Bank of Ireland make changes to mortgage proposition

Jessica Nangle

April 1, 2020

bank of ireland (BoI)

Bank of Ireland UK has made several changes to its mortgage products to support its customers through the coronavirus outbreak.

The bank will continue to lend up to a maximum of 85% LTV across all new mortgages and further advances, but has introduced mortgage payment breaks of up to three months.

A key change is that all new business mortgage and further advance products above 85% LTV will be withdrawn from 5pm on 31 March 2020.

This will also affect products above 85% LTV provided by the Bank of Ireland UK through its partnership with the Post Office.

Pipeline cases and product transfers are unaffected by this change, and will continue to be processed as normal.

Ian McLaughlin, chief executive at Bank of Ireland UK, said:  “Bank of Ireland is committed to supporting customers through the COVID-19 pandemic.

“We have a range of supports in place, including mortgage payment breaks of up to three months across residential and buy-to-let mortgages.

“The safety and welfare of our colleagues and customers and the continuity of our services remains our priority.

“Our team will be contacting intermediaries to explain the current situation and to understand how they can support their customers.”

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