Home Is Where The Heart Is

Over the past number of years AIB’s mortgage offering has gone from strength to strength as the bank embedded the homes sector at the heart of its business strategy. This focus is set to deepen in 2023 as AIB continues to support the development of sustainable communities and the homes that make up those communities.

The property market has of course faced challenges in recent times. The ill-fated mini budget in October 2022 impacted interest rates, while the ongoing cost of living crisis is having a knock-on effect on those saving for a deposit. The latest analysis from the House Price Index, compiled by Land and Property Services, predicts that the impact of these challenges in 2023 will be a downward pressure on demand.

Against this backdrop, we caught up with Roisin Keenan, AIB’s Head of Homes in Northern Ireland, to find out how the bank is supporting current and new customers after a tumultuous year for the property market.

Proactive Partners

“Where and how we live is a key part of how we as a bank can support the development of sustainable communities,” explains Roisin. “The Homes team at AIB is committed to helping customers achieve their dreams and ambitions – we want to see you settled in your home as quickly as you do!”

To do this, Roisin says the bank adopts a proactive partnership approach; they anticipate what customers might need and make sure their products and services reflect these needs and desires.

“We pride ourselves on providing practical, hands-on support and advice. This includes digital tools to help you budget, guides on understanding rates, as well as easy to understand product information on our mortgages range. Our budget support tools, checklist guides and mortgage information are easy to understand and very accessible. We also proactively contact customers who are coming to the end of their fixed rate or variable deals to talk through options.”

Roisin says this support extends to how the bank cares for those who might be facing financial hardship. “We are here to support our customers, whatever their circumstances. We understand the current cost of living crisis can place an additional burden on those in a home or someone hoping to buy a home. At AIB we provide tailored solutions, and we have a range of supports in place for those who are facing challenging personal circumstances.”

Tailored Solutions

Roisin says it is this approach to tailored solutions that sets AIB apart. “As mortgage providers we offer a personal and flexible approach that is unique in the marketplace. We are strengthening our digital journey putting appropriate automation in place for a smooth user journey and our mortgages are reviewed and underwritten by our people. The AIB Homes team are experts in the field, and we examine every factor from each individual application.”

Given the market, Roisin says this approach is more important than ever. “There has been a huge shift in many people’s personal situations post-pandemic, with some customers moving jobs and indeed careers. Likewise, the property market itself has shifted as households reassess where and how they live following a move to hybrid working practices. As such, it’s critical that mortgage providers are also to review applications on a more personal basis which is what we do at AIB.”

Expertise At Every Step

The bank’s partnership approach to the homes sector is industry wide, with the bank also building its relationship with brokers and professional services partners. “We recently developed a new automated application process for brokers. We can provide a decision in principle and status updates through this digital process, while still maintaining our personal, hands-on and expert relationships with brokers,” explains Roisin. “As a bank, we’ve focused on creating efficiencies and automated relevant processes, safe in the knowledge that this is backed up by an expert team and a multi-channel approach. We have great relationships with legal and insurance experts too, which dovetails with our mortgage offering, meaning we provide our customers with expert support every step of the way.”

Future Focused

Looking at the year ahead, Roisin expects the bank’s lower cost green mortgage offering to continue to attract strong interest, a growth that goes hand in hand with AIB’s overarching strategy. “We’re focused on leading the financial market in climate change action by creating a virtuous green circle – where sustainable lending practices in turn attract the capital that supports further lending for the benefit not only of customers and the wider economy, but also the planet,” explains Roisin. “We want to help ensure a greener tomorrow by backing those building it today and we want green lending to account for 70% of its new customer lending by 2030.”

Roisin says the bank is well on its way to meeting this target, with Northern Ireland’s mortgage market showing a particular appetite for its green mortgage – a product suitable for homes with a higher Energy Performance Certificate (EPC) rating. For Roisin and the Homes team at AIB though, their overarching drive is supporting customers, whatever their circumstance.

For more information on AIB’s products and services, visit: www.aibni.co.uk.