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Foreign bank withdraws all UK mortgage and secured lending
Foreign bank BBVA has withdrawn its UK mortgage and secured lending products with immediate effect.
Banco Bilbao Vizcaya Argentaria, authorised by the Bank of Spain, informed its high net worth mortgage brokers their agreements to transact would be cancelled.
Transactions currently in progress would continue as per current criteria and agreements, the bank informed its intermediaries.
Brokers who dealt with the bank said its withdrawal, while disappointing, would not cause any major disruption.
Several high street banks, namely NatWest and Metro Bank, are operating in the same space which BBVA had targeted, dealing with complex income cases which require sophisticated underwriting.
A BBVA spokesperson, said: “Mortgages are not a core part of our activity in the UK. We continue to offer retail banking services, but our focus in the UK is really on commercial and CIB banking solutions.”
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