BoSI struggles with mortgages

Bank of Scotland Ireland (BoSI) is struggling to service its residential mortgage business in Ireland, taking almost seven times longer to process mortgage applications than other lenders.

14th May, 2005

Bank of Scotland Ireland (BoSI) is struggling to service its residential mortgage business in Ireland, taking almost seven times longer to process mortgage applications than other lenders.

According to brokers, BoSI takes about four weeks to issue approval in principle after it receives a mortgage application. This compares to between three and five days for other lenders. Approval in principle is an indication of the amount a lender is likely to lend a potential borrower.

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