Secure Trust Bank (STB) is progressing plans to offer a broader range of motor finance products in the prime end of the market.
This comes after the specialist bank entered into consultation on a proposal to cease origination of new mortgage lending, last week.
In the bank’s pre-close trading update, it stated that it was proposing to cease origination of new residential mortgage business until conditions became more favourable.
STB claimed that during the second half of 2018, market pressures and competition intensified, as evidenced by increasing LTV metrics and lower new net lending margins.
The bank claimed that any changes in the business that may arise from the proposal, following the conclusion of the consultation period with the staff affected, were not expected to have a material impact on 2018 and 2019 earnings.
Pictured above: Paul Lynam, CEO at Secure Trust Bank.
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