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Irish Permanent Buy to Let Mortgages
If you are a UK landlord, or are planning to invest in buy to let property, it's a good idea to make yourself familiar with the buy to let mortgage programs available from Irish Permanent International. Irish Permanent International was formed when Irish Permanent plc and Irish Life plc merged in 1999. This merger brought together the largest mortgage lender and biggest insurance provider in Ireland.
Irish Permanent International has a major presence in the UK, as well as throughout many other parts of the world. In Ireland alone, Irish Permanent International has more than one million customers. The company's history goes all the way back to 1892, when Irish Permanent began serving the banking needs of customers with both loans and savings accounts.
The company funds a wide variety of mortgages, for many different types of borrowers. In addition to providing buy to let loans for UK properties, Irish Permanent also makes loans for buy to let properties in Ireland and on the Isle of Man. For properties in the UK, Irish Permanent will fund up to 80 percent of property value, with a maximum loan amount of up to £750,000.
The international lender's buy to let mortgage options include both fixed and tracker loans. When determining affordability, the bank will look at monthly rental income expectations. For UK rental property, the lender requires that rental income be 25 percent greater than the mortgage payment. The bank utilises the services of its own valuer to confirm realistic rental income expectations.
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