The consultation, which closes at the end of July, will reduce the field sales team from 17 to 12, a BOI spokesperson said.
“Colleagues will have the option to be redeployed within the bank or apply for voluntary parting,” it said.
Iain Smith head of intermediaries at the bank was approached but declined to comment.
The statement said: “We can confirm that we are consulting with a number of colleagues on changes within our mortgage business as we successfully pivot towards mortgage segments where our propositions and expertise add most value to mortgage intermediaries, including our bespoke mortgage proposition.”
The bank has confirmed closure of its Post Office for Intermediaries brand to new applications on 9 July and all applications must be fully-submitted and any outstanding Agreements in Principle converted to full applications by this date.
The lender said all new business would be sold through the Bank of Ireland for Intermediaries channel.
The bank confirmed cases submitted before this date will still have proc fees paid.
The Post Office will continue to offer mortgages through its direct channels.
The bank said the move would make it ‘simpler and easier’ for brokers to do business with it.
“Since late 2019 our strategy [has been] to achieve growth in niche mortgage lending where our mortgage propositions and expertise can add most value to mortgage intermediaries.
“As at 30 March 2021, we achieved growth of £0.6bn in bespoke mortgage lending since its launch in 2019.”
In April 2018, Bank of Ireland launched the Post office for Intermediaries brand to sit alongside Bank of Ireland for Intermediaries and launched two intergenerational products to offer a solution to first-time buyers and also solve the later life lending conundrum.
Last week, the Irish government launched a ‘phased exit’ of its 13.9 per cent stake in Bank of Ireland owned since the credit crunch bailout over the next six months, worth roughly £676m at current market valuation.
