Bank of Ireland widens UK Post Office proposition

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.

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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.