28 September: Society Blames Reduction In Footfall Due To Covid
Nottingham Building Society is closing 17 of its 48 branches including Sheffield’s Crystal Peaks, Leicester City and Scunthorpe, writes Candiece Cyrus.
The society, which has branches in Derbyshire, Hertfordshire, Leicestershire, Lincolnshire, Norfolk, Nottinghamshire and Yorkshire, blames the move on a significant fall in customers using its in-branch services during the pandemic, with only partial recovery afterwards.
The retrenchment is not linked to the current crisis affecting the UK mortgage market, which has seen several lenders withdraw mortgage deals because of fears of a spike in interest rates on the back of the recent, poorly-received mini-Budget.
However, the society commented on market conditions: “In response to the unprecedented moves in swap rates following Friday’s announcement by the Chancellor, we have taken the decision to run with a reduced mortgage range until such time as market volatility has eased.
“We are committed to keeping a market presence in order to help borrowers get the mortgages they need, and also to help brokers navigate through these very challenging times.”
Swap rates, which have increased in recent days, are paid by institutions such as mortgage lenders when they want to secure funding to back their loan offers
Regarding the branch closures, Kathryn Kitson, the society’s head of branch network, said: “Following a thorough…
