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Bank of Ireland expands Post Office distribution

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Bank of Ireland UK is widening the distribution of its Post Office for Intermediaries arm.

The expansion will see Post Office for Intermediaries products offered to large distributors and networks by the end of June.

The firm currently only distributes through Legal & General Mortgage Club.

Post Office will partly use its widened distribution to sell two new products.

One is Post Office Family Link, to help children get onto the housing ladder.

Family Link lets customers raise a 10 per cent deposit against a close relative’s unencumbered property.

The second is Post Office Retirement Link.

Retirement Link lets retired customers take out a capital repayment or interest-only residential mortgage and use part of their pension to fund it.

The maximum loan is £500,000. The interest-only option has a maximum LTV of 30 per cent up to age 80. Both options have a maximum LTV of 50 per cent up to the age of 90.

Post Office chief executive of financial services and telecoms Owen Woodley says: “The launch of these two new products will help customers to enjoy and make the most of their lives by solving the very real challenges we know they’re facing today.

“Furthermore, by working with mortgage intermediaries, we’ll be able to offer potential and existing UK home owners greater access to Post Office Mortgages.”

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  • Graham Kennedy 10th April 2018 at 11:12 am

    I will wait to see if they are available to Directly Authorised Intermediaries before I get too excited.