Bank of Ireland UK announces strong growth in niche mortgage lending as its application journey goes fully digital
Bank of Ireland UK has today reported strong growth in niche mortgage lending for 2020, as the Bank successfully pivots towards mortgage segments where its mortgage propositions and expertise are adding most value to mortgage intermediaries.
2020 mortgage highlights
- Growth in Bespoke mortgage lending, with c.£0.6 billion lending since launch in 2019;
- New gross lending of £3.1 billion, reflecting new focus on certain niche segments, whist improving returns and maintaining lending quality;
- Continued investment in mortgage platforms – with fully digital application journey and application to offer time reduced by four days.
Supporting customers and intermediaries
- Over 23,000 mortgage payment breaks, helping customers affected by Covid-19 pandemic;
- Best Large Loan Lender at the Mortgage Strategy Awards;
- Continued to offer a full range of mortgages throughout 2020.
George Higginson, UK Mortgages Director, Bank of Ireland UK,
“2020 has been an extraordinary year for the Bank, customers, intermediaries and colleagues. We held our focus on improving the customer experience we provide, supported our customers through COVID-19 and enhanced our relationships with our key brokers and partners. I want to thank my colleagues whose agility and commitment enabled us to be there continuously for our customers and intermediaries throughout the last year”
“There have been challenges across the mortgage market and like other lenders, we provided over 23,000 mortgage payment breaks to support customers through the Covid-19 pandemic. I am proud that Bank of Ireland continued to offer a full range of mortgages throughout the year providing intermediaries with certainty and continued service delivery.
“For 2021, in light of the vaccine rollout, improving economic conditions and extension of government support schemes, we expect a busy year of mortgage activity. We believe intermediaries will remain the bedrock of mortgage activity and will continue to have a strong supportive influence where, in partnership with ourselves, we can help borrowers’ whose circumstances require an expert knowledge of lending criteria and product offerings.
“For Bank of Ireland, we continue to have great success with our Bespoke proposition. The positive feedback from the broker market has been very encouraging and confirms there is a need for a lender to take an individual underwriting approach. We look forward to continue working and strengthening our relationships with brokers right across the UK.”