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Secure Trust to halt new residential mortgages as housing market cools


(Reuters) - Secure Trust Bank Plc said on Wednesday that it would look to stop taking on new residential mortgages in the face of stiff competition and a cooling housing market in Britain."During the second half of 2018 market pressures and competition intensified as evidenced by increasing loan to value metrics and lower new net lending margins," said the company, which plans to pause new originations until conditions improve.The proposed changes at the bank's mortgage business are not expected to have a material impact on 2018 and 2019 earnings, Secure Trust said.The country's housing ...

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First Published: Wed, January 16 2019. 14:12 IST