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Bank of Ireland UK launches First Start, giving your first time buyers more borrowing power.

24 April 2017

First Start boosts the borrowing power of buyers, by combining their income with that of a sponsor. So together they can borrow more, responsibly. A sponsor is a close relative, normally a parent or step parent of the applicant.

Together, the sponsor and applicant can borrow up to 95% of the value of the property. It’s available for purchases only on a repayment basis, up to £500,000.

Both parties are co-borrowers, making them jointly and individually liable for the monthly mortgage repayments, as well as the total mortgage loan.

We want to help more people to get the mortgage that is right for them. It’s a benefit to them, to us and to the economy. More people, borrowing responsibly to get on the property ladder and get more out of life. And for our brokers we’re helping to create more conversations, deliver more mortgage conversions, with more tools and more support.

Mark Howell
Director of Marketing and Customer Management

Here’s some key First Start criteria at a glance:

  • Up to 95% LTV
  • Maximum age of sponsor 80 years at the end of term (60 at outset)
  • Maximum loan £500,000
  • The sponsor must be a residential owner occupier living in the UK and a parent or close relative of the applicant
  • The sponsor can choose not to be a joint owner of the property which can reduce Stamp Duty liability (independent legal advice is required. We highly recommend independent financial, legal and tax advice is taken in all cases.)
  • Minimum incomes: applicant £20,000, sponsor £30,000.

Find out more about First Start.

Our award winning system

Our online mortgage application system is simple to use and easy to understand.

Document upload
Securely upload multiple documents per application
Case messaging
2-way communication with your underwriter
Case tracking
Follow the progress of your customer's application