BIM's products are available to experienced landlords who already have five or more BTL properties with any lender. The portfolio limit is extended up to £20million, rather than the £2.5million limit that remains in place for borrowers with less than five properties. There is no limit to the number of properties that a landlord can own within their portfolio.
Product features include:
- £20million portfolio limit
- No restriction on the number of properties
- Max individual loan - 85 per cent to £1million or 75 per cent to £2million, expansion of property type to include ex Local Authority flats (min value £90k), and holiday lets are now accepted - rental yield based on 50 per cent of actual annual rental income, with no need to take account of seasonality.
- All of the Professional BTL mortgages will be processed via a dedicated team of expert underwriters. The product will be available at BIM's standard BTL pricing, with no rate loading, and utilises BIM's standard rental yield calculations, allowing brokers to use 100 per cent rental cover on fixed rates of three years or more.
Ian Bates, head of marketing at Bank of Ireland Mortgages, said: "By understanding the needs of the professional property investor, we have devised a range of products which will help landlords consolidate and expand their portfolios. Combined with dedicated underwriting and our excellent service reputation, brokers can be confident in recommending us to their experienced BTL clients."
