Bank of Ireland UK and its Post Office partnership have moved this week to widen their distribution footprint for brokers and launch new mortgage products aimed at first-time buyers and retirees.
The UK division has started communicating with brokers asking them to re-register with its Post Office for Intermediaries business to gain access to its products in a move that is aimed at making this the group’s most dominant home-loans brand by the summer.
In addition, Bank of Ireland UK and the Post Office have launched a new mortgage product for first-time buyers where they can raise a 10 per cent deposit against a close relative’s property.
“This allows a parent, who may not want or have enough money to give a deposit, to help their child buy their first home,” the two firms said in a joint statement.
Retirees
Another new product will allow retirees to take out a mortgage and use a portion of their pension to help fund it. This will have capital and repayment or interest-only options, with customers able to borrow up to £500,000.
Interest-only customers can borrow up to 30 per cent loan-to-value (LTV) up to the age of 80, while capital and repayment customers can borrow up to 50 per cent LTV up to age 90.
