Mortgages

Secure Trust Bank confirms end of new mortgage lending

Secure Trust said the decision was made in light of the current economic climate, increased competition and pressures on the housing market.

Rozi Jones
|
15th February 2019
board directors hire meeting
"This will not affect any of our other lending businesses, including our Real Estate Finance business which continues to grow"

Secure Trust Bank has confirmed that it will cease origination of new mortgage lending until conditions become more favourable.

The Bank entered into a consultation with staff at the start of January and confirmed its decision today.

Secure Trust said the decision was made in light of the current economic climate, increased competition and pressures on the housing market.

It confirmed that existing customers "are not expected to be affected" by the decision and will contact registered intermediaries shortly with confirmation of pipeline deadlines for cases in progress.

In a statement, the Bank said: "We would like to thank our mortgage colleagues for demonstrating the highest standards of professionalism and dedication since launch, which has been recognised by wide-ranging external recognition and awards.

"This will not affect any of our other lending businesses, including our Real Estate Finance business which continues to grow and remains an integral part of Secure Trust Bank. The closure will have minimal impact on Group revenue as mortgages only represent a small part of our total lending."

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