The changes will come into effect on 26 February.
Changes include extending the maximum mortgage term to 40 years across its standard product range.
The lender is also upping the maximum LTI in its standard range to five times income for single applicants with a minimum income of £40,000.
For joint borrowers, a combined income of £50,000 is needed to secure the maximum LTI limit of five times income. Applicants with an income below this threshold can continue to access 4.49 times income.
The LTV has been increased from 85% to 90% for residential new-build houses and from 80% to 85% for residential new-build apartments.
The changing role of the Bank of Mum and Dad
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Bank of Ireland’s interest-only lending will be available up to 60% LTV on standard lending products.
The change should give “greater choice for homebuyers, movers and remortgagors” and shows its “continued commitment to supporting brokers and their clients to achieve their home buying and ownership ambitions”.
Rhys Powell, interim head of distribution at Bank of Ireland for Intermediaries, said: “We are pleased to offer this series of enhancements across our mortgage product range, which are designed to help make it easier for intermediaries to help their clients with their home buying ambitions.
“Whether that’s getting a first step on the property ladder, upsizing or moving to their ideal home, we’re proud to deliver solutions that meet their needs.”
Earlier this year, Bank of Ireland increased the maximum LTI to six times income across its Bespoke mortgage range.
