Bank of Ireland update on additional support for mortgage customers

27 April 2020

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Bank of Ireland UK is committed to supporting the mortgage intermediary market through the COVID-19 pandemic and is today announcing a range of additional supports for mortgage customers.

Product transfer during a payment break: Customers can complete a product transfer while on a payment break. This can be done by brokers contacting the Bank directly.  Illustrations and offers will then be emailed to the broker, and customers can sign electronically, speeding up the process and eliminating the need to put anything in the post.

Offer extensions: To help home movers impacted by COVID-19, the Bank will give customers who have exchanged contracts the option to extend their mortgage offer for up to three months if it is in the customer’s best interest, enabling them to move at a later date.. Either a customer or their broker can complete the request form and both (as well as the Solicitor) will receive a confirmation letter when processed.

Approach to furloughed workers: The Bank is accepting applications from customers who are currently, or expect to be, furloughed. In this circumstance, the broker just needs to supply the Bank with information about the terms of the furlough.  Assessment of income will be based on:

  • 80% of basic salary up to a maximum of £2,500pm (£30k p.a.); or
  • 100% of basic salary where the employer is topping up the furloughed amount – subject to evidence being provided
  • Variable income for furloughed customers – i.e. bonus/overtime/dividend etc. will be excluded.

Bank of Ireland UK continues to lend up to a maximum of 85% loan-to-value (LTV) across all new residential mortgages and further advances (75% on BTL). Desktop valuations also remain in place.

Iain Smith, Head of Intermediaries, Bank of Ireland UK: "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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Changes to our criteria

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We’ve made some temporary changes to our criteria, so we can continue to lend responsibly. Please see our Covid-19 page for more details.