The Bank of Ireland UK has temporarily limited its lending up to a maximum of 85 per cent loan-to-value (LTV) across all new mortgages and further advances from 31 March.
It includes buy-to-let as well as residential deals and will also affect products above 85 per cent LTV which are offered through the bank’s partnership with the Post Office.
Pipeline cases and product transfers are unaffected and will continue to be processed as normal.
The bank said this was due to “current constraints” resulting from the Covid-19 situation, including supporting customers who required payment holidays and mortgage offer extensions.
It had previously replaced all in-person valuations with automated valuation models (AVMs) and desktop reports to enable it to maintain 95 per cent LTV lending.
The lender also noted that it will accept a case as face to face if the customer has been seen by a broker over video link.
Ian McLaughlin (pictured), CEO at the Bank of Ireland UK said: “The safety and welfare of our colleagues and customers and the continuity of our services remains our priority.
“Our team will be contacting intermediaries to explain the current situation and to understand how they can support their customers.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
