Application for loan of £1,800,000 at 75% LTV

  • The applicant held a senior position in a large bank and was paid a large income as well as bonuses. The size of loan they wanted wouldn’t have been possible under our standard loan terms.
  • When reviewing the case we were happy to include the average of 100% of their bonuses during the previous two years as part of the total assessable income, even though the bonuses varied each year. This was due to the applicant’s track record of bonuses at a similar level in previous years, demonstrating a sustainable source of income.

Application for loan of £1,600,000 at 75% LTV

  • The applicant was not selling their current property as part of the purchase of their new property. They intended to rent it out and they had experience of letting properties. The size of loan they wanted wouldn’t have been possible under our standard loan terms as the mortgage payments on the unsold property would be deducted as part the affordability assessment.
  • When reviewing the case we received satisfactory confirmation of the achievable rent for the current property. By assessing the affordability of the proposed loan by using our discretion on the outgoings as well as taking into account the property letting experience we were able to ignore the mortgage payments on the unsold property.

Application for loan of £1,295,000 at 85% LTV

  • One of the applicants owned and ran a successful insurance company. They had decided to pay themselves low dividends and the keep cash in the company bank account.
  • When reviewing the case we were able to use the average of the last two years’ net profit after tax (NPAT) and latest salary to achieve the loan amount required.
  • Due to their excellent affordability status of the applicants, we were able to apply a loan to income multiple of 5x their combined incomes.

Application for loan of £1,249,500 at 85% LTV

  • One of the applicants had only recently become self-employed; less than two years ago. Their company was in the same industry they had previously been employed in.
  • When asked they were able to provide evidence that the company was performing well, even though it was relatively new. We therefore used one year’s finalised accounts and the latest year’s NPAT and salary for our income assessment to achieve the loan amount required.

Application for loan of £1,100,000 at 85% LTV

  • One of the applicants had been a self-employed medical professional for 20 years and the other was a senior civil servant. The applicants’ profiles were strong as they had a combined income of c£350,000 as well as other assets including two BTL properties. The applicants wanted a part repayment and part interest only mortgage.
  • We agreed to lend 50% LTV on the interest only part and the remainder on capital and interest.

For enquiries to be considered they must meet the below requirements:

  • One applicant must have a minimum income of £40,000
  • Applications up to 90% ltv considered
  • Applicants must fit our clean credit profile
  • Must be applicants main residential home (help to buy scheme excluded)
  • Minimum loan size £150k
  • Applicants must be paid in GBP
  • The property must fit our standard property criteria
  • The deal mustn’t exceed 5 x loan to income

 

We can also consider cases outside of our normal loan to value limits:

  • 90% – £1.5m
  • 85% – £2m
  • 80% – £2.25m
  • 75% – £2.5m
  • 60% – £2.5m

To access Bespoke cases must be discussed with your BDM first. They can provide details on then how to proceed to a Bespoke AIP. https://www.bankofireland4intermediaries.co.uk/find-your-bdm/