Secure Trust Bank (STB) has confirmed that it will cease origination of new Mortgage lending until conditions become more favourable, following its consultation with affected staff.

It said its decision has been made in light of the current economic climate, increased competition and pressures on the housing market.

Existing STB customers are not expected to be affected by the decision and will continue to have their loans administered in accordance with the General Mortgage Conditions.

Registered intermediaries will be contacted shortly with confirmation of pipeline deadlines for cases in progress.

The bank stressed that the decision would not affect any of its other lending businesses.

It also said the closure will have minimal impact on group revenue as mortgages only represent a small part of its total lending.