Bank of Ireland Mortgages launch professional buy to let

Bank of Ireland Mortgages (BIM) is expanding into the Professional Buy to Let (BTL) mortgage market.

BIM's new products are available to experienced landlords who already have five or more Buy to Let properties with any lender. The portfolio limit is extended up to £20m, rather than the £2.5m limit that remains in place for borrowers with less than five properties. There is no limit to the number of properties that a landlord can own within their portfolio.

Key features of the products are?

£20m portfolio limit

No restriction on the number of properties

Max individual loan - 85% to £1m or 75% to £2m, expansion of property type to include Ex Local Authority flats (min value £90k), and Holiday lets are now accepted - Rental yield based on 50% of actual annual rental income, with no need to take account of seasonality.

All of the Professional BTL mortgages will be processed via a dedicated team of expert underwriters. The product will be available at BIM's standard Buy to Let pricing, with no rate loading, and utilises BIM's standard rental yield calculations, allowing brokers to use 100% rental cover on fixed rates of 3 years or more.

Holiday Let properties will be accepted on specific products and will use a different rental yield calculation, with 50% of the actual or projected rental income taken into account.

Ian Bates, Head of Marketing, Bank of Ireland Mortgages, said: "By understanding the needs of the professional property investor, we have devised a range of products which will help landlords consolidate and expand their portfolios. Combined with dedicated underwriting and our excellent service reputation, brokers can be confident in recommending us to their experienced Buy to Let clients."