Bank of Ireland Mortgages expands buy to let offering

Bank of Ireland Mortgages (BIM) will further expand its Professional Buy to Let proposition by adding a range of Light Refurbishment products.

BIM's new products are available to experienced residential investors with a two year track record as a property developer or landlord. They provide up to 85% of the initial purchase price and hold a retention before releasing up to 85% of the after works value, upon completion of the proposed refurbishment. The maximum light refurbishment element is restricted to 10% of the property value. Rental cover is based upon the after works rental valuation.

A choice of products is available, including a competitive 3 year fixed rate which uses rental yield coverage of 100% of the pay rate. Alternatively a 2 year tracker product is available which includes an option to switch to selected fixed rates from BIM's Professional Buy to Let range, upon completion of the improvements and release of the retained funds.

The Light Refurbishment loans will be processed by BIM's team of expert underwriters, formed to process the lender's Professional Buy to Let business, which already offers terms for portfolios up to £20m, large loans and holiday lets.

Ian Bates, Head of Marketing, Bank of Ireland Mortgages, said: "The response to our Professional Buy to Let proposition has been excellent, and feedback from our brokers shows that demand for a product that allows experienced landlords to purchase, lightly refurbish and then let to a property's true rental potential clearly exists. We want to assist landlords in expanding their portfolios whilst maximising rental yields that are available. The combination of this criteria, with dedicated underwriting and our excellent service reputation, makes Bank of Ireland Mortgages a safe home for brokers' key buy to let clients."