Birmingham Midshires to Stop Offering Residential Mortgages
Birmingham Midshires, a division of Lloyds Banking Group, has recently announced that it will be ceasing its residential mortgage business. A review of the company’s strategy revealed that the business should concentrate on other areas, which led to the decision.
The announcement has come as a surprise to many in the industry, as Birmingham Midshires has been a prominent player in the residential mortgage market for many years. The company has been providing mortgages to customers for over 35 years, and has built a reputation for its competitive rates and excellent customer service.
Customers to Seek Alternative Lenders as Birmingham Midshires Ceases Mortgage Business
As a result of Birmingham Midshires’ decision to cease its residential mortgage business, customers will need to seek alternative lenders if they wish to obtain a mortgage. The company has confirmed that it will continue to service its existing mortgage customers, but will not be accepting any new applications.
This news may be concerning for those who had planned to apply for a mortgage with Birmingham Midshires, as they will now need to find another lender who can offer them a suitable mortgage product. However, there are many other lenders in the market who offer competitive rates and great customer service, so customers should be able to find a suitable alternative.
Customers who are currently in the process of applying for a mortgage with Birmingham Midshires should contact the company as soon as possible to discuss their options. The company has stated that it will work with customers to ensure that they are able to complete their applications, but this process may take longer than usual due to the company’s decision to cease its mortgage business.
Birmingham Midshires’ decision to cease its residential mortgage business is a significant development in the UK mortgage market. While the news may be concerning for some customers, there are still many other lenders who can offer competitive rates and great customer service.
Customers who are affected by this decision should take the time to research other lenders and compare rates and products to find the best option for their needs. By doing so, they can ensure that they are able to secure a mortgage that meets their requirements and enables them to achieve their property goals.