1. A phased roll-out
The Bank of Ireland plans to widen distribution via selected intermediaries in a measured way during 2015. It says a phased rollout will enable it to maintain high service standards.
2. Product development
Products offered by intermediaries will cover both residential and buy-to-let. The bank plans to engage with its intermediary partners to help develop the product proposition over time and in a way that supports its growth plans.
3. Focus on intermediaries
The Bank of Ireland says it doesn’t have the same issue that many other lenders have with regards to supporting their branches. Its focus will be on establishing the bank with intermediaries in a supportive and transparent way.
4. Procuration fees
Gross procuration fees will be 0.40% for standard residential products and 0.50% for buy-to-let.
5. Support for brokers
The Bank of Ireland has a sales team consisting of 10 corporate account managers and eight telephone account managers. In addition it also has a sales support team and a dedicated intermediary enquiry team to handle a wide range of enquiries from intermediaries.
6. Service commitments
Although it hasn’t quantified timeframes from application to offer or call-waiting time targets, the Bank of Ireland has promised to deliver “a new mortgage platform that will transform intermediaries’ experience in mortgage management.”
7. Approach
The bank plans to offer simple and transparent products, which are competitively priced. Beyond that it says it “offers a pragmatic approach for good quality cases with tailored underwriting”.
8. Choice
The Bank of Ireland plans to fully engage with its intermediary partners to help develop the product proposition over time and aims to be a lender offering greater choice for intermediaries and their clients.
