Saturday, December 10 2020 7:37 PM

BNP Parisbas is withdrawing from the mortgage market

From 1 January 2021, the French bank BNP Paribas will stop providing new mortgage loans on the Dutch market. In this way, the bank wants to minimize the size of its mortgage portfolio, so that BNP Paribas can reserve money to deal with any future problems. Not only in the Netherlands, but also in other countries, one will not be able to turn to the French bank for mortgage loans from now on. This week it was announced that US money market funds have already withdrawn billions of US dollars from French banks this year. These now have to recapitalize almost eight billion US dollars.

It is unclear what the consequences will be for existing customers. The question arises for those who currently have a mortgage with the BNP Parisbas, whether they can continue to count on the bank for the fixed-rate period only or for the full term of the mortgage loan. The bank has not yet been able to give a clear answer to these questions. BNP Paribas not only sold mortgages under its own name, but also financed the mortgage sales of brands of ASR and Reaal and de Hypotheker. BNP Paribas will continue with other activities in the Netherlands such as asset management, insurance and leasing.

 


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