Something many people don’t know is that Bank of Ireland are not allowed to distribute through brokers for another few years.
This means they are being locked out of one of the most dynamic channels in the market. Equally, they were paring back on ICS which recently sold.
They had often complained that it was ‘too expensive’ to pay brokers procurement fees, but now they are willing to pay customers even more than they paid brokers! This is because they are losing out to better offerings through better advice channels.
There is no other way for them to compete at present without literally paying for the business and we take that as a huge compliment, it also shows up the inherent contradiction in their past claims of brokers being ‘too expensive’, clearly in comparison they are not.
Lastly, they don’t pay your stamp duty, they pay the 1% of the loan amount, the idea that it pays your stamp is merely branding, it could go towards anything including a day at the races.