Increased mortgage lending for Bank of Ireland UK as it rolls out new mortgage customer propositions
- New residential mortgage lending of £3.6bn, compared to £3.3bn in 2018 (up 9%)
- New paperless mortgages for new and existing customers
- Expansion of Bespoke mortgages to intermediaries and branches across Northern Ireland
Bank of Ireland UK plc has today reported an increase in new mortgage lending in 2019.
2019 mortgage highlights
- Growth in residential mortgage loan book to £16.6bn, up 4.4% on 2018 (£15.9bn)
- Increased customer retention by 52% from £1bn to £1.5bn in 2019
- Supported c.17,000 new customers to buy their own homes
- Launched a new mortgage customer online portal
In addition to today’s results, the Bank has announced a range of new mortgage customer propositions:
Bespoke launch in Northern Ireland: Following the successful launch of the Bank’s new Bespoke mortgage customer proposition in 2019, the Bank has announced its roll-out to intermediaries in Northern Ireland. Going forward, there are plans to expand the distribution of Bespoke further across the UK, with the ambition to reach almost 2,000 brokers by the end of 2020.
Bespoke is focused on helping customers who may not meet the traditional lending criteria – for example because they have non-standard incomes, meaning their mortgage options may be more limited.
Paperless mortgages: Customers can now complete their mortgage journey via the online portal. Available to both direct customers and to brokers across Bank of Ireland UK and Post Office for Intermediaries, the process allows customers to securely submit documents online, review documents through the customer hub and accept offers without waiting for anything through the post.
In addition to reducing the time for documentation and transactions, the Bank estimates the new process will allow it to remove around two million pieces of paper each year.
Ian McLaughlin, CEO, Bank of Ireland UK,
“We are delighted to see continued growth in our mortgage book at a time when the mortgage market is highly competitive. We have made good progress in delivering our mortgage strategy to pivot more towards niche mortgage segments, whilst optimising our volumes in mainstream mortgages.
“We’re particularly proud of the early success of our Bespoke service, launched last year. This tailored underwriting service to Brokers in Northern Ireland will help even more people get on the property ladder, upsize to a bigger home or simply purchase their dream home.”
The launch of paperless mortgages continues to enhance our proposition. This innovation will make the process of buying a new home much simpler, easier and faster for our customers. There are significant benefits, not only in terms of speed and security, but also eliminating up to 2 million pieces of paper a year.”
Notes to Editors
Bank of Ireland has supported customers in the UK for over 40 years, and employs c.1,800 employees
Bank of Ireland operates primarily in the UK through its wholly owned and separately incorporated subsidiary, Bank of Ireland (UK) plc, which is authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Separately capitalised and self – funded business within the Bank of Ireland Group
Supporting c.2.5 million customers, Bank of Ireland UK plc comprises:
- An established financial services partnership and foreign exchange joint venture (FRES) with the Post Office.
- A long term partnership with the AA, which brings competitive financial services products to nearly 3 million AA members
- A successful UK Mortgage business
- A growing UK car, asset finance and leasing business, under the Northridge Finance and Marshall Leasing brands
- A full service retail and commercial bank in Northern Ireland
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