Secure Trust Bank has revealed that it has ceased new mortgage lending.
The specialist bank cited the current economic climate, increased competition and continued uncertainties in the wider housing market as the reasons for taking this decision.
It claimed that these market pressures showed no sign of abating and it would cease new mortgage originations until conditions became more favourable.
Final DIPs must be submitted by 19th February 2019, and applications must reach offer stage on or before 31st March 2019.
The decision won’t affect existing mortgages, although it won’t be offering any further advance or customer retention products.
Requests for offer extensions will be considered on a case-by-case basis.
Paul Lynam, CEO at Secure Trust Bank (pictured above), announced last month that it had proposed to cease origination of new mortgage lending.
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