Secure Trust Bank will halt new mortgage lending next week ‘until conditions become more favourable’.
The lender will accept Decision in Principle requests until next Tuesday at 5pm, while brokers can submit a Full Mortgage Application until 5pm on Thursday.
The bank will look to progress applications until the end of the March, though if they run after that without an offer they will be cancelled.
The lender has published an Intermediaries FAQ on its website to answer expected questions.
Difficult economic climate
Secure Trust Bank blamed the move to halt new mortgage lending on the current economic climate, increased competition and pressures on the housing market.
The lender will shortly contact registered brokers with confirmation of pipeline deadlines for cases in progress.
Existing customers won’t be affected by the move.
The bank said in a statement: “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.”