Criteria look up tool

Looking for guidance on our lending criteria? Use our criteria look up tool to find the answers.

 

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Accountant qualifications (Residential)

Where a self employed applicant’s accountant is not a member of one of the following professional bodies, the last two years’ HMRC Tax Calculations (SA302s) are required to confirm the information given in the accounts:

  • Institute of Chartered Accountants of England & Wales
  • Institute of Chartered Accountants of Scotland
  • Institute of Chartered Accountants of Ireland
  • Association of Chartered Certified Accountants
  • Chartered Institute of Taxation
  • Chartered Institute of Management Accountants
  • Association of Authorised Public Accountants.

Where no accounts are available we will require the last two years’ HMRC Tax Calculations (SA302s) and the last two years’ Tax Year overviews. We will accept tax documentation which has been produced from the applicant’s HMRC web portal.

Additional information may be required for any application. This will enable our underwriters to adequately assess the case.

Adverse credit

We are a clean credit lender. We will not lend to any applicant who has ever:

  • been bankrupt
  • been subject to an IVA
  • owned a previous property which has been taken into possession or who has surrendered voluntary possession to the lender.

And in the last 3 years has had:

  • any arrears at all on mortgage, fixed payment loans and rent
  • no more than two consecutive missed payments on credit and store cards
  • no more than one single CCJ to a maximum of £250, but not in the last 12 months.

We will not usually lend if the applicant has defaulted on any credit agreement in the last three years, or has an outstanding default. 

An applicant who has a default or CCJ that has been satisfied over three years ago will be considered on an individual case basis.

Communications and mail order records can be ignored, unless the scale and/or frequency of missed payments indicate cause for concern.

 

Affordability

As part of our underwriting process we must assess the applicant’s income, credit commitments and cost of living expenses to ensure their ability to pay. 

We need confirmation of the applicant’s committed expenditure including credit cards, overdraft, loans, hire purchase, maintenance, school fees and child care. General household expenditure, for example food and utilities, are automatically accounted for in our affordability calculator.

Any mortgage (other than a formal Buy to Let mortgage) must be included in our affordability calculator. To do this calculate the cost of interest on the non redeemed balance at a nominal rate of 7.24% and enter the monthly equivalent cost in the monthly outgoings field of our affordability calculator.

Applicants obtaining ‘consent to let’ or a ‘let to buy’ loan must include this mortgage in the affordability assessment unless they can provide evidence of a mortgage offer which proves that the retained property is being remortgaged into a formal Buy to Let.

You can use our affordability calculator to get an estimate of what your applicant may be able to borrow based on their income and financial commitments.

 

 

Age of applicant (Buy to Let)

The maximum age is 80 at end of mortgage term. The minimum age is 21.

Age of applicant (Residential)

The maximum age is 75 years for the eldest applicant at the expiry of the mortgage term. 

The minimum age is 18.

Back to Back transactions (Buy to Let)

‘Back to Back’ transactions where ownership of the property has been for less than 6 months are not acceptable and will be declined.

Back to Back transactions and assignable contracts (Residential)

‘Back to Back’ transactions where ownership of the property has been for less than 6 months are not acceptable. 

Assignable contracts are not acceptable and will be declined. 

Builder or vendor deposits

Builder or vendor deposits and incentives are acceptable (including legal costs and survey fees) but will be deducted from the gross purchase price to give a true net purchase price. Our maximum LTV lending will be based on this lower sum. We may ignore items such as fitted white goods or carpets at our discretion.

Concessionary purchase price

We will base our lending on the lower of the purchase price or value, except where the discount is at least 25% of the mortgage valuation. In these circumstances we will exclusively use the valuation figure. 

Consumer Buy to Let (CBTL)

To advise on CBTL mortgages you must be registered to do so. To find out more please see: FCA - Changes to Consumer Buy To Let mortgages

Contractors

The term contractors covers contractors trading as self employed, limited companies and contractors working through an umbrella firm. Contractors have the option to apply as self employed, requiring 3 years trading and 2 years income figures, or as employment type contractor.

Our contractor lending criteria:

  • Maximum 90% LTV, exclusive of fees
  • Applicants must have a minimum gross contracting income of £50,000pa for the contractor (not the household)
  • Affordability is based on 80% of gross contract income 
  • Minimum contracting period 12 months in current occupation. The contract does not have to be with the same agency/employer
  • Current contract is required for income assessment, this can be either the original or a certified copy. We will also need copies of all other contracts held in the past 12 months
  • Eligible for interest only, subject to our interest only lending criteria.
  • We will not lend to CIS contract workers under our contractor criteria but we will consider them under our self employed criteria.

 

Criminal record

We will not normally accept applications from applicants with a criminal record unless the conviction is for a minor traffic offence, or is spent under the Rehabilitation of Offenders Act 1974.

Current property ownership (Buy to Let)

At least one applicant must be an owner occupier (with or without a mortgage).

Debt to income (Residential)

We will not normally lend if the applicants have unsecured debt (excluding student loans) in excess of 50% of their assessable gross annual income, even if this will be repaid in whole or part before completion. Cases with a lower debt to income ratio may still be referred for individual underwriter assessment.

Diplomatic status

Applicants with diplomatic status in the UK are not acceptable.

Direct Debits

Payment by Direct Debit mandate is compulsory for all loan types.

Documents we'll need (Residential)

When a full application has been submitted, visit the Actions tab in our online application system to see which documents are needed for assessment.

You'll need to certify all documents when you upload them. You can do this online.

If we need any additional documents we'll let you know.

 

Proof of identity

 

We need proof of ID to help protect against fraud. The Anti Money Laundering regulations (AML) require us to check the names and addresses of all our customers. We'll attempt to do this electronically, but if this fails then each applicant must supply one document as proof of identity.

 

Proof of residency

 

If the applicant isn't on the Voters' Roll, proof of residency will be needed for all the addresses resided at within the past 12 months.

 

Proof of income

 

Employed

 

Latest three months’ payslips

 

Or

 

Last P60 and latest month’s payslip

 

Or

 

Employer’s reference - We'll only ask for this if either of the above aren't available.

 

Contractors

 

Original or certified copy of the current contract and all other contracts held in the past 12 months.

 

Self-employed       

 

Or

 

A company Director with a shareholding of 25% or greater

 

One of our underwriters will contact you to confirm proof of income required when they assess the case.

 

Depending on the credit score and the LTV, this will either be two years' accounts or an Accountants' Certificate (which we will request from them).

 

Pension

 

Evidence of pension income (e.g. P60, or former employer’s confirmation of pension).

Bank statements

 

 

Employed/Contractor/Pension (Includes company Directors with a shareholding of 25% or greater)

 

One full month’s statement will be required for the account which the applicant’s wage/salary/contracting income/pension is paid into. Any statement provided must be no older than three months.

 

If the applicant’s income is not credited directly into a bank account, then we may not be able to assist with the mortgage application.

 

Self-employed

 

One full month’s statement will be required for the applicant’s business bank account. If the applicant does not hold a separate business account, then one full months’ statement for their personal account will be required. Any statement provided must be no older than three months.

 

Proof of repayment strategy

(Only applies to interest only mortgages)

 

If the applicant is applying for an interest only mortgage, you will need to submit a completed ‘Repaying your interest only mortgage’ form and the appropriate supporting documents. We only accept the sale of this mortgaged property as the repayment strategy. This will be verified by an underwriter to ensure that it's credible.

You can find this form on our literature page.

Existing customers (Buy to Let)

All of our lending criteria is applicable to existing customers with some minor exceptions in the loan size and loan to value limits.

Product transfer

You can apply for a product transfer if:

  • your customer's account number starts 80 and is a ten digits
  • your customer is applying for a product from the same brand they initially applied through
  • the mortgage amount, term and repayment method are staying the same
  • you only need one offer and do not require a revaluation of the property
  • the mortgage is outside any Early Repayment Charge (ERC) period, or has three months or less remaining on the ERC period
  • your customer is not residing in the property
  • your customer is not in arrears or in a concessionary period on their mortgage
  • the remaining mortgage term exceeds the chosen product by at least six months.

To view our products or apply visit our product transfer page

Further advance

Further advance applicants must meet certain criteria:

  • UK resident - All applicants must be UK residents
  • Minimum loan size - £5,000
  • Maximum loan size - £500,000 (total mortgage including further advance)
  • Portfolio - Maximum total borrowing £1.5m. The total portfolio size is 3 BTL mortgaged properties per applicant (either solely or jointly) across all lenders, including Bank of Ireland Group
  • Term - 2 years minimum (or duration of product). The further advance term can be longer than the main mortgage. The charge on the property will not be released until the further advance term has finished
  • Income - No minimum income required
  • Reasons for borrowing - applicants can borrow funds to raise additional capital to fund most legal purposes, provided the capital is not used for:
    • business or speculative purpose
    • debt consolidation
    • payment of tax
    • overseas property (including timeshare)
    • gambling debts

Raising capital to fund a deposit or outright purchase of a Buy to Let is not considered a business purpose.

A solicitor may occasionally be required to act. Your customer is able to choose their own solicitor. You can check if the solicitor is on our panel using our Solicitor Search tool.

  • Residential home owner - your customer must be a residential home owner at the time of application (owned outright or subject to a mortgage)
  • Repayment options - Capital Repayment, Interest Only or Combination of the two, subject to any Interest Only balance having a suitable Repayment Strategy. Please refer to the Interest Only section of the criteria lookup tool
  • Total Loan to Value (LTV) limit - Maximum loan of £500,000 and maximum LTV of 75%
  • Valuation of property - A re-valuation will be required (see fee scale below) however where the last recorded Bank of Ireland panel valuation was more than 10 years ago, a standard valuation will be required. Please review the Valuation fees scale of charges

Re-valuation fee scale

Property value Fee
£0 to £125,000 £135
£125,001 to £300,000 £175
£300,001 to £600,000 £245
£600,001 to £1,000,000 £325
£1,000,001 to £1,600,000 £425
  • Affordability - based on rental income (which must be received in £GBP). Refer to relevant sections in your criteria lookup tool for calculations
  • Adverse credit/payday loans - refer to the relevant criteria sections
  • All applications are subject to credit score, valuation and underwriting.

Existing customers (Residential)

All of our lending criteria is applicable to existing customers with some minor exceptions, in income, interest only and term.

Product transfer

You can apply for a product transfer if:

  • your customer's account number starts with 80 and is ten digits
  • your customer is applying for a product from the same brand they initially applied through
  • the mortgage amount, term and repayment method are staying the same
  • you only need one offer and do not require a revaluation of the property
  • the mortgage is outside any Early Repayment Charge (ERC) period, or has three months or less remaining on the ERC period
  • your customer is residing in the property, unless in the armed forces
  • your customer is not in arrears or in a concessionary period on their mortgage
  • the remaining mortgage term exceeds the chosen product by at least six months.

To view our products or apply visit our product transfer page

Further advance

Further advance applicants must meet certain criteria:

    • Minimum loan size - £5,000
    • Maximum loan size - £1,500,000 (total mortgage including further advance)
    • Term - 2 years minimum (or product duration). The further advance term can be longer than the main mortgage. The charge on the property will not be released until the further advance term has finished
    • Minimum income - £20,000 gross for the household (paid in £GBP)
    • Self-employed - Must have been trading for 3 years but only the last 2 years' figures will be used
    • Reasons for borrowing - applicants can borrow funds to raise additional capital to fund most legal purposes, provided the capital is not used for: 
      • business or speculative purposes
      • payment of tax
      • gambling debts
      • overseas property (including timeshare).

Raising capital to fund a deposit or outright purchase of a Buy to Let is not considered a business purpose.

Debt consolidation loans will be considered subject to a maximum loan to value of 75% and individual assessment by our underwriters.

A solicitor may occasionally be required to act. Your customer is able to choose their own solicitor. You can check if the solicitor is on our panel using our Solicitor Search tool.

      • Repayment options - Capital Repayment, Interest Only, or combination of the two, subject to any Interest Only balance having a suitable Repayment Strategy and meeting Interest Only criteria. Please refer to the Interest Only section of the criteria lookup tool
      • Total Loan to Value (LTV) limits
        Maximum loan size Maximum LTV
        <£500,000 90% plus fees
        £500,001 - £750,000 85% plus fees
        £750,001 - £850,000 80% plus fees
        £850,001 - £1,000,000 75% plus fees
        £1,000,001 - £1,500,000 70% plus fees
      • Property - for new build or newly converted properties, the LTV is limited to 85% for houses and 80% for flats. We define a new build property where either the house or flat was sold or first registered (for Leasehold) for the first time in the last 12 months.
      • Valuation of property - Loans less than £20,000 and less than 75% LTV (based on a house price index) may not require a valuation of the property, otherwise a re-valuation of the property will be required (see fee scale below). Where the last recorded Bank of Ireland panel valuation was more than 10 years ago, a standard valuation will be required. Please refer to the relevant criteria section. This will be assessed upon application.

Re-valuation fee scale

Property value Fee
£0 to £125,000 £135
£125,001 to £300,000 £175
£300,001 to £600,000 £245
£600,001 to £1,000,000 £325
£1,000,001 to £1,600,000 £425
      • Affordability - Please call our enquiry line on 0345 266 8928* for a calculation
      • Adverse credit/payday loans - refer to the relevant criteria sections
      • All applications are subject to credit score, valuation and underwriting.

Family lets (Buy to Let)

Buy to Let mortgages for tenants who are related to the customer are not acceptable and will be declined. We define a related person as:

  • spouse
  • civil partner
  • parents
  • grandparents
  • siblings
  • children, and grandchildren.

First Start

A sponsor is a close relative normally a parent or step parent of any applicant, who is added as a co-borrower.

First Start products are available up to 95% LTV (including fees). Subject to meeting the following criteria:

  • Maximum loan of £500,000 (including fees)
  • Maximum of four applicants (however, only the income of the sponsor and the highest earning applicant will be assessed)
  • The sponsor’s minimum assessable income must be at least £30,000
  • The highest earning applicant must have a minimum assessable income of at least £20,000
  • Maximum age for sponsor at application is 60, and must not exceed 80 years old at the end of term
  • Where term extends into retirement please refer to our Lending into Retirement criteria
  • Purchases only
  • Repayment only
  • The sponsor must be a residential owner occupier living in the UK
  • The monthly payments need to come from one account
  • Applicants cannot own any other property at the time of completion. This doesn’t apply to the sponsor whose mortgage commitments are included in the affordability assessment.

You can choose if the property is owned by the applicant(s) only or jointly by the applicant(s) and the sponsor. If the property to be owned is in the name of the applicant(s) only, then the sponsor, as a condition of the Mortgage Offer, must receive independent legal advice in respect of the transaction before completion.

The sponsor and applicant(s) are jointly and individually liable for the total mortgage.

First time landlords (Buy to Let)

No prior Buy to Let experience is required, but at least one applicant must be an owner occupier at the point of application.

Forces Help to Buy & long service advance of pay (Residential)

Funds from this scheme are an acceptable source of deposit. The monthly repayment must be included in the affordability calculation as a commitment.

For first purchases a copy of the Personal Information Note supplied to the applicant will be required to evidence deposit. For movers or remortgages the applicant’s payslip will be required to evidence the monthly loan outgoing.

For applicants who hold a Long Service Advance of Pay (LSAP), the payment must be included as an outgoing in the affordability calculation if continuing after completion.

Forces Help to Buy cannot be used as a deposit on 95% LTV products.

Foreign Nationals (Buy to Let)

We require confirmation that the applicant has the right to live and work in the UK. The applicant will need to have resided in the UK for long enough to ensure we have a meaningful credit score and employment history, this is normally a minimum of three years.

The following applicants can apply up to our maximum LTV:

  • European Economic Area (EEA) Nationals. Switzerland is not in the EEA but has the same status for immigration purposes and is therefore included in this category
  • Non EEA Nationals with ‘indefinite leave to remain’
  • Applicants who are born in a non EEA country but who have received UK naturalisation.

The following applicants can apply up to 75% LTV:

  • Non EEA Nationals with limited rights to work/remain in the UK. Only Tier 1, 2 and Ancestral Visas are acceptable. The underwriter will need to be satisfied that there is an adequate period of time remaining on the visa to warrant the granting of a long term loan.

Foreign Nationals (Residential)

We require confirmation that the applicant has the right to live and work in the UK. The applicant will need to have resided in the UK for long enough to ensure we have a meaningful credit score and employment history, this is normally a minimum of three years.

The following applicants can apply up to our maximum LTV:

  • European Economic Area (EEA) Nationals. Switzerland is not in the EEA but has the same status for immigration purposes and is therefore included in this category
  • Non EEA Nationals with ‘indefinite leave to remain’
  • Applicants who are born in a non EEA country but who have received UK naturalisation.

The following applicants can apply up to 75% LTV:

  • Non EEA Nationals with limited rights to work/remain in the UK. Only Tier 1, 2 and Ancestral Visas are acceptable where the applicant’s income is required to support the loan. The underwriter will need to be satisfied that there is an adequate period of time remaining on the visa to warrant the granting of a long term loan.

Further advance (Buy to Let)

Further advance applicants must meet certain criteria:

  • UK resident - All applicants must be UK residents
  • Minimum loan size - £5,000
  • Maximum size - £500,000 (total mortgage including further advance)
  • Portfolio - Maximum total borrowing £1.5m. The total portfolio size is 3 Buy to Let mortgaged properties per applicant (either solely or jointly) across all lenders, including Bank of Ireland Group
  • Term - 2 years minimum (or duration of product). The further advance term can be longer than the main mortgage. The charge on the property will not be released until the further advance term has finished
  • Income - No minimum income required
  • Reasons for borrowing - applicants can borrow funds to raise additional capital to fund most legal purposes, provided the capital is not used for:
    • business or speculative purpose
    • debt consolidation
    • payment of tax
    • overseas property (including timeshare)
    • gambling debts

       

Raising capital to fund a deposit or outright purchase of a Buy to Let is not considered a business purpose.

A solicitor may occasionally be required to act. Your customer is able to choose their own solicitor. You can check if the solicitor is on our panel using our Solicitor Search tool.

  • Residential home owner - your customer must be a residential home owner at the time of application (owned outright or subject to a mortgage)
  • Repayment options - Capital Repayment, Interest Only or Combination of the two, subject to any Interest Only balance having a suitable Repayment Strategy. Please refer to the Interest Only section of the criteria lookup tool
  • Total Loan to Value (LTV) limit - Maximum loan of £500,000 and maximum LTV of 75%
  • Valuation of property - A re-valuation will be required (see fee scale below) however where the last recorded Bank of Ireland panel valuation was more than 10 years ago, a standard valuation will be required. Please review the Valuation fees scale of charges

Re-valuation fee scale

Property value Fee
£0 to £125,000 £135
£125,001 to £300,000 £175
£300,001 to £600,000 £245
£600,001 to £1,000,000 £325
£1,000,001 to £1,600,000 £425
  • Affordability - based on rental income (which must be received in £GBP). Refer to relevant sections in your criteria look up tool for calculations
  • Adverse credit/payday loans - refer to the relevant criteria sections
  • All applications are subject to credit score, valuation and underwriting.

Further advance (Residential)

Further advance applicants must meet certain criteria:

    • Minimum loan size - £5,000
    • Maximum loan size - £1,500,000 (total mortgage including further advance)
    • Term - 2 years minimum (or product duration). The further advance term can be longer than the main mortgage. The charge on the property will not be released until the further advance term has finished
    • Minimum income - £20,000 gross for the household (paid in £GBP)
    • Self-employed - Must have been trading for 3 years but only the last 2 years' figures will be used
    • Reasons for borrowing - applicants can borrow funds to raise additional capital to fund most legal purposes, provided the capital is not used for: 
      • business or speculative purposes
      • payment of tax
      • gambling debts
      • overseas property (including timeshare).

Raising capital to fund a deposit or outright purchase of a Buy to Let is not considered a business purpose.

Debt consolidation loans will be considered subject to a maximum loan to value of 75% and individual assessment by our underwriters.

A solicitor may occasionally be required to act.Your customer is able to choose their own solicitor. You can check if the solicitor is on our panel using our Solicitor Search tool.

      • Repayment options - Capital Repayment, Interest Only, or combination of the two, subject to any Interest Only balance having a suitable Repayment Strategy and meeting Interest Only criteria. Please refer to the Interest Only section of the criteria lookup tool
      • Total Loan to Value (LTV) limits
        Maximum loan size Maximum LTV
        <£500,000 90% plus fees
        £500,001 - £750,000 85% plus fees
        £750,001 - £850,000 80% plus fees
        £850,001 - £1,000,000 75% plus fees
        £1,000,001 - £1,500,000 70% plus fees
      • Property - for new build or newly converted properties, the LTV is limited to 85% for houses and 80% for flats. We define a new build property where either the house or flat was sold or first registered (for Leasehold) for the first time in the last 12 months
      • Valuation of property - Loans less than £20,000 and less than 75% LTV (based on a house price index) may not require a valuation of the property, otherwise a re-valuation of the property will be required (see fee scale below). Where the last recorded Bank of Ireland panel valuation was more than 10 years ago, a standard valuation will be required. Please refer to the relevant criteria section. This will be assessed upon application

Re-valuation fee scale

Property value Fee
£0 to £125,000 £135
£125,001 to £300,000 £175
£300,001 to £600,000 £245
£600,001 to £1,000,000 £325
£1,000,001 to £1,600,000 £425
      • Affordability - Please call our enquiry line on 0345 266 8928* for a calculation
      • Adverse credit/payday loans - refer to the relevant criteria sections
      • All applications are subject to credit score, valuation and underwriting.

Guarantors

We do not offer guarantor loans.

Holiday lets (Buy to Let)

We do not lend on holiday lets.

Houses with multiple occupation (HMO) (Buy to Let)

We do not lend where the property is subject to mandatory or additional licensing. We will normally lend where the property is in an area of selective licensing.

Income (Buy to Let)

There is no minimum income required on Buy to Let mortgages. 

Income (Residential)

We will verify income on every application. We will only accept income contracted and paid in £GBP for our affordability assessment.

For new customers

For repayment mortgages a minimum household income of £20,000 per annum is required.

Interest only or part and part is only available where one applicant earns in excess of £50,000 per annum or joint income exceeds £75,000 per annum (where neither applicant fulfils the individual income requirement of £50,000).

For existing customers moving home

For Port and Mover applications a minimum household income of £20,000 per annum is required. Exceptions may be considered for existing customers who do not require additional borrowing.

Additional borrowing on interest only is only available where one applicant earns in excess of £50,000 per annum or joint income exceeds £75,000 per annum (where neither applicant fulfils the individual income requirement of £50,000).

The following is applicable to both new and existing customers:

Benefit income

We will not normally include income derived from benefits as part of our income and affordability assessments.

Directors with a shareholding of 25% or greater

We will normally use the average of the last two years’ director’s remuneration and dividends or the most recent year if lower. 

Employed

We will normally use 100% of contractually guaranteed income (including guranteed bonuses, overtime and commission) and 50% of regular but variable earnings (including variable bonuses, overtime and commission). Our underwriters have some discretion to use a different proportion of variable earnings but a historic record of these earnings will normally be required in order to exceed 50%, typically three years.

Employment in a family business

We can consider applications from applicants employed by their family on merit of each individual case. We may request additional supporting information.

Fixed term contracts

Fixed term contracts are treated on merit and in context of each individual case. If the income is to be used in our assessment of affordability we would typically want the applicant to be able to demonstrate:

  • Evidence of previous contract renewal
  • Not all the income is dependent on a fixed term contract, for example a joint application with one applicant on a fixed term contract
  • A sufficient remaining period on the contract to warrant the approval of a long term loan.

Foster Income

Applicants must have a minimum of two years fostering income.

Income will be based on a two year average or the latest year if it’s lower. We will verify applicant’s income with:

  • a letter from the Foster Agency confirming the total income paid for each of the last two years, or the last years SA302’s and supporting tax year overviews and
  • latest bank statement showing receipt of foster care payment on all cases

Foster children must be entered as financial dependents.

Investment or rental income

Investment or rental income will not normally be considered as allowable income unless it can be treated as an ongoing business. If this is the case, criteria for self employed applicants will apply.

Maintenance Income

We will accept up to 100% of child maintenance income. However it cannot be the only form of income on an application.

Any children associated with the maintenance payments should be entered as financial dependents.

To verify income we'll need the latest three months’ bank statements showing receipt of payments on all cases. We'll also need one of the following:

  • a copy of a Court Order
  • Maintenance Assessment letter from the Child Support Agency
  • a written private agreement drawn up between the separating parties

If any payment has been missed in that period, then the income cannot be used as part of the affordability assessment. 

Pension income

Pension income may be used to support a mortgage advance, as long as it can be fully verified and guaranteed for life.

Second jobs

We can consider using income from applicants with second jobs. The applicant must have held the two positions for at least 12 months.

Second incomes do not need to be in the same line of employment. Our underwriters will assess whether the income quality is adequate and if so, it will be included within the assessable income.

Self employed

If self employed, you must have been trading for a minimum of 3 years but only the last 2 years' figures will be used. 

Contractors can continue to apply as self-employed under the existing criteria or as a contractor. Details of the contractor criteria can be found under Contractor.

Umbrella companies

Applicants can be considered who employ the services of an umbrella company subject to us being able to adequately verify income for a two year period. We will normally use an average of the last two years’ income or the most recent year if lower.

Zero hour contracts and agency employment

We will not usually consider income derived from a zero hours contract or agency employment as part of the affordability assessment.

Inter family sales (Residential)

Inter family sales are generally acceptable, subject to confirmation that the vendor will not reside in the property after completion.

Interest only (Buy to Let)

Interest only or part and part is available. Confirmation of the repayment strategy is required and all repayment strategies must be held, valued and paid in £GBP.

Interest only (Residential)

New customers

Interest only or part and part is only available where one applicant earns in excess of £50,000 per annum or joint income exceeds £75,000 per annum (where neither applicant fulfils the individual income requirement of £50,000).

The maximum LTV is 60% (plus fees) where any part of the loan is interest only.

A minimum of £200,000 equity is required in the mortgaged property.

The loan term cannot extend past any applicants intended retirement age.

We only accept the sale of the mortgaged property as the repayment strategy. This will be verified by an underwriter to ensure it's a credible solution.

Existing customers

For existing customers moving home or taking a further advance

Where the customer requires additional borrowing on interest only:

  • Only available where one applicant earns in excess of £50,000 per annum or joint income exceeds £75,000 per annum (where neither applicant fulfils the individual income requirement of £50,000)
  • The maximum LTV is 60% (plus fees) on an interest only basis (including existing loan). Any additional amount must be on a repayment basis.
  • A minimum of £200,000 equity is required in the mortgaged property
  • The loan term cannot extend past any applicants intended retirement age
  • We only accept the sale of the mortgaged property as the repayment strategy. This will be verified by an underwriter to ensure it's a credible solution.

Where the customer has an existing interest only balance (no additional borrowing):

  • No requirement for existing customers to earn the minimum of £50,000 sole/£75,000 joint (£20,000 minimum household income still applies)
  • The maximum LTV is 60% (plus fees) on an interest only basis. Any additional amount must be on a repayment basis
  • A minimum of £200,000 equity is required in the mortgaged property where ‘Sale of mortgaged property’ is chosen as the intended repayment strategy
  • An acceptable repayment strategy must exist and all of the repayment strategies must be held, valued and paid in £GBP.

The following repayment strategies are acceptable for existing customers whose interest only mortgage was taken out before 20 March 2017:

Repayment Strategy Required Information Required Evidence Criteria
Sale of the mortgaged property
  • Property valuation
Mortgage valuation
  • A minimum of £200,000 equity.
Endowment policies (all types)
  • Name of Insurer(s)
  • Lives assured
  • Maturity date
  • Guaranteed sum assured
Latest maturity projection from insurer(s)
  • We will agree an interest only loan up to the value of the mid growth rate determined by the Regulator for endowment policies (which may be subject to change).
  • The policy must have been in force for a minimum of 12 months prior to the application.
Stocks and shares ISA
  • Name of provider(s)
  • Owner
  • Current value
  • Intended future annual contributions
Latest fund valuation from provider(s)
  • We will agree an interest only loan up to the current value of the ISA plus projected future contributions assuming no growth.
  • ISA must have been in force for a minimum of 12 months prior to the application.
Unit trusts
  • Name of provider(s)
  • Owner
  • Current value
  • Intended future annual contributions
Latest fund valuation from provider(s)
  • We will agree an interest only loan up to the current value of the unit trusts plus projected future contributions assuming no growth.
  • Unit trusts must have been in force for a minimum of 12 months prior to the application.
Investment bonds
  • Name of provider(s)
  • Owner
  • Current value
Latest fund valuation from provider(s)
  • We will agree an interest only loan up to the current value of the bond only. No growth is assumed.
Quoted stocks and shares
  • Name of company and number of shares for each shareholding
  • Owner
  • Current value

Share Certificates or Printout from a share registrar (e.g. Computershare) or stock broker

Must be quoted in £GPB

  • We will agree an interest only loan up to 80% of the value of the shareholding at the point of application.
  • FTSE 100 shares only.
Cash ISA
  • Name of provider(s)
  • Owner
  • Current value
  • Intended future annual contributions

Latest fund valuation from provider(s)

Must be quoted in £GPB

  • We will agree an interest only loan up to the current value of the ISA plus projected future contributions assuming no growth.
  • Cash ISA must have been in force for a minimum of 12 months prior to the application.
Cash deposits
  • Name of deposit-taker(s)
  • Owner
  • Current value

Up to date statement to evidence balance in £GBP dated within 3 months of application

  • We will agree an interest only loan up to the current balance.
  • Any fixed term deposit must mature before the loan maturity date (or have a break clause if not).
Sale of other UK residential/BTL property
  • Address of the property
  • Initial Purchase Price
Address of the property
  • Only UK residential properties are acceptable (including let property).
  • The other property must be owned by the applicants solely or jointly, but not with a third party. There is no requirement for the property to have been owned for a minimum period of 12 months. It is acceptable for joint applicants to use a property owned by one of the applicants solely.
  • Only 80% of the calculated equity can be utilised.
Company pension
  • Name of company
  • Number of years in scheme
Letter of projected benefits at selected retirement age (with details of available tax free lump sum)
  • We will advance an interest only loan up to the value of the projected tax free lump sum.
  • Applicants must have been a member of the pension scheme for at least 12 months (frozen schemes will qualify towards this).
Private pension
  • Name of pension provider(s)
  • Number of years held
  • Current contribution
Letter of projected benefits at selected retirement age (with details of available tax free lump sum)
  • We will agree an interest only loan up to the value of the projected tax free lump sum.
  • Applicants must have been a member of the pension scheme for at least 12 months (frozen schemes will qualify towards this).
Combination
  • As above
As above
  • We will agree an interest only loan up to the value of the cumulative permissible under the individual strategy policy.
  • Strategies must have been in existence for a minimum of 12 months prior to application unless otherwise stated.
Other
  • Details to be provided by the applicant
  • Type of asset
  • Owner
  • Current value (net of borrowing)
At individual discretion of underwriter
  • We will only provide an interest only loan where it is backed by a pension/sale of the mortgaged property/sale of other UK property/ISA/endowment/unit trust/investment bond or a combination of these. However, in determining whether a repayment strategy is credible, underwriters may consider other assets which the applicant may intend to sell, and may use these to justify an exception should the projected values from the repayment strategies not meet the required interest only amount. Any additional strategy must be held and valued in £GBP.

Lending into retirement (Residential)

Where term extends into the applicants retirement the following criteria will apply. 

Where retirement is less than 10 years away:

  • Details of both current income and anticipated retirement income will need to be proven
  • The lower of the current income or anticipated retirement income is used for affordability purposes

Where retirement is 10 years or more away:

  • Current income is to be used for affordability purposes
  • Evidence of existence pension contributions must be provided

 

Let to Buy (Buy to Let)

We will allow applicants to remortgage their current residential property to a Buy to Let and capital raise to help fund the purchase for their new main residence.

Unless we are also processing the new residential mortgage application you must provide us with a copy of the Offer of Loan for the new residential purchase. If a loan is not required to complete the residential purchase you must tell us the address and the purchase price of the new property.

Completion of our mortgage must not take place prior to the purchase of the new residence.

Loan size and loan to value limits (Buy to Let)

 

Loan Size

Minimum £25,001, maximum £500,000 per property for purchases and remortgages.

Maximum Total Borrowing  £1,500,000
Maximum LTV 75% LTV. Fees may be added to the loan.
Maximum Portfolio Size

The total portfolio size is 3 BTL mortgaged properties per applicant (either solely or jointly) across all lenders, including Bank of Ireland Group

 For existing customers

Loan Size

No minimum loan size, maximum loan size per property £500,000.

If £500,000 is already exceeded no additional borrowing will be allowed.

 Further advance

Minimum loan size £5,000

Maximum loan size £500,000 (total mortgage including further advance)

Maximum Total Borrowing  No maximum total borrowing as long as the total loan size does not exceed £500,000 per property.
Maximum LTV 75% LTV. Fees may be added to the loan.
Maximum Portfolio Size

n/a

 

Loan size and loan to value limits (Residential)

The following limits apply to both purchases and remortgages. 

Applicants borrowing above 90% LTV cannot own any other property at the time of completion.

Maximum Loan Size Maximum LTV 
£25,001 - £500,000 95% including fees (purchases only) 
£25,001 - £500,000 90% plus fees
£500,001 - £750,000 85% plus fees
£750,001 - £850,000 80% plus fees
£850,001 - £1,000,000 75% plus fees 
£1,000,000 - £1,500,000 70% plus fees

 

Loan types (Buy to Let)

Purchase

We require the vendor to have owned the property for a minimum of 6 months prior to completion of this transaction unless the seller is:

  • a personal representative of the registered proprietor; or
  • an institutional mortgagee exercising its power of sale; or
  • a receiver, trustee-in-bankruptcy or liquidator; or
  • a developer or builder selling a property acquired under a part-exchange scheme; or
  • a registered housing provider (Housing Association) exercising a power of sale.

Remortgage

Applicants can remortgage to raise additional capital to fund most legal purposes, provided the capital is not used for:

  • business or speculative purpose
  • debt consolidation
  • gambling debts
  • overseas property (including timeshare)
  • payment of tax.

Raising capital to fund a deposit or outright purchase of a Buy to Let is not considered a business purpose.

We require applicants to have owned the property for a minimum of 6 months prior to completion of this transaction. 

Loan types (Residential)

Purchase

We require the vendor to have owned the property for a minimum of 6 months prior to completion of this transaction unless the seller is: 

  • a personal representative of the registered proprietor; or
  • an institutional mortgagee exercising its power of sale; or
  • a receiver, trustee-in-bankruptcy or liquidator; or
  • a developer or builder selling a property acquired under a part-exchange scheme; or
  • a registered housing provider (Housing Association) exercising a power of sale.

Remortgage

Applicants can remortgage to raise additional capital, provided the capital is not used for:

  • business or speculative purposes
  • payment of tax
  • gambling debts
  • overseas property (including timeshare).

Raising capital to fund a deposit or outright purchase of a Buy to Let is not considered a business purpose.

Debt consolidation loans will be considered subject to individual assessment by our underwriters.

Remortgages where the applicant has owned the property for less than 6 months are not normally acceptable.

Number of applicants (Residential)

The maximum number of applicants is four. We will only use the income of the two highest earners but assess all applicants' ability to pay.

Offer expiry

Our offer of loan is valid for a period of six months from the date of the offer for both purchases and remortgages, unless stated otherwise in the offer document.

If completion has not taken place within six months, an offer extension can be considered. This will be subject to a full reassessment of the application by an underwriter, including assessment against our current criteria, re-verification of income and a re-valuation of the security which the applicant will be charged for. A new product may need to be selected from our current range.

Parental leave (Residential)

We will consider applications from applicants on parental leave. We will independently obtain an employer's reference to give length of employment, confirmation of full parental benefits and that the applicant intends to return to work and on what date. We will need to be satisfied of the affordability of the loan during the period of reduced household income so we may request evidence of savings. We may also need confirmation of any childcare costs on their return to work.

Payday loans

We will not normally lend if any applicant has taken out a payday loan in the last year. Applicants with payday loans taken out more than one year ago will be assessed individually to ensure affordability can be demonstrated.

Portability

If your customer is looking to move, you could help them port their rate to a new property or take out a new loan with us.

Please see our porting and moving page for more information on how you can help your customers.

Private sales (Buy to Let)

Private sales where no estate agent is acting are not acceptable.

Inter family sales are generally acceptable, subject to confirmation that the vendor or any family member will not reside in the property after completion.

Probationary period (Residential)

We can consider an application for an applicant within their probationary period as long as their employment has been continuous. The reason for leaving their previous employment must be established, or where the applicant’s employment is the first appointment, we will need confirmation of what they did previously.

Product transfer

You can apply for a product transfer if:

  • your customer's account number starts 80 and is ten digits
  • your customer is applying for a product from the same brand they initially applied through
  • the mortgage amount, term and repayment method are staying the same
  • you only need one offer and do not require a revaluation of the property
  • the mortgage is outside any Early Repayment Charge (ERC) period, or has three months or less remaining on the ERC period
  • your customer is not residing in the property for Buy to Let mortgages
  • your customer is residing in the property for residential mortgages, unless in the armed forces
  • your customer is not in arrears or in a concessionary period on their mortgage
  • the remaining mortgage term exceeds the chosen product by at least six months.

To view our products or apply visit our product transfer page

Proof of residency and identity

To help protect against fraud, the Anti Money Laundering Regulations (AML) require us to check the names and addresses of all our customers.

We will attempt to do this electronically, but if this fails then each applicant must supply one item from the proof of identity list and one item from the proof of occupancy list.

The same document cannot be used to verify both their identity and their residency.

Proof of identity

Can't use the same document in this section and Proof of occupancy section (if required)

Driving Licence

Auto requested if applicant has failed AML check

Includes following:

  • Current full old-style UK driving licence (paper version) - not more than 51 years old
  • Current Full UK/EU/USA/Canada/Australia photo card driving licence - not more than 10 years old
  • Current Provisional UK Photo card driving licence - not more than three years old.

DWP / Benefits agency Letter

Correspondence from the DWP/Benefits Agency/Social Insurance documents/Disability allowance book /Disability pension book/ROI Pension book dated within the last 13 months.

EU National ID Card

EU National Identity Card (photographic).

NI Electoral Office ID

Identity card issued by the Electoral Office for Northern Ireland (NI only).

HMRC correspondence

HM Revenue & Customs/Revenue Commissioners correspondence e.g. Tax coding notice dated within the last 13 months (note: P60s & P45s are not acceptable).

Passport

Full current signed valid Passport, not more than 10 years old.

 

Proof of occupancy

Can't use same document in this section and Proof of identity section

Bank statement

Auto requested if applicant has failed AML check and has not been found on Voter's Roll for all residential addresses for past 12 months

Original or certified copy of Bank/Building Society/Credit Union statement, dated within the last six months (internet copies are not acceptable).

Credit card statement

Original or certified copy of statement, dated within the last six months (internet copies are not acceptable).

DWP / Benefits agency Letter

Correspondence from the DWP/Benefits Agency/Social Insurance documents/Disability allowance book /Disability pension book/ROI Pension book dated within the last 13 months.

HMRC correspondence

HM Revenue & Customs/Revenue Commissioners correspondence e.g. Tax coding notice dated within the last 13 months (note: P60s & P45s and internet copies are not acceptable).

Local Authority correspondence

Council Tax bill (internet copies are not acceptable).

ROI Government document

Document posted from Government body in ROI dated within the last six months (for use in NI only).

Solicitor house purchase letter

Letter from solicitors confirming recent house purchase within the last three months.

Utility bill

For example, gas, electricity, water, telephone (not mobile), Cable services, Satellite TV e.g. Sky, original statement (internet copies are not acceptable) dated within the last six months (not 'dongle' contracts).

 Please note:

  • Documents being used to prove residency don’t need to show the full name, but initials must match
  • The address must match against the application form

You can securely upload and certify documents for assessment via our online application system.

Property (Buy to Let)

Property Description Criteria
New build house/1st sale Acceptable.
New build flat/1st sale/1st registration of lease Not acceptable.
Former council/MOD/Former work houses Acceptable.
Former council/MOD/Former work flats Acceptable, subject to a minimum value of £90,000, four storeys or fewer with no open deck access.
Shared ownership and shared equity houses Not acceptable.
Shared ownership and shared equity flats Not acceptable.
Flats above commercial property/mixed user developments

Flats/maisonettes above the following commercial property classes will be considered:

  • Class A1 (retail etc)
  • Class A2 (financial services etc).
Flats in high rise developments

Can be considered. For properties over 10 storeys, please contact us with details of the property prior to submission for a decision in principle.

Flats converted from former office, industrial buildings and ex local authority blocks Not acceptable.
Studio flats Not acceptable.
Holiday homes Not acceptable.
Properties with part commercial use Not acceptable.
Properties with part commercial use in the title Not acceptable.
Properties less than 10 years old Must be covered by an approved new home warranty scheme or Professional Consultants Certificate from a suitably qualified individual.
Properties outside mainland UK Not acceptable with the exception of Isle of Wight, Anglesey, Skye, Bute, Lewis & Harris, Mainland Orkney, Mainland Shetland, Arran, Mull, Islay, Whalsay, Yell, South Ronaldsay, West Burra, Tiree and Unst.
Freehold flats Not acceptable.
Leasehold terms of less than 85 years at the start of the mortgage Not acceptable.
Properties with occupancy restrictions Not acceptable.
Properties being acquired under assignable contract Not acceptable.
Properties with communal heating, hot water or other services where the property is not individually metered Not acceptable.
Livework units Not acceptable.
Properties with solar panels Can be considered on an individual case basis, please contact us prior to submission.
Overhead power lines Properties where high power lines pass over the site are not normally acceptable.
Minimum floor area The minimum acceptable floor area for a house or flat is 25 square metres.
Property with land/smallholding

We will not usually lend on smallholdings. For properties with more than 10 acres or separate fields, please contact us prior to submission.

We will not lend on working farms or houses which connect to, or through, working farms.

Properties with two kitchens

Not acceptable.
Listed buildings Acceptable.

Property (Residential)

Property Description Criteria
New build house/1st sale Acceptable (maximum 85% LTV).
New build flat/1st sale/1st registration of lease Acceptable (maximum 80% LTV).
Former council/MOD Acceptable subject to being four storeys or fewer with no open deck access.
Shared ownership Not acceptable on purchases. Remortgages for final staircasing only.
Shared equity property Not acceptable on purchases. Remortgages for purchase of final equity share only.
Flats above commercial property/mixed user developments

Acceptable up to 95% LTV, where:

a) In a development with 6 or more storeys and built after the year 2000
b) Commercial use is confined to the ground floor and not detrimental to future saleability.

Otherwise maximum 75% LTV, restrictions on commercial usage apply. 

Flats in high rise developments

Can be considered. For properties over 10 storeys, please contact us with details of the property prior to submission for a decision in principle.

Flats converted from former office, industrial buildings and ex local authority blocks Not acceptable.
Studio flats Not acceptable.
Holiday homes Not acceptable.
Pied a terre Can be considered on an individual case basis.
Properties with part commercial use in the title Not acceptable. 
Properties less than 10 years old Must be covered by an approved new home warranty scheme or Professional Consultants Certificate from a suitably qualified individual.
Properties outside mainland UK Not acceptable with the exception of the following Isle of Wight, Anglesey, Skye, Bute, Lewis & Harris, Mainland Orkney, Mainland Shetland, Arran, Mull, Islay, Whalsay, Yell, South Ronaldsay, West Burra, Tiree and Unst.
Freehold flats Not acceptable.
Leasehold terms of less than 85 years at the start of the mortgage Not acceptable.
Properties with occupancy restrictions Not acceptable. 
Properties being acquired under assignable contract Not acceptable.
Properties with communal heating, hot water or other services where the property is not individually metered Not acceptable.
Properties with solar panels Can be considered on an individual case basis, please contact us prior to submission.
Overhead power lines Properties where high power lines pass over the site are not normally acceptable.
Minimum floor area The minimum acceptable floor area for a house or flat is 25 square metres.
Property with land/smallholding

We will not usually lend on smallholdings. For properties with more than 10 acres or separate fields, please contact us prior to submission.

We will not lend on working farms or houses which connect to, or through, working farms.

Properties with two kitchens

Can be considered on an individual case basis, please contact us prior to submission.
Listed buildings Acceptable.

Property concentration (Buy to Let)

We will only lend on a maximum of two properties within the same exact postcode.

Property condition and letting requirements (Buy to Let)

The property must be in a good state of repair, however redecoration work is acceptable. 

We need to be satisfied the applicants can fund the deposit plus any minor repair costs.

The property must be lettable within 60 days, and be suitable for resale within the owner occupier market.

Property construction

 

Construction Type Criteria
Traditional construction 

Houses must be of solid or cavity construction incorporating the materials brick, concrete block or stone. Render and tile hung finishes in addition to the above are considered traditional and acceptable.

Period properties of cob

Period properties of cob (mud and straw) construction may be acceptable provided roofs are thatched. They will be considered on their merits, depending on the comments made by the mortgage valuer.

The term ‘period property’ will normally be applied to a building built before 1850.

For other roof types please contact us prior to submission.

Single skin/ half brick thick walls

Single skin/half brick thick walls are only acceptable in older properties where the walls are within single storey structures and contain non-habitable rooms.

Any single skin wall structure above single storey is normally unacceptable.

Roofs

Roofs should normally be pitched and covered with tiles or slates (including artificial slates), or thatched.

100% flat roof

100% flat roofs on houses can be acceptable if the property is of traditional construction and the valuer confirms saleability and acceptability to other lenders.

100% flat roofs on flat developments are generally acceptable.

 

Modern timber frame

Modern post 1970 (post 1950 in Scotland) factory made timber frames are generally acceptable provided the properties have a conventional outer cladding of brick, rendered block or reconstructed stone.

Post 2000 flat developments with timber cladding will be considered on their merits subject not being more than four storeys.

Period timber frame housing Period timber frame housing normally clad in stone/brick/lath and plaster are acceptable, as are those clad in clap board or weather board, provided this is common to the locality.
Pre reinforced concrete construction

Properties listed as defective under the Housing Defects legislation are not acceptable if unrepaired.

Repairs must be licensed by PRC Homes Ltd.

Repair schemes that predate PRC Homes Ltd schemes will only be acceptable where a PRC Licence Scheme number was later granted.

Steel frame construction

Steel framed houses built in 1984 or later and which are conventionally clad in brick or rendered block work are acceptable.

Steel framed houses built before 1984 and which are conventionally clad in brick or rendered block work are acceptable subject to a satisfactory Structural Engineer's report.

Unconventionally clad steel framed houses are unacceptable irrespective of their age.

No fines/easy form

Only two storey structures are usually acceptable (three storey in Scotland). Any evidence of cracks must be referred to a Structural Engineer and where appropriate, carbonation test will be required.

‘Easiform’ construction built prior to 1940 must be referred to a Structural Engineer.

Acceptability is dependent on continued market demand. 

 

Large panel systems

Houses not acceptable.

Flats may be considered if constructed after 2000 on an individual case basis.

Cross wall/curtain wall 

These types are generally acceptable providing the party walls are of conventional construction. This type of construction in conjunction with a flat roof is normally unacceptable unless the valuer can confirm that an established demand for these properties exists and that they are generally mortgageable.

Cross wall is only acceptable where party walls are of masonry.

 

 

Property or investment clubs

Transactions where the borrower is purchasing through a Property or Investment Club are not acceptable.

Property purchased at auction

We will lend for auction purchases in principle. To be acceptable the property must meet our minimum requirements for both condition and title. The applicant should ensure there is adequate time to process their application before legal completion.

Property value (Buy to Let)

The minimum property value is £60,000 (£40,000 for properties located in Northern Ireland).

 

Purchasing from own development company (Buy to Let)

Purchases where the vendor is a building firm or development company in which the applicant has a financial interest are not acceptable.

Rental calculation/margin (Buy to Let)

Ability to pay is assessed on the rental income (which must be received in £GBP).

The rental income must be at least 145% of the monthly interest due inclusive of any product fees added to the loan. This is calculated using either the initial product rate or interest cover rate, whichever is higher.

  Interest Cover Rate

 

Product

Buy to Let purchase / Let to Buy

Buy to Let remortgage

Fixed rate for less than five years or a variable rate

5.5%

5.5%

Fixed rate for five or more years

5%

5%

Residency Status

We normally require applicants to have a minimum of 3 years’  UK residency prior to application to ensure we have a meaningful credit score and employment history.

Retentions (Residential)

We do not offer partial retentions. Lending will be based on either:

  • current valuation with no retention, or
  • after works valuation with a full retention.

Sale and rent back (Buy to Let)

Sale and rent backs where the vendor is becoming the tenant upon completion are not acceptable and will be declined.

Scottish valuations (Buy to Let)

Transcripts are not permitted.

Solicitor / licensed conveyancer

In order to instruct a firm of solicitors/conveyancers to act for Bank of Ireland UK, they will need to be on our approved panel. If the applicant chooses to proceed with a solicitor/conveyancer who is not on our approved panel, then we will appoint our own firm to act for us. The applicant will be charged for this.

To find a solicitor or licensed conveyancer on our panel, use our solicitor search tool.

Source of deposits (Buy to Let)

Proof of deposit may be requested at our underwriters discretion.

The following are acceptable sources of deposit:

  • equity from sale of property
  • savings
  • family gift
  • inheritance
  • capital raising on another property.

 

Unacceptable sources of deposit are:

  • personal loans
  • funding from credit cards
  • vendor/builder cashback without additional minimum deposit from an acceptable source.

 

Source of deposit (Residential)

Proof of deposit may be requested at our underwriters discretion.

The following are acceptable sources of deposit:

  • equity from sale of property
  • savings
  • family gift
  • inheritance
  • capital raising on another property
  • forces Help to Buy.

Unacceptable sources of deposit are:

  • personal Loans
  • funding from credit cards
  • vendor/builder cashback without additional minimum deposit from an acceptable source.

Tenancies and vacant possession (Buy to Let)

 

England & Wales

Scotland & Northern Ireland

With Vacant Possession

With Tenant In Situ

With Vacant Possession

With Tenant In Situ

Purchases

Yes

Yes

Yes

No

Remortgages

Yes

Yes

Yes

Yes

Tenanted Possession Restrictions

The existing tenancy must have commenced after 28 February 1997 and the existing tenant must not have resided in the property before the date of the agreement.

Scotland: Remortgages will only be considered provided the tenant has not been resident in the property five years earlier than the date of our offer.

Northern Ireland: Remortgages will only be considered if the existing tenancy is a protected short hold agreement or an uncontrolled letting.

Tenancy Types

The tenancy must not exceed two years in duration and must normally be written in one of the following formats:

England & Wales: Assured Shorthold Tenancy (AST)

Scotland: Shorthold Assured Tenancy (SAT)

Northern Ireland: Protected Shorthold Agreement or Uncontrolled letting

 Maximum of four tenants on a single AST (or equivalent)

Company/housing association lets can be considered but tenancy agreements will need to be approved by Bank of Ireland’s legal department.

 

Term

The maximum term is 35 years.

The minimum term is 5 years (or term of promotional period for existing customers moving home). 

Valuation fees

Mortgage applications

This applies to all mortgages. The valuation fee includes an administration fee of £90. Re-inspections incur a minimum charge of £50 per visit (this includes an administration fee of £8.50).

When we receive a new application, our admin team instruct the Mortgage Valuation Report. Once the valuation has been instructed, the case will then go to an underwriter for assessment. 

Purchase Price or Valuation                                                          

Standard Mortgage Valuation

(Report only)                                                                                       

HomeBuyer Report 

(including Standard Mortgage Valuation Report)       

Up to £50,000

£180

£310

Up to £75,000

£200

£350

Up to £100,000

£220

£390

Up to £150,000

£240

£430

Up to £200,000

£270

£470

Up to £250,000

£310

£520

Up to £350,000

£360

£570

Up to £500,000

£470

£770

Up to £750,000

£610

£840

Up to £1m

£790

£930

Up to £1.5m

£890

£1,090

Up to £2m

£990

£1,230

Up to £2.5m

£1,090

£1,440

Up to £3m

£1,190

£1,590

We may choose to use an Automated Valuation Model (AVM) report in some instances. The report is for our sole use and we won’t charge a fee.

Further advance

The re-valuation fees below apply to further advance applications only.

There is an admin fee of £25 included within the re-valuation fee.

When we receive a further advance application, the case will go to the underwriter for assessment. If a valuation is required, the Mortgage Valuation Report will be instructed.

Property Value                                                         

Fee                                                                                 

£0 to £125,000

£135

£125,001 to £300,000

£175

£300,001 to £600,000

£245

£600,001 to £1,000,000

£325

£1,000,001 to £1,600,000

£425

 

Valuation transcripts (Residential)

Where we are approached by an applicant with a request to accept a retype, consideration will only be given in the following circumstances:

  • Valuation must have been carried out within the past four weeks (12 weeks for a Scottish purchase)
  • The Valuer who carried out the original report must be on Bank of Ireland’s panel for the postcode in which the property is located
  • The previous valuation must have been carried out for another lender
  • A copy of the valuation report must be provided to Valuation Services before any retype can be agreed
  • The requested retype must be for the same applicant
  • It must also be for the same product type
  • The valuation fee will be the agreed panel fee.

Tools & Resources

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