Product changes for Irish Permanent
The lender is putting the changes in place following extensive consultation with intermediaries.
_Loan-to-values lifted to 85% of £1m for buy-to-let.
_Rent cover reduced to 125% and based on monthly interest payments.
_Individual self-certification buy-to-let limit lifted to £500,000.
_Individual self-certification homeloan limit increased to £500,000.
_Removal of the 0.25% differential between capital-and-interest and interest-only Flexi Tracker mortgages.
_A special buy-to-let five-year fixed interest rate of 5.25%.
The new 125% rental cover limit is expected to lead to the acceptance of buy-to-let applications that were previously at the margin because of lower-than-expected rental yields in some areas. The removal of the extra quarter per cent interest on interest-only tracker mortgages means that both capital-and-interest and interest-only Flexi Trackers are available from 4.99% from the lender. And the lifting of LTVs up to 0.25% of £1m on buy-to-let will open the lender up to a wider range of clients than has so far been the case.