BoI denies it is to re-enter Irish mortgage broker market

Bank of Ireland has no plans to offer mortgages in Ireland through the broker market and will continue to focus on originating home loans itself.

The bank has restated its position following recent reports that it was planning to re-enter the broker market, having exited it in 2013 under the terms of its state aid restructuring agreement with the European Commission. This condition has since been lifted.

In a statement to The Irish Times, the lender said: “Bank of Ireland has a diverse offering for customers in the market for a mortgage tailored to suit their individual needs.

“This includes both our Cashback Plus offer, and our Mortgage Saver product which offers a 10 per cent bonus on savings for first-time buyers saving for a deposit. Bank of Ireland mortgage managers are also available at times to suit our customers, including during evenings and weekends.

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“The bank is focused on serving and building its own customer base and has no plans to re-enter the broker market in Ireland for the sale of mortgages.”

While Bank of Ireland uses intermediaries to sell mortgages in the UK, in Ireland it sources all of its home loans itself.

It is understood Bank of Ireland is not comfortable with what it considers to be a lack of transparency here around broker commissions.

Bank of Ireland has a near 21 per cent share of total mortgages in existence in Ireland and about 27 per cent of new business flow. It had sourced 15 per cent of its mortgages here from brokers prior to its agreement with the EU.