Please note that this information is correct as of 27/11/2018 and is subject to change. I have included the website quick links for both Bank of Ireland and also Post Office to support.
BTL Post Office and Bank of Ireland
· No minimum income
· Maximum LTV 75%
· Minimum term 5 years
· Maximum age at the end of term 80 years
· Minimum property value 60K
· Maximum 3 mortgaged properties across all lenders
· First time landlords welcome however at least one applicant must be an owner occupier at point of application
· Rental income must be at least 145% of the monthly interest payable calculated 5.5% less than 5 years or 5% 5 years or more.
Affordability
· Simple affordability calculator.
· We will take maintenance that is not court approved providing that it is visible through an account for the last 3 months and is agreed by both parties
· We don’t require you to take any pension payments into consideration when assessing affordability the calculator will do it for you.
· 5 x income multipliers available when 85% LTV or less with an income of 50k+ for sole applicant or 75k for joint applicants. Bank of Ireland only.
* If you have a customer who’s debt to income is high and this is due to a balloon car payment pick up the phone and lets discuss it
New Build
· House Maximum LTV 85%
· Flat Maximum LTV 80%
New Build BTL
· House LTV 85%
· Flat Unacceptable
Adverse Credit
We will not lend to an applicant that has ever:
· been bankrupt
· been subject to an IVA
owned a previous property which has been taken into possession or who has surrendered voluntary possession to the lender.
And in the last 3 years has had:
· any arrears at all on a mortgage, fixed payment loans and rent.
· No more than two consecutive missed payments on credit and store cards.
· No more than one single CCJ to a maximum £250, but not in the last 12 months.
Payday Loans:
· Any payday loan in the last 12 months will automatically be declined.
· Payday loan within the last 12 months to 3 years LTV will be limited to a maximum of 75%
Post Office
FirstStart Boosting borrowing power
FirstStart its available for purchases only on a repayment basis the applicant and the sponsor will be liable for the mortgage but together they can borrow upto 95% of the value of the property.
The sponsor applicant 1 must have a minimum 30k income and the second applicant must have a minimum 20k income. The maximum age of the sponsor at application must be 60 and the maximum age at the end of the application is 80 years old. The sponsor does not go on the title deeds and therefore this does not affect the stamp duty tax.
Example 1
Applicant 1 Income 25k
Applicant 2 Income 0
Borrowing power £112,500
With a sponsor
Sponsor applicant 1 50k
Applicant 2 25k
Borrowing power £337,500