Bank of Scotland and Ryanair have joined forces with 123.ie, the online arm of Richardson Insurance, a Dublin-based insurance brokerage, to offer mortgages online to the public, via the Web site of the discount airline operator.
The agreement with Bank of Scotland is a significant expansion of 123.ie's online service, which has offered motor and home insurance products on the Ryanair site since last October. As an incentive to users, 123.ie and ryanair.com say they will rebate the customer the cost of property valuation on drawdown of the mortgage loan.
Michael Cawley, commercial director, Ryanair, says that close to four million customers now use the airline's Web site, which accounts for 80% of its ticket sales.
"The advent of Bank of Scotland will further enhance its popularity, and we plan to provide credit card, personal loans and other services online in the longer term," he adds.