Post Office Money and Bank of Ireland make buy-to-let criteria improvements
Post Office Money and Bank of Ireland for Intermediaries have announced a host of buy-to-let criteria improvements in order to boost lending volumes.
Both mortgage lenders have hiked the maximum loan sizes from £300,000 to £500,000. They have also raised their maximum buy-to-let portfolio limits from £900,000 or three properties, to £1.5 million or five buy-to-let properties.
Aaron Strutt, product manager at Trinity Financial, says: “The lenders are offering competitively priced buy-to-let rates at the moment and there is a huge amount of competition to attract new clients.
“Applicants will need a £25,000 minimum income to qualify and Bank of Ireland’s website says it is taking an average of 14 working days to produce a mortgage offer.”
Bank of Ireland's rental calculation is 125% at a notional rate of 5%. So, if your property generated £2,000 rental income each month, you could potentially borrow up to £384,000.
Post Office Money is an appointed representative of Bank of Ireland UK.
For help to secure a buy-to-let mortgage, call Trinity on 020 7016 0790.
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
