Bank of Ireland UK said it will continue to lend up to a maximum of 85% loan-to-value (LTV) across all new residential mortgages and desktop valuations also remain in place, during the coronavirus pandemic.
The bank is still accepting applications from customers who are currently - or expect to be - furloughed.
In this circumstance, the customer needs to supply the bank with information about the terms of the furlough. Assessment of income will be based on:
• 80% of basic salary up to a maximum of £2,500 per month (£30,000 per annum); or
• 100% of basic salary where the employer is topping up the furloughed amount – subject to evidence being provided
• Variable income for furloughed customers – i.e. bonus/overtime/dividend etc. will be excluded
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The bank will also give customers who have exchanged contracts the option to extend their mortgage offer for up to three months if it “is in the customer’s best interest”, enabling them to move at a later date.
A customer can complete an Extension request form - available on the Bank’s website - and they and their Solicitor will receive a confirmation letter when processed.
This package of additional support from Bank of Ireland UK is also available to people who choose to go to local mortgage brokers.
William Thompson, Head of Consumer Banking NI said: "We are committed to supporting our mortgage customers during these unprecedented times. The safety and welfare of our colleagues and customers and the continuity of our services remains our top priority.
"We’d encourage all customers to keep visiting our Bank of Ireland UK Covid-19 Customer Hub to keep up to date with the latest information and full range of supports we have put in place to support our personal and business customers”.
Iain Smith, Head of Intermediaries added: "We're continuing to work very closely with brokers and be there for them during these difficult times. Our Business Development Managers will be contacting intermediaries to explain how we can support them and their customers”.
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Source: Written from press release
