Close Brothers today confirms its mortgage arm does have a future, allaying fears the business would shut for good after it suspended all new applications earlier this week.
Chairman of Close Mortgages, Bob Golden, told IFAonline Close Brothers fully intends to return to the market "as soon as it becomes profitable to do so". However, he says "that could be tomorrow or it could be in a year or more". Close Mortgages announced on Monday it would be suspending all new applications for mortgage products. Golden says current problems with world credit markets have made its mortgage proposition unprofitable, but says the lender will return when markets return to normal. “We always said we’d never go into the sub-prime area and our focus has been on full status b...
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