The banking arm of London’s luxury department store will soon offer tailored mortgages to high net-worth individuals through an exclusive third-party channel.
According to a May 16 article in The Times, Harrods plans to offer home loans of between £500,000 and £2.5 million to high net worth borrowers through a number of specialist mortgage brokers.
Harrods Bank was established in 1893 and currently provides variable rate mortgage interest terms for residential and buy-to-let loans.
The bank also provides personal loans, overdrafts, deposit accounts and business services.
According to its website, Harrods Bank is “one of London’s best kept secrets…a shining example of customer service upheld by the world’s most famous store.”
“An independently managed, private bank, authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority, it operates from Harrods' store in Knightsbridge,” its website states.
“The driving force of the Bank is a commitment to each individual, which means treating every customer as more than just a number.”
According to UK new site Money Marketing, the new venture is expected to launch within a month and the bank has hired former Saffron BS head of mortgages Peter Izard as head of intermediary mortgages.