Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

Bank of Ireland Expands JBSP Mortgage Criteria for Remortgages

Bank of Ireland for Intermediaries has updated its joint borrower sole proprietor (JBSP) mortgage criteria. The changes include a higher maximum loan size, an increased age limit for guarantors, and the inclusion of remortgages in the JBSP offering.

The maximum loan size for JBSP mortgages has been raised to £15 million. Additionally, the upper age limit for customers joining the application to support mortgage affordability has been extended to 80 years old when selecting a repayment product. JBSP deals are available on an interest-only or part and part basis.

The expanded criteria now allow remortgaging borrowers to use a JBSP arrangement. This can be used to fund additional renovations or to refinance following changes in family circumstances, such as separation or divorce.

These updates may be relevant to letting agents and inventory clerks who work with clients seeking flexible mortgage solutions, particularly in cases involving family changes or property renovations.