Your guide to Bank of Ireland for intermediaries

Why are mortgage brokers or intermediaries necessary when securing a loan to finance one’s dream house? Simple answer: they find the best mortgage deals based on their client’s specific goals and preferences by working with various mortgage providers. And after scouring the market for the most affordable rates possible, they apply for mortgages on their clients’ behalf.

Intermediaries who work with Bank of Ireland know how important it is to connect with mortgage lenders that are firmly established and built with integrity. This lender has been around for more than two centuries but has kept up with the times to stay ahead of the game. Bank of Ireland for intermediaries have numerous mortgage products that are guaranteed to fit every client’s unique needs.

In this article, Mortgage Introducer provides an overview of Bank of Ireland for intermediaries. We will help you get to know this mortgage lender and go over their background. We have also listed some of their flagship mortgage products. If you wish to check if your clients are eligible for their home loan offerings, you’re in luck – we will also shed light on the types of clients that they can accommodate.

Do you think that this might be the property loan provider that ticks all the boxes for your clients? Read on to find out.

Get to know Bank of Ireland for intermediaries

Bank of Ireland for intermediaries is the exclusive intermediary arm of Bank of Ireland UK. The latter is the trading name of Bank of Ireland UK plc. It is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA).

Bank of Ireland is a commercial bank that operates mostly in Ireland and the UK. It is one of the traditional Big Four Irish banks, the four main banks in the region. Bank of Ireland is also the oldest bank in continuous operation in Ireland, having been founded in 1783.

Products and services offered by Bank of Ireland for intermediaries

Like most mortgage lenders in the UK, Bank of Ireland for intermediaries offers the usual mortgage solutions available in the country. Here are some of their services for new and existing clients:

• Residential mortgage
• Buy to Let mortgage
• New Build mortgage
• First Start mortgage
• New Business mortgage
• Product Transfer mortgage
• Further Advance mortgage

Bank of Ireland for intermediaries’ Bespoke service

Bank of Ireland for intermediaries also offers their Bespoke service. It is their personalised and flexible service for good quality complex cases. So long as your client meets their five ‘golden rules’, an underwriter is guaranteed to individually assess their unique circumstances. This Bank of Ireland for intermediaries’ underwriter will take a common sense approach in evaluating your client’s case.

After that, you will simply wait for their decision. Here is Bank of Ireland for intermediaries’ golden rules for their Bespoke service:

• your client must pass their credit score
• your client must meet their minimum income and loan size requirements
• your client must meet their standard property criteria
• your client’s income to support the loan must be paid in GBP

Whatever the outcome, their Bespoke underwriter will let you know. In turn, you can have trust and confidence in their decision.

Bank of Ireland for intermediaries also offers up to 90% loan-to-value (LTV) ratio for residential mortgages and up to 75% LTV ratio for Buy to Let home loans.

Here are some of their Bespoke mortgage offerings:

• Bespoke Product Transfer Products
• Bespoke Further Advance Products
• Withdrawing Bespoke Products

Benefits of using Bank of Ireland for intermediaries’ Bespoke service

If you apply for mortgage using Bank of Ireland for intermediaries’ Bespoke service, you can expect consistency. They will also provide direct contact with one of their Bespoke underwriters who will look after your case from enquiry to offer.

Another benefit is the condition that if nothing changes from the information that you have provided, Bank of Ireland for intermediaries will honour the decision they make at the Agreement in Principle (AIP) stage. Bank of Ireland for intermediaries will also individually assess your client’s case. Other perks include:

• certainty and a trusted decision
• personalised approach
• soft credit footprint at AIP stage

Would you like to succeed in the mortgage industry like the top intermediaries in the UK? Having a strong relationship with trusted mortgage lenders like Bank of Ireland will help you get to the next level and excel as a mortgage broker.

Tools offered by Bank of Ireland for intermediaries

Bank of Ireland supports intermediaries by equipping them with tools that they can use for easier transactions. One example is their mortgage calculators. They have:

• Affordability calculator
• Buy to Let calculator
• First Start calculator

Bank of Ireland for intermediaries also provides access to their downloadable forms and guides for mortgage products such as:

• Bespoke Enquiry Form
• Buy to Let Top Slicing Form
• Data Capture Form
• New Property Details Form
• Tariff of Mortgage Charges
• Your Client's Guide to Legal Services

Types of clients allowed by Bank of Ireland for intermediaries

We have listed the types of clients permitted to file mortgage applications with Bank of Ireland for intermediaries:

1. existing customer
2. first time buyer
3. remortgaging applicants
4. Moving Home applicants
5. Buy to Let landlords

Let's go over each type of client served by Bank of Ireland for intermediaries:

1. Existing customer

This is for clients who already have existing mortgage deals with Bank of Ireland for intermediaries. They might want to change their interest rates or are in need of borrowing more funds to support their mortgage needs.

Product transfer for existing customers

If your client is already an existing customer under Bank of Ireland, they can apply for a product transfer if their account number starts with 80 and is ten digits long. They can also do so if the amount of their mortgage, terms, and repayment method will remain the same.

Here are other requirements set by Bank of Ireland for intermediaries for existing customers:

• the mortgage is outside any Early Repayment Charge (ERC) period, or has 6 months or less remaining on the ERC period
• your client is residing in the property, unless in the armed forces
• your client is not in arrears or in a concessionary period on their mortgage
• the remaining mortgage term exceeds the chosen product by at least 6 months

Finally, your client can apply for product transfer if they agree to only one offer and do not require a reevaluation of the property.

2. First time buyer

This is for aspiring home buyers who want to get on the property ladder. Bank of Ireland for intermediaries offers these perks for first time buyers:

• no product fee on selected rates
• up to 90% LTV ratio

3. Remortgaging applicants

The third type of client that Bank of Ireland for intermediaries will accommodate are those who have previous mortgage deals with another home loan provider. If they want to remortgage with Bank of Ireland for intermediaries, they can expect these perks:

• competitive rates for both fixed and variable rate mortgages
• fee saver deals available

Do you have clients who want to remortgage via Bank of Ireland for intermediaries? Know the basics of remortgaging by watching this video:

4. Moving Home applicants

Bank of Ireland for intermediaries will also accept mortgage applications from those who want to buy and move to another home. Here are some benefits that they can expect:

• competitive rates for both fixed and variable rate mortgages
• no product fee on selected rates
• up to 90% LTV ratio

5. Buy to Let landlords

Finally, portfolio landlords and first-time landlords who want to secure a Buy to Let mortgage with Bank of Ireland for intermediaries will also be allowed. Here are two of its benefits:

• up to 75% loan to value
• security of fixed rates

Does Bank of Ireland for intermediaries have remortgaging options?

Yes. Intermediaries with clients who want to remortgage can apply for this service with Bank of Ireland. They offer a range of features for remortgaging such as:

• no product fee to pay
• cashback paid to your client following completion
• Standard Valuation fee or legal fees paid by Bank of Ireland for intermediaries

Once you give this mortgage lender some basic information about your client, they will provide you with an initial AIP. This will confirm the amount that your client can borrow but it will not affect their credit score. This allows applicants to apply for a new mortgage with more competitive interest rates.

Sources of deposit

Bank of Ireland for intermediaries can request proof of deposit following their underwriter’s discretion. They will accept the following sources of deposit:

• equity from sale of property
• savings
• family gift
• inheritance
• capital raising on another property
• Forces Help to Buy

Unacceptable sources of deposit

On the other hand, Bank of Ireland for intermediaries will not accept any of these sources of deposit:

• personal loans
• funding from credit cards
• income from cryptocurrency trading
• vendor or builder cashback without additional minimum deposit from an acceptable source

Becoming an intermediary partner for Bank of Ireland

Considering what Bank of Ireland offers for intermediaries, you might want to evaluate whether becoming their partner is beneficial for your career. This move might not only enhance the service you provide to your current clients, but it can also help you attract new prospects.

Forming partnerships with reputable mortgage lenders like Bank of Ireland is a key strategy that successful intermediaries use to thrive in the country’s mortgage broking sector.

If you wish to look at other mortgage providers that have intermediary-only platforms, we have more resources for you to choose from. Check out some of our guides on lending institutions in the UK that are intermediary-centric and equipped with competitive mortgage products for your clients’ benefit:

• Your guide to Accord for intermediaries
• Your guide to Aldermore for intermediaries
• Your guide to Barclays for intermediaries
• Your guide to Coventry for intermediaries
• Your guide to HSBC for intermediaries
• Your guide to Kent Reliance for intermediaries
• Your guide to Leeds for intermediaries
• Your guide to Nationwide for intermediaries
• Your guide to NatWest for intermediaries
• Your guide to Skipton for intermediaries
• Your guide to Virgin for intermediaries
• Your guide to the Mortgage Works for intermediaries
• Your guide to the West Brom for intermediaries

Do you think that Bank of Ireland for intermediaries is the right lender for your clients? Why or why not? Tell us what you think in the comments section below