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Bank of Ireland moves product transfers online including term reductions

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  • 14/08/2019
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Bank of Ireland moves product transfers online including term reductions
Bank of Ireland has made its product transfer (PT) process fully online and brokers can reduce their client's term during any transaction.

 

The lender has introduced additional flexibility as part of the overhaul of its broker portal and has also added a fresh set of residential and buy-to-let products.

Available through Post Office for Intermediaries and Bank of Ireland for Intermediaries, the lender said improvements to the product switching service allow brokers to submit and view transfers online in minutes.

It applies across all residential, remortgage and buy-to-let products, with brokers able to introduce new customers as well as completing product transfers.

The lender told Mortgage Solutions that it had made the changes based upon feedback from brokers, adding: “We have essentially moved the journey from an offline, paper-based process to one which brokers can conduct online as they would for new business applications.

“This makes it easier and quicker for brokers to complete an existing customer’s product transfer, saving them considerable time and effort.

“There is also additional functionality allowing brokers to reduce the term of the customer’s mortgage at the same time as applying for a PT.”

 

No fee options available

It said the new range was “competitively priced over two, three and five years available for both existing residential and buy-to-let products with no fee options as part of the range”.

Head of intermediaries Iain Smith (pictured), said the lender was excited to announce the improvements to its service.

“Bank of Ireland UK is committed to working with brokers to listen to their feedback and make their lives easier,” he said.

“This latest online feature is just one of several updates we’ve made to our online systems and services to save brokers time and make it easy for us to do business together in the future.”

 

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