Bank of Ireland mortgages will be available through brokers for the first time in five years from November.
The bank exited the broker channel back in 2013 under the terms of its state aid restructuring agreement with the European Commission, but this condition has since been lifted.
The bank will pay brokers commission of about 1 per cent to sell its mortgages, which is in line with industry norms.
The proposition is being launched initially with 10 brokers based in the Dublin area, expanding beyond that on a phased basis through 2019.
Bank of Ireland’s intention to re-enter the broker market offering “increased choice for consumers” acquiring a mortgage through the broker channel was announced to the market in February.
The initial broker offering will provide the same product rates and offers as available through direct channels and will focus on owner occupiers for first time buyers, movers and switchers.
The broker proposition will not include equity release, tracker for mover, and buy to let products.
An experienced broker support team has been recruited, and will be led by Bank of Ireland head of mortgage intermediaries Donal Atkins with Sara Kelly as broker relationship manager.
Brokers will use the bank’s online mortgage application system Rome, which supports the bank’s UK broker channel.
Degree of choice
Bank of Ireland head of products John O’Beirne said the move would provide consumers with a greater degree of choice.
“We announced in February that we intended to re-enter the Irish mortgage broker market later this year,” he said.
“This plan has progressed well and we will recommence offering mortgages through brokers from November. This will further support growth in our mortgage business and offer greater choice for consumers who choose the broker channel.
“As announced previously, we are initially partnering with a select number of brokers in the Dublin region, expanding to other regions across Ireland on a phased basis next year.
“We are delivering a leading digital origination system for brokers by leveraging our award-winning UK platform.”
The broker mortgages will be provided under the brand: “The Mortgage Store – powered by Bank of Ireland”.
