Bank of Ireland Bespoke ups maximum income multiple to six times salary and loan size to £2.5 million
Quick Summary
Bank of Ireland for Intermediaries is the latest bank to increase its maximum loan-to-income to six times salary, this time for its Bespoke mortgage range. Bespoke is Bank of Ireland's lending arm for complex mortgage applications. The lender has a strong reputation for issuing mortgages that other lenders won't.
Bank of Ireland for Intermediaries is increasing its maximum loan-to-income to six times income across its Bespoke mortgage range.
To access the new income multiple, borrowers must meet strict conditions: single applicants must have a minimum income of £50,000, and joint applicants must have a combined income of £75,000.
Borrowers will also need to meet the Bespoke range’s five golden rules covering:
- Passing of the credit score
- Minimum loan size of £150,000
- Income in Sterling
- Deposit of at least 10% for residential and 25% for buy-to-let
- Adherence to standard property criteria
Bank of Ireland for Intermediaries is also increasing its maximum borrowing amounts as follows;
- 10% deposit mortgages now available up to £1.25m
- 25% deposit mortgages now available up to £2m
- 20% deposit mortgages now available up to £2.5m
Aaron Strutt, product director at Trinity Financial, says: "The Bespoke range was introduced to provide mortgage solutions for customers with complex income structures and non-standard borrowing needs. This change will make it easier for many borrowers to get the mortgage loan size they need to buy a property, even if their financial situation is more complex than usual. Here is a list of lenders currently offering up to six times salary mortgages."
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The information contained within was correct at the time of publication but is subject to change.
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