View more on these topics

Harrods Bank halts new mortgage business amid sale rumours

Harrods

Harrods Bank has stopped taking mortgage applications for three months, Mortgage Strategy can reveal.

The world-famous department store’s banking arm offers residential mortgages between £1m and £10m and buy-to-let loans between £1m and £5m. It also handles personal loans, savings accounts and gold bullion services.

A Harrods Bank spokeswoman would not comment on the situation.

But Sky News reports that parent Harrods Group wants to sell its banking arm, which racked up pre-tax losses of more than £8.4m last year and £4.9m the year before.

Harrods Group has met with advisers to discuss disposal of the bank.

In July 2016, Harrods Bank chief executive Peter Ball left the firm to head Together’s retail division. He was replaced by former Aldermore deputy chief executive Mark Stephens.

In May 2014 Mortgage Strategy broke the news that Harrods Bank was planning to expand into the broker market.

At the time the bank appointed former Saffron Building Society head of mortgages Peter Izard, now Investec business development manager, as head of intermediary mortgages in preparation for the launch.

Harrods first set up a banking arm in 1893, although it was known by several different names until the 1980s.

Recommended

Together hires Harrods Bank boss as retail chief executive

Together has appointed former Harrods Bank chief executive Peter Ball, as chief executive of its retail division. Before joining Harrods Bank, Ball (pictured) was Virgin Money Group product and commercial director. Together chairman Mike McTighe says: “We are delighted to have Peter on board. His wealth of experience in the financial services industry perfectly complements […]

izard

Investec appoints ex-Harrods Bank intermediaries boss Izard

Former Harrods Bank head of intermediaries Peter Izard has been appointed business development manager at Investec Private Bank. He will oversee the development of Investec’s high-net-worth and professional mortgage offering within the broker market, following the £180m sale of its specialist lending arm, Kensington Mortgages. Izard joins from Harrods Bank, where he had been responsible […]

Skipton becomes first to offer cash LISA

Skipton Building Society has confirmed that it will launch its cash Lifetime ISA on June 8, making it the first lender to offer the product. Mortgage Strategy revealed in March that Skipton was the only lender who had signed up to offer the product. The LISA can be opened online by depositing any sum from […]

thumbnail

What employers should expect over the next five years

A major feature of our articles is looking into the Jelf Employee Benefits crystal ball to predict changes and trends that may influence the short and medium term shape of UK employee benefits.  By flagging such changes early we aim to provide our followers with the tools to make sensible and informed decisions on their benefits offerings.

Newsletter

News and expert analysis straight to your inbox

Sign up