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Bank of Ireland UK has reported a 9% increase in new mortgage lending in 2019 to £3.6bn, up from £3.3bn the year before.

This takes its residential mortgage loan book to £16.6bn, a rise of 4.4% from £15.9bn in 2018.

The bank has increased customer retention by 52% from £1bn to £1.5bn in 2019 helping around 17,000 new customers to buy their own homes.

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Bespoke in Northern Ireland

Bank of Ireland UK launched a Bespoke mortgage customer proposition in 2019 in Northern Ireland, which is now being rolled out to intermediaries.

Bespoke is focused on helping customers who may not meet the traditional lending criteria – for example because they have non-standard incomes, meaning their mortgage options may be more limited.

Going forward, distribution of Bespoke will be expanded further across the UK, with the ambition to reach almost 2,000 brokers by the end of 2020.

Paperless mortgages

Customers can now complete their mortgage journey via an online portal removing the need for paper documentation.

Available to both direct customers and to brokers across Bank of Ireland UK and Post Office for Intermediaries, the process allows customers to securely submit documents online, review documents through the customer hub and accept offers without waiting for anything through the post.

The bank estimates the new process will allow it to remove around two million pieces of paper each year.

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Ian McLaughlin, CEO, Bank of Ireland UK, commented: “We are delighted to see continued growth in our mortgage book at a time when the mortgage market is highly competitive. We have made good progress in delivering our mortgage strategy to pivot more towards niche mortgage segments, whilst optimising our volumes in mainstream mortgages.

“We’re particularly proud of the early success of our Bespoke service, launched last year. This tailored underwriting service to brokers in Northern Ireland will help even more people get on the property ladder, upsize to a bigger home or simply purchase their dream home.

“The launch of paperless mortgages continues to enhance our proposition. This innovation will make the process of buying a new home much simpler, easier and faster for our customers. There are significant benefits, not only in terms of speed and security, but also eliminating up to two million pieces of paper a year.”

By Joanne Atkin

Source: Mortgage Finance Gazette

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