- Increased Residential Income Multiples
- Now 3.25 x joint for Residential and 1st Start
Increased Maximum Residential Loan Size Limits
- Available for both purchase and remortgage
- Up to £250,000 at 95% LTV
- £250,001 to £500,000 at 90% LTV
- £500,001 to £750,000 at 85% LTV
- £750,001 to £850,000 at 80% LTV
- £850,001 to £1m at 75% LTV
- £1,000,001 to £2m at 70% LTV
- £2,000,001 to £2.5m at 60% LTV
Mike Joyce, managing director of Bank of Ireland Mortgages, said: "Our enhanced lending criteria are designed to make life easier for intermediaries. We recognise that the economic environment in the UK is changing and have acted to ensure our criteria remains relevant and competitive. And coupled with our reputation for first-class service, this provides an unbeatable combination for intermediaries and their clients."
