To meet the higher LTI limit, single applicants will need a minimum income of £50,000 and joint borrowers will require a combined income of £75,000.
The maximum borrowing amount has been increased to £1.25m up to 90% loan to value (LTV), while it is £2m at 85% LTV and £2.5m at 80% LTV.
To be eligible for the Bespoke range, applicants need to pass a credit score, have a minimum loan size of £150,000 – income in British pounds – and have an LTV of up to 90% for residential and 75% for buy-to-let (BTL) cases. Adherence to standard property criteria is also necessary.
Bespoke is a product range that aims to support customers with non-standard income, property or borrowing needs. For instance, if they are self-employed, have multiple income streams or need a more tailored approach to affordability.
Rhys Powell, national sales manager at Bank of Ireland for Intermediaries, said: “We developed the Bespoke range to provide mortgage solutions for customers with complex income structures and non-standard borrowing needs.
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“We’re pleased that our Bespoke offerings have performed strongly to date, with high levels of broker service and support throughout. These LTI and LTV enhancements [that] we are announcing today will enable even more strong candidates for mortgages to get on the property ladder, upsize or simply purchase their dream home.”
Last year, Bank of Ireland UK said it would invest £100m over the next three years to enhance its everyday banking products and grow its sustainable lending, mortgage and broker offerings.
