Bank of Ireland moves back into UK broker market

Bank of Ireland launched a pilot move back into the UK mortgage broker market yesterday (1 December), with a view to a wider intermediary roll-out throughout 2015.

Following the successful launch of Bank of Ireland for Intermediaries in Northern Ireland, the pilot has moved to the UK, through three estate agencies within the LSL Group; Reeds Rains, Your Move and Embrace Mortgage Services.

Alison Pallett, director of sales at Bank of Ireland UK Mortgages, also mentioned an earlier partnership with Post Office for Intermediaries in the UK.

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“We aim to offer intermediaries greater choice for their customers, including mover, first time buyer, refinancing and Buy to Let products, all backed by Bank of Ireland’s long standing mortgage expertise.”

The bank has not distributed via intermediaries since the start of January 2009, when it stopped selling products through former subsidiary Bristol and West.

The move follows HSBC’s decision at the start of October to begin offering its mortgages through brokers, initially in partnership with Countrywide Mortgage Services.

Furthermore, in May last year, the Bank of Ireland U-turned on a potential rate rise that would have affected 13,500 customers. However, 12,300 customers still were forced to pay the increased rate.

In February 2013, the Bank of Ireland UK wrote to 13,500 mortgage customers to tell them their base rate tracking mortgage would increase from Bank of England base rate plus 1.75 per cent to plus 4.49 per cent on 1 May.