Bank of Ireland Mortgages’ (BIM) new products are available to experienced landlords who already have five or more buy to let properties with any lender. The portfolio limit is extended up to GBP20 million, rather than the GBP2.5 million limit that remains in place for borrowers with less than five properties. Furthermore, there is no limit to the number of properties that a landlord can own within their portfolio.
Other key features of the product includes a maximum individual loan of 85% to GBP1 million or 75% to GBP2 million. Its mortgage range has also seen an expansion of its property type and will now accept ex-local authority flats and holiday lets.
The product will be available at BIM’s standard buy to let pricing, with no rate loading, and utilizes BIM’s standard rental yield calculations, allowing brokers to use 100% rental cover on fixed rates of three years or more. Holiday let properties will be accepted on specific products and will use a different rental yield calculation, with 50% of the actual or projected rental income taken into account.
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, commented Ian Bates, head of marketing at BIM. Combined with dedicated underwriting and our excellent service reputation, brokers can be confident in recommending us to their experienced buy to let clients.
