First Direct halts new mortgage lending
By Jane Croft, Retail Banking Correspondent
Published: April 1 2008 20:02 | Last updated: April 1 2008 20:02
First Direct has suspended mortgage lending to new customers after being swamped by applications following moves by rival banks to pull similar mortgage deals because of worsening conditions in the money markets.
The bank, part of HSBC, the UK’s biggest bank, on Tuesday withdrew all its mortgages to any homeowners who were not existing customers after it received five times the normal level of applications.
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