extension of investment property interest only criteria

[TRipley]

Does anyone know if there are any specific criteria that the likes of BOI or AIB look for when granting extensions to interest only periods on investment properties. I'm guessing there must be some process or logic defining how extensions are granted.

Do they look at the investment property in isolation or in the wider context of other properties owned?

What characterisitcs do they look for? LTV, yield, etc,

thanks,

 

[TRipley]

any feedback to the query above - is there a magic LTV that once your below an extension to an existing interest only period will be granted?

 

[NorfBank]

any feedback to the query above - is there a magic LTV that once your below an extension to an existing interest only period will be granted?

Afraid not, nor are there any specifics that I know of. Granting an extension of an interest only period is strictly on a bank by bank and case by case basis.

[broken link removed]

 

[TRipley]

thanks NorfBank for feedback

 

[TRipley]

apparently the LTV requirements for interest only are 90% for PPRs and 80% for investment properties, but they also are looking for more general background info aswell including motivation for going interest only - as you say case by case assessment.

 

[kildon]

highly unlikely to extend the IO period unless your having difficulty paying the mortgage...they want as many mortgages paying principal and interest as possible