Bank of Scotland and Ryanair in new online mortgage initiative

Since October 2001, has offered motor and home insurance products on the Ryanair site, which have both proved very successful. In a significant expansion of its online service it has now chosen Bank of Scotland as its preferred mortgage provider in the UK and Ireland. and will rebate the customer the cost of property valuation on drawdown of the mortgage loan.

"In line with our policy of offering online consumers greater choice and easy access to key services, we are pleased to welcome Bank of Scotland as our mortgage partner," said Derek Richardson, chief executive.

"The Bank has developed a strong reputation for offering good value, customer friendly residential mortgage products. The availability of its mortgages on the site should be of interest to many potential home purchasers," he added.

Commenting on this initiative, Michael Cawley, commercial director at Ryanair, said 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 said.

George White, head of intermediary mortgage sales and processing at Bank of Scotland, said: "We are committed to delivering value-for-money mortgage products to the consumer in an efficient manner - our participation in this initiative fits in very well with this strategy."