Bank of Ireland removes minimum income requirement for buy-to-let mortgages
Bank of Ireland has removed its requirement for landlords to earn a minimum salary to qualify for a buy-to-let mortgage.
The bank has also changed the rental calculation it uses to work out the maximum loan size following the implementation of the Prudential Regulation Authority’s new rules.
If you have a property and it generates £1,250 rent each month, Bank of Ireland will now provide a mortgage of £225,705 when you take a short term rate. However, if you lock into a five-year fix, the maximum loan increases to £248,275.
Aaron Strutt, product director at Trinity Financial, says: “If you are looking for a buy-to-let mortgage and you do not earn much money, Bank of Ireland will look at the rental income the property generates rather than your income.
“Like other lenders offering no minimum income buy-to-let mortgages, Bank of Ireland does prefer some form of employment income and it will conduct a plausibility check. It may also ask for an explanation about your income and why it is not higher.”
Bank of Ireland has a generous maximum age of 80 at the end of the mortgage term and first-time landlords are welcome – providing at least one applicant is an owner occupier at the point of application.
For help to secure a buy-to-let mortgage call Trinity on 020 7016 0790.
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