This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
AA to Offer Mortgage Product
The AA’s financial services department has signed a 10-year deal with the Bank of Ireland (UK) (BoI) and will enter the mortgage market next year.
AA financial services is a sector of the automotive breakdown company.
Yesterday, the BoI confirmed the agreement, stating that the new AA-branded mortgage product will be launched in the second quarter (Q2) of 2016.
A spokesperson could not confirm the loan terms of the mortgage or which part of the market it will target.
Managing Director of AA financial services, Kathryn Thomas, says: “[The deal] offers scope for the AA to expand into new financial services arenas such as mortgages.
“The new partnership creates a stable new platform within a diverse and fragmented marketplace that will allow the AA to compete with a long-term, strategic UK banking proposition.”1
The BoI already has an arrangement with the Post Office, providing funding for the company’s mortgage range.
1 http://www.moneymarketing.co.uk/aa-to-enter-uk-mortgage-market/?mm_55a62361dde8f=55a62361ddee2
