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Brokers report a rise in refinancing

  • 09/04/2002
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Bank of Ireland Mortgages has said the number of mortgage intermediaries' clients who require debt c...

Bank of Ireland Mortgages has said the number of mortgage intermediaries’ clients who require debt consolidation is increasing. In a poll of brokers, 62% said they saw the requirement for debt consolidation increasing, with only 15% of intermediaries reporting a decrease in enquiries.

One-third of those polled said debt consolidation comprised less than 10% of their business, but 16% said over half their business involved refinance.

When asked why clients wanted to refinance, 57% of intermediaries claimed it was for a lower rate, 13% said it was to repay all their debts with one loan and 35% of those who are refinancing debt also had savings.

Bank of Ireland Mortgages has responded to this research by launching a new product called ConsoliDebt. For clients with a clear credit history, the bank now offers loans up to 95% LTV.

Sheena Court, head of marketing for Bank of Ireland Mortgages, said: ‘Our brokers are meeting more clients in need of debt consolidation, so this launch is to meet their needs.’


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