Bank of Ireland introduces additional supports for mortgage customers

Jessica Bird

April 24, 2020

bank of ireland (BoI)

As part of its approach to helping the mortgage intermediary market through the COVID-19 crisis, the Bank of Ireland has introduced a range of additional supports for mortgage customers.

Customers will be able to complete a product transfer while on a payment break.

Brokers can do this by contacting the bank directly, after which illustrations and offers will be emailed to the broker, and customers can sign electronically.

To help homeowners impacted by the pandemic, customers who have exchanged contracts will have the option to extend their mortgage offer for up to three months if it is in their best interest, enabling them to move at a later date.

Either a customer or broker can complete the request form, and both they and the solicitor will receive a confirmation letter when processed.

The bank is accepting applications from customers who currently are, or expect to be, furloughed.

In this circumstance, the brokers needs to supply the bank with information regarding the terms of the furlough.

Assessment of income will be based on 80% of basic salary up to a maximum of £30,000 per annum or 100% of basic salary where the employer is topping up the furloughed amount subject to evidence being supplied.

Variable income, including bonuses, overtime and dividends, will be excluded for furloughed employees.

The Bank of Ireland UK continues to lend up to a maximum of 85% loan-to-value ratio (LTV) across all new residential mortgages and further advances, and 75% LTV on buy-to-let.

Desktop valuations also remain in place.

Iain Smith, head of intermediaries at Bank of Ireland UK, said: “We’re continuing to work very closely with brokers and be there for them during these unprecedented times.

“The continuity of our services remains our top priority, and our business development managers will be contacting intermediaries to explain how we can support them and their customers”.

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