Lender announces criteria changes to open up products to more landlords

Bank of Ireland for Intermediaries has removed its £25,000 minimum income requirement for buy-to-let and increased its maximum loan size by £500,000 to £1.5m.

The move is part of a raft of changes by the lender designed to make its products available to more customers, including buy-to-let landlords.

The lender is also increasing its upper age limit for residential customers to 75, while loan-to-value loans on new build homes or the first sale will increase 5% to 85% and by 5% to 80% for new build flats.

Self-employed applicants now only need to provide the last two years’ figures, as opposed to three years previously, to verify income.

“We’re thrilled to announce a host of lending criteria changes to make us more accessible and open up our products to more customers,” said Bank of Ireland for Intermediaries director of sales Alison Pallett.”