Bradford and Bingley update and Q and A

On the 29th September, the UK Government announced that it was to nationalise Bradford & Bingley. The Government will take control of the bank’s mortgage business, but its savings division and branch network has been bought by Banco Santander, the owner of Abbey.

If you have a mortgage with Bradford & Bingley, or are in the process of applying for one, this Q&A should help (this also applies to Mortgage Express, B&B’s specialist and buy to let lender).

Q: What has happened to my mortgage with Bradford & Bingley? A: Your mortgage remains in place on the terms agreed with the bank. You continue to owe the same amounts to Bradford & Bingley under your mortgage as you did before, and so you should continue to pay it in the usual way.

Q: I have accepted a mortgage offer from Bradford & Bingley, and I am due to complete on my house purchase shortly. What should I do? A: Bradford & Bingley will honour all mortgage offers it has issued - even if you haven’t signed and returned your offer letter.

Q: I have an outstanding mortgage offer from Bradford & Bingley. Is it still valid? A: Yes. If you have already received a mortgage offer from Bradford & Bingley, it remains valid.

Q: I have completed an application for a mortgage from Bradford & Bingley but have not yet received a response. What should I do? A: Unfortunately, Bradford & Bingley is no longer offering new mortgages. If you have not received a response from Bradford & Bingley, then it is likely that no mortgage offer has been made. If you have received a mortgage offer from Bradford & Bingley, but have not accepted that offer, then Bradford & Bingley will no longer be able to offer you a mortgage.

Bradford & Bingley has also told us that it will reimburse any set-up fees incurred by people who have not yet received a mortgage offer.

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