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Looking for guidance on our lending criteria? Use our criteria look up tool to find the answers.
Please see our dedicated Covid-19 webpage for more details about temporary changes we’ve made to our criteria.
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Affordability calculator
Acceptable tenure
England, Wales & Northern Ireland
Scotland
Adverse credit
We are a clean credit lender. We will not lend to any applicant who has ever:
We will not lend if, in the last three years, an applicant has had:
We will not usually lend if the applicant has defaulted on any credit agreement in the last three years, or has an outstanding default.
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 7.74% 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 incentives
Builders’ incentives are accepted up to 5% of purchase price with no adjustment to the purchase price or loan. We do not accept guaranteed rental income schemes.
For Help to Buy Equity Loan: Incentives including stamp duty and legal fees are accepted up to 5% of purchase price, with no adjustment to the purchase price or loan. Cash incentives including cashback or deposit are not accepted.
Conflict of interest policy
We won’t accept any applications where the broker has a financial interest in the property being mortgaged e.g. the broker submitting the case can’t also be the buyer/owner.
Concessionary purchase price (BTL)
We do not accept concessionary purchase prices on Buy to Let applications.
Concessionary purchase price (Residential)
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:
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 at the point of completion (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. |
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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. |
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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. |
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Self-employed
Or
A company Director with a shareholding of 25% or greater |
Latest two years’ SA302s supported by the latest two years’ Tax Year Overviews and the latest month’s business bank statement.
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Pension |
Evidence of pension income (e.g. P60, or former employer’s confirmation of pension). |
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Bank statements
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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. |
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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 Forms and Guides page. |
Existing customers (Buy to Let)
All of our lending criteria is applicable to existing customers with some minor exceptions.
Product transfer
To view our products or apply visit our product transfer page.
Further advance
Further advance applicants must meet certain criteria:
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.
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 - Your customer’s 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 the product rate plus 2.00% – subject to the following minimum rates:
Product |
Minimum Interest Rate |
Fixed rate for less than five years or a variable rate |
5.5% |
Fixed rate for five years or more |
4.5% |
Existing customers (Residential)
All of our lending criteria is applicable to existing customers with some minor exceptions.
Product transfer
To view our products or apply visit our product transfer page.
Further advance
Further advance applicants must meet certain criteria:
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.
Maximum loan size | Maximum LTV |
<£500,000 | 90% plus fees |
£500,001 - £750,000 | 85% plus fees |
£750,001 - £1,000,000 | 80% plus fees |
£1,000,001 - £1,500,000 | 70% plus fees |
Valuation of property - Loans less than £20,000 with a total LTV less than 75% (based on a house price index) may not require a physical valuation of the property. Anything other than this will need a property re-valuation (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 |
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:
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:
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:
The following applicants can apply up to 75% LTV:
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:
The following applicants can apply up to 75% LTV:
Further advance (Buy to Let)
Further advance applicants must meet certain criteria:
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.
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 - Your customer’s 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 the product rate plus 2.00% – subject to the following minimum rates:
Product |
Minimum Interest Rate |
Fixed rate for less than five years or a variable rate |
5.5% |
Fixed rate for five years or more |
4.5% |
Further advance (Residential)
Further advance applicants must meet certain criteria:
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.
Maximum loan size | Maximum LTV |
<£500,000 | 90% plus fees |
£500,001 - £750,000 | 85% plus fees |
£750,001 - £1,000,000 | 80% plus fees |
£1,000,001 - £1,500,000 | 70% plus fees |
Valuation of property - Loans less than £20,000 with a total LTV less than 75% (based on a house price index) may not require a physical valuation of the property. Anything other than this will need a property re-valuation (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 |
Help to Buy: Equity Loan
Region | Price cap |
North East | £185,100 |
North West | £224,400 |
Yorkshire & The Humber | £228,100 |
East Midlands | £261,900 |
West Midlands | £255,600 |
East of England | £407,400 |
London | £600,000 |
South East | £437,600 |
South West | £349,000 |
Incentive criteria
The following incentives are accepted up to 5% of the purchase price with no adjustment to the purchase price or loan:
We don't accept Builder Gifted Deposit or cashback.
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 don’t lend on properties that need a HMO licence or where there are more than four people named on the tenancy agreement. A HMO is a house in multiple occupation. There are different rules around properties that fall into the category of a HMO, such as the number of sharers and the size of the property. This can be confirmed with the relevant Local Authority.
Income (Buy to Let)
There is no minimum income required on Buy to Let mortgages.
Investment or rental income
Investment income is not acceptable.
Rental income will not normally be considered as allowable income unless it can be treated as an ongoing business, and criteria for self-employed applicants will apply.
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 2 years’ director’s remuneration and dividends or the most recent year if lower.
Employed
We will normally use 100% of contractually guaranteed income (including guaranteed 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 3 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:
Foster Income
Applicants must have a minimum of 2 years' fostering income.
Income will be based on a 2 year average or the latest year if lower. We will verify applicant’s income with:
Foster children must be entered as financial dependents.
Investment or rental income
Investment income is not acceptable.
Rental income will not normally be considered as allowable income unless it can be treated as an ongoing business, and 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 3 months’ bank statements showing receipt of payments on all cases. We'll also need one of the following:
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 2 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
Self employed applicants must have been trading for a minimum of 3 years but only the last 2 years' figures will be used. For self employed applicants affected by Covid-19, we’ll also need to confirm they’ve resumed trading. We'll request their latest business bank statement to evidence recent trading activity. We may request additional documentation to support our underwriting assessment, including cases where applicants haven’t restarted trading yet.
Contractors can continue to apply as self employed under existing criteria, or as a contractor. Details of the contractor criteria can be found under Contractors.
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 2 year period. We will normally use an average of the last 2 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
Existing customers
For existing customers moving home or taking a further advance -
Where the customer requires additional borrowing on interest only:
Where the customer has an existing interest only balance (no additional borrowing):
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 |
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Mortgage valuation |
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Endowment policies (all types) |
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Latest maturity projection from insurer(s) |
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Stocks and shares ISA |
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Latest fund valuation from provider(s) |
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Unit trusts |
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Latest fund valuation from provider(s) |
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Investment bonds |
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Latest fund valuation from provider(s) |
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Quoted stocks and shares |
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Share Certificates or Printout from a share registrar (e.g. Computershare) or stock broker Must be quoted in £GPB |
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Cash ISA |
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Latest fund valuation from provider(s) Must be quoted in £GPB |
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Cash deposits |
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Up to date statement to evidence balance in £GBP dated within 3 months of application |
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Sale of other UK residential/BTL property |
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Address of the property |
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Company pension |
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Letter of projected benefits at selected retirement age (with details of available tax free lump sum) |
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Private pension |
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Letter of projected benefits at selected retirement age (with details of available tax free lump sum) |
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Combination |
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As above |
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Other |
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At individual discretion of underwriter |
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Legal fees for purchases
If stated in the Offer of Loan, Bank of Ireland UK will pay the basic legal fees for the work involved in a standard property purchase. This offer of fees assisted conveyancing does not include:
The offer also does not include the charge, plus VAT, payable to the solicitor to deal with the settlement of any Stamp Duty Land Tax and the submission of the Stamp Duty Land Tax form or the cost of any associated sale. The solicitor will provide you with full details of this charge and the third party costs. These fees, along with the legal fees for any additional legal work that the solicitor carries out are payable by the applicant.
If the purchase does not complete the applicant will not have to pay for the standard conveyancing work carried out but will have to pay any third party costs already paid by the solicitor.
For property purchases in Scotland
Please contact us for details of our nominated solicitor when obtaining the Approval in Principle. If the applicant chooses not to use our nominated solicitor they will be liable for the legal costs.
More information about legal fees can be found in our Standard Legal Fees document.
Legal fees for remortgages
If stated in the Offer of Loan, Bank of Ireland UK will pay for the standard legal fees and disbursements (excluding additional work) for remortgages, providing the transaction is completed through our legal conveyancing partner. The law firm appointed by our legal conveyancing partner is instructed to act for us only. Bank of Ireland UK will not pay for charges relating to additional work outside the scope of a standard remortgage transaction.
Please note – If applicants wish to arrange their own legal representation they will be responsible for all legal costs and disbursements incurred.
For all remortgage cases there are some additional administration fees which aren’t covered by Bank of Ireland UK:
For remortgage cases on leasehold properties there may be an additional legal fee which isn’t covered by Bank of Ireland UK.
Additional legal fees
Additional fees may be charged for additional work and services required over and above the standard legal work in a fees assisted remortgage case. The law firm will discuss your applicants’ requirements with them and obtain their consent to proceed before any such fees are incurred.
More information about legal fees can be found in our Standard Legal Fees document.
Lending into retirement (Residential)
Where term extends into the applicants retirement the following criteria will apply.
Where retirement is less than 10 years away:
Where retirement is 10 years or more away:
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 £750,000 per property for purchases and remortgages. |
Maximum Total Borrrowing | £2,000,000 |
Maximum LTV | 75% LTV. Fees may be added to the loan. |
Maximum Portfolio Size |
The total portfolio size is 3 mortgaged BTL properties per applicant (either solely or jointly) across all lenders, including Bank of Ireland Group. Properties that are owned in the name of a limited company an applicant is a director of and applications in progress should also be included. |
For existing customers
Loan Size |
No minimum loan size, maximum loan size per property £750,000. If £750,000 is already exceeded no additional borrowing will be allowed. |
Further advance |
Minimum loan size £5,000 Maximum loan size £750,000 (total mortgage including further advance) |
Maximum Total Borrrowing | No maximum total borrowing as long as the total loan size does not exceed £750,000 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. Please note the minimum loan size is £25,001.
Applicants borrowing above 90% LTV - please also see the 'Loan to value limits (Residential) - borrowing above 90% LTV' section.
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 - £1,000,000 | 80% plus fees |
£1,000,001 - £1,500,000 | 70% plus fees |
Loan to value limits (Residential) - borrowing above 90% LTV
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:
Remortgage
Applicants can remortgage to raise additional capital to fund most legal purposes, provided the capital is not used for:
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:
Remortgage
Applicants can remortgage to raise additional capital up to 75% LTV (excluding fees), provided the capital is not used for:
Raising capital to fund a deposit or outright purchase of a Buy to Let is not considered a business purpose.
Remortgages where the applicant has owned the property for less than 6 months are not normally acceptable.
New build (Residential)
Incentive criteria
Builders’ incentives are accepted up to 5% of the purchase price with no adjustment to the purchase price or loan. We don’t accept guaranteed rental income schemes.
If using the Help to Buy: Equity Loan scheme please see the Help to Buy section for specific incentives criteria.
New build property warranties
All newly built properties (under 10 years old) must be covered by one of the below warranties:
New property details
If your customer has an application with us and their purchase falls through, you can complete and send us a new property details form for a change of property.
By applying for a new property, your customer’s case will be reassessed by one of our underwriters. This means we may ask you for additional information. Our decision to lend may also be affected if there is a change in their circumstances or the new property isn’t considered suitable.
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.
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
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 |
Driving Licence |
Auto requested if applicant has failed AML check |
Includes following:
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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. |
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EU National ID Card |
EU National Identity Card (photographic) which must be valid and in date. |
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NI Electoral Office ID |
Identity card issued by the Electoral Office for Northern Ireland (NI only). |
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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). |
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Passport |
Full current signed valid Passport, not more than 10 years old. |
Proof of occupancy |
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. If downloaded from the internet, the copy must contain Bank/ Building Society logo, date, full name and address. |
Credit card statement |
Original or certified copy of statement*, dated within the last six months. If downloaded from the internet, the copy must contain Bank/ Building Society logo, date, full name and address. |
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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. |
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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). |
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Local Authority correspondence |
Council Tax bill (internet copies are not acceptable). |
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ROI Government document |
Document posted from Government body in ROI dated within the last six months (for use in NI only). |
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Solicitor house purchase letter |
Letter from solicitors confirming recent house purchase within the last six months. |
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Utility bill |
For example, gas, electricity, water, telephone (not mobile), Cable services, Satellite TV* e.g. Sky, original statement dated within the last six months (not 'dongle' contracts). If downloaded from the internet, the copy must contain company logo, date, customer’s full name and address. |
Please note:
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:
|
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. |
Onerous lease terms |
Not acceptable. For any property built post 2000, it will be considered to have onerous leasehold terms where one of the following is identified:
The maximum ground rent at the beginning of the lease cannot exceed 0.1% of the property value or £500 per year (whichever is higher). The ground rent must remain reasonable at all times during the lease term, with unreasonable multipliers not allowed. Please contact us for more information. |
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 property is 31 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. |
Properties which have an EPC rating lower than E | Only acceptable in England and Wales provided the property is listed on the PRS Exceptions Register. |
Maximum property value | £4,000,000 |
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 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. |
Onerous lease terms |
Not acceptable. For any property built post 2000, it will be considered to have onerous leasehold terms where one of the following is identified:
The maximum ground rent at the beginning of the lease cannot exceed 0.1% of the property value or £500 per year (whichever is higher). The ground rent must remain reasonable at all times during the lease term, with unreasonable multipliers not allowed. Please contact us for more information. |
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 property is 31 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. |
Maximum property value | £4,000,000 |
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).
The maximum property value is £4,000,000.
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 the notional interest rate below (whichever is applicable):
Product |
||
Notional interest rate
|
||
Fixed rate for less than five years or a variable rate |
5.5%
|
|
Fixed rate for five or more years |
4.5%
|
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:
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 underwriter's discretion.
The following are acceptable sources of deposit:
Unacceptable sources of deposit are:
Source of deposit (Residential)
Proof of deposit may be requested at our underwriter's discretion.
The following are acceptable sources of deposit:
Unacceptable sources of deposit are:
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: Private Residential Tenancy (Formerly 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 are not acceptable.
|
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 £90 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 and all requested documents have been received, the case will 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 |
£240 |
£440 |
Up to £75,000 |
£240 |
£440 |
Up to £100,000 |
£240 |
£440 |
Up to £150,000 |
£240 |
£440 |
Up to £200,000 |
£310 |
£550 |
Up to £250,000 |
£310 |
£550 |
Up to £350,000 |
£360 |
£630 |
Up to £500,000 |
£470 |
£790 |
Up to £750,000 |
£610 |
£990 |
Up to £1m |
£840 |
£1,255 |
Up to £1.5m |
£940 |
£1,490 |
Up to £2m |
£1,090 |
£1,940 |
Up to £2.5m |
£1,290 |
£2,390 |
Up to £3m |
£1,490 |
£2,690 |
Up to £3.5m |
£1,690 |
£3,090 |
Up to £4m |
£1,890 |
£3,390 |
The valuation fee is non-refundable once the valuation has been completed. We may choose to use an Automated Valuation Model (AVM) report in some instances. The report is for our sole use.
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 |
The valuation fee is non-refundable once the valuation has been completed.
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:
Vendor deposits
Vendor paid deposits for second-hand properties 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.
Valuation Appeal
Where an appeal against a valuation is requested we’ll need evidence of 3 transactions of similar properties (comparables) to be submitted within 14 working days from the date you were aware of the valuation.
Where appealing both rent and capital values, we’ll need 3 comparables for each.
These should be completed sales or lettings within the last 6 months of similar properties and locations, ideally in the same postcode. The following information will need to be provided for each comparable item*:
You may want to speak to your Business Development Manager for guidance if you are looking to challenge a valuation decision.
*We don’t accept links to web adverts. Estate Agent letters, automated valuations, details of unsold/unlet properties and previous Valuers’ opinions aren’t considered appropriate evidence and will not be considered.
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