Nationwide buys Bank of Ireland mortgage portfolio
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Nationwide Building Society has acquired part of Bank of Ireland’s UK residential mortgage portfolio.
The £1.1bn deal will see over 14,000 Bank of Ireland mortgage customers transfer to Nationwide’s subsidiary, The Mortgage Works, in December 2011.
The mortgages are all in England, Scotland and Wales, with an average LTV of approximately 50% and at the time of the deal, none of the accounts are in arrears.
Graham Beale, chief executive of Nationwide, says: “This is excellent news for Nationwide and for our customers. We have acquired a high quality portfolio of low-risk mortgages with an impressive LTV ratio that brings real value to the society.”
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Readers' comments (9)
Avenue & Co Private Finance | 17 Oct 2011 6:20 pm
Surely not good news for those existing BOI borrowers on a SVR of 2.99% - TMW SVR is a shocking 4.79%!
Can anyone shed more light on this??
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Anonymous | 28 Oct 2011 3:35 pm
My thoughts exactly. If I'd wanted to have a residential mortgage with a specialist but-to-let broker I'd have done that. But I didn't, because it's ridiculous!
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Anonymous | 11 Dec 2011 10:30 pm
Totally done over! That's what I've been. How can it be legal for them just to change the rate on which it's based? It discriminates against me as if I'd been a 'bad risk' I'd have been left with BoI on the better rate!
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Anonymous | 16 Dec 2011 8:57 pm
14000 of us should pay what we was paying to boi see how nationwide handle 14000 mortgages in arrears brought about by themselves
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Anonymous | 21 Dec 2011 11:05 am
is there anything we can do except switch ?
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Anonymous | 16 Feb 2012 4:11 pm
All former Bank of Ireland customers should be warned that I was told by a Mortgage Works employee that contrary to what the Nationwide have said in the press, the full rate hike is going to be applied from the April payments and is NOT going to be on an incremental basis as widely reported. Expect your letters in March giving the required 30 day notice.
Totally totally disgusting the way this move has been handled, more money in the coffers of the Nationwide and never mind the hardship this interest rate hike will cause hardworking people.
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Anonymous | 20 Feb 2012 11:53 am
Would it have not been far more beneficial for the market and wider economy if Natiowide had just lent £1 Billion in new mortgages? Or is my simple minded approach too much like common sense??
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Patrick Maddock | 21 Feb 2012 2:57 pm
A total con,one thing for sure in this world is your never better off!.Going to pay my mortgage off now and save myself some serious interest.Better in my pocket than theirs.I suggest everyone if possible moves to a cheaper provider.
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dean | 7 Mar 2012 11:31 am
I have this morning received a letter to confirm the increase in mortgage interest rates in two stages.
This is the first I have heard and only have a couple of months to absorb the first hike.
We have very little equity - in fact I would say we are close to negative equity, I have found myself off sick through injury and unable to return to work for over 9 months, we have two young children and my wife only works 16 hours per week.
We have very little chance of getting another mortgage and thus are at serious risk of losing our home.
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