View more on these topics

BoI borrowers urged to look for new deal

Brokers are urging the 14,000 Bank of Ireland standard variable-rate mortgage customers affected by the sale of its £1.1bn loanbook to Nationwide to consider remortgaging with a different lender.

Nationwide acquired part of BoI’s UK residential mortgage book last month. BoI borrowers on standard variable rates could face significant rate rises as a result of the deal.

The deal will see 14,000 BoI customers transfer to Nationwide subsidiary The Mortgage Works in December.

BoI’s SVR is 2.99 per cent while TMW’s is 4.79 per cent. BOI customers will continue to be charged their current rates as part of a “temporary concession” but Nationwide says it retains the right to withdraw this concession and amend the SVR. The mortgages are all in England, Scotland and Wales, with an average LTV of around 50 per cent.

Chadney Bulgin mortgage partner Jonathan Clark says: “It would be disgraceful of Nationwide to amend the SVR for BoI borrowers. It throws brokers a lifeline though as there are potentially a lot of customers on an SVR that will want to remortgage. Clients would be daft not to look around.”

Lentune Mortgage Consultancy director Stuart Gregory says: “BoI borrowers on an SVR should start to look elsewhere. My main concern is that people do not get any nasty surprises.”



Sesame appoints George Higginson as chief exec

Sesame Bankhall Group has promoted chief operating officer George Higginson to the position of chief executive. Ivan Martin will continue in his role as executive chairman and will work with Higginson (pictured) to provide oversight on group activities. Higginson will take on greater responsibility for regulatory and operational activity. Risk director Michael Couzens and director […]


Variations on a theme

Five main themes help to keep pace with a seeming grand old duke marching funds up the hill and down again

TSC wants veto over BoE governor

The Treasury select committee has called for a veto over the appointment and dismissal of the governor of the Bank of England. The committee made the call in its report into the accountability of the Bank, published this week. The TSC was given the power of veto over the head of the Office for Budget […]

Iain Chadwick

The Budget 2015: a brief overview

Following George Osborne’s delivery of his sixth Budget as chancellor and the last of this current parliament, we have provided a brief overview of the initiatives put forward in his statement, focusing on the topics that have an impact upon the pensions landscape, savings, personal taxation and businesses.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm